KUALA LUMPUR: The Syariah Parameter Reference 1 (SPR1) or Murabahah Parameter, which was recently issued to all Islamic financial institutions under the purview of Bank Negara Malaysia, has generated positive feedback.
“This protection is unique to the consumer of Islamic financing products, and not available to the conventional banking,” he said. “Conventional banks lend money to their consumer but they prefer not to be involved in the actual business of acquiring the asset because of the time and resources required, and also, due to the risks inherent when being involved in the trade,” said Mahadzir, who pointed out that unlike conventional banks, the syariah (laws) insist that Islamic banks must undertake trade
Murabahah Parameter gets thumbs-up
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