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Muhammad ayub understanding islamic finance phần 3

Ngoài ra, giống như Adam Smith, Ibn Khaldun nhận thấy rằng năng suất phụ thuộc vào mức độ của thị trường, phân chia lao động và chuyên môn. Với sự hiểu biết sâu sắc lịch sử chính trị và kinh tế của mình, Ibn Khaldun cảnh báo rằng sự tăng trưởng của quyền lực tuyệt đối trong Nhà nước là nguyên nhân gây ra sự suy giảm của sự thịnh vượng kinh tế. | The Philosophy and Features of Islamic Finance 83 arrangement at their own discretion for maintaining inventory or upon an order by their client. The banks take on ownership and the related risks and then sell them at cost plus a profit margin just like traders. After the execution of a sale the risk transfers to the clients who will be bound to pay the price at the settled time. In Istisna a the manufacturers manufacture the asset and deliver it to the bank along with all related assets and market risks. In Salam they receive goods against which they have made prepayments after that the asset risk and the price risk is theirs and not the Salam seller s. Contemporary scholars have suggested a parallel contract of Salam whereby a bank may sell a commodity purchased through Salam for the same date of delivery or even the quantity. Scholars are of the view that as long as the original and the parallel Salam contracts are not linked together or made conditional on each other in any way there is no restriction on the terms of the parallel Salam contract which is a new and independent contract that should be honoured regardless of whether the first Salam contract is honoured or not. Involvement in forward trading of goods on the basis of Salam and Istisna a not only has great potential for developing the agricultural and rural micro-finance market but also for making the future of the majority of people living in rural areas secure. However forward foreign exchange operations with delayed payment of any of the currency of exchange and most types of financial futures are not available in the Shari ah-compliant system because these instruments are hedging strategies of the interest-based system. The spot foreign exchange market can function without any problem. In Ijarah Islamic banks have to deal in physical assets they purchase the assets for lease to the clients. So long as the asset remains on lease its ownership and related risks expenses remain with the bank if the .