Credits and Bills:


Question :
   May Cham Bank promote the documentary credit issued by non-Islamic bank?
Fatwa:
   Cham bank may promote the documentary credit issued by non-Islamic bank, provided that it does not devolves to deal with usury and that the purpose of opening the credit is permissible.

Question:
Is it permissible to pay the credit in foreign currency and fix the client's debit in  Syrian currency, so the exchange rate on repayment date to the Correspondent Banking and the client repays the installments in Syrian currency?
Fatwa:
If the credit is based on Murabaha then the price of the goods will be based on the exchange rate on the signing date of the Murabaha sale, and if the credit is self-financed, and the client did not repay the credit value when the payment is due and the bank is forced to pay off the credit value in a foreign currency, the exchange rate may not be in the Syrian Pound, but the client is still owes in the currency Cham Bank repaid the correspondent Bank, and the client can repay the debt in Syrian currency at the exchange rate on the payment of a debt and not before.

 

Question:
Is it permissible for the bank at the client's request to extend the duration of the documentary credit take fees for the extension as a percentage of the amount of credit?.
Fatwa:
The bank may not take the fees on extension of the letter of credit as a percentage of the amount of the credit in order to avoid suspicion of payment on the security, and he may take only the actual cost.


Question:

 Does the existence of a tradable  bill of exchange on the acceptance of the legitimacy of the bank financing for these funds as  considered a credit to facilitate the process of discounted bills which is religiously forbidden?
Fatwa:
 Credits acceptance by their legitimate conditions are legitimate, and the presence of a bill does not affect its legitimacy because the bill is the debit documentation and the possibility of deduction does not prevent the deal with it because the loss for the sake of arguing and the client may not deduct and just probably not built upon the rule of prohibition, but it is not permissible for the Bank to be a party in discounting the bill and may  not to provide assistance to facilitate the deduction.

 

Question:

 Can we take the credit opening fees as Murabaha from a client presented us a purchase order and opening and documents and then did not come due to the cancellation of the credit by him, or because of the credit has expired without the advent of the documents.
Fatwa:
It is permissible to take a sum of money to pay for the actual damage for the bank, but not as a way profiting to the bank.


Question:
  If the bank agreed to the client's request to overdraw his account without interest on repayment of the bills due  on the client the bank deduct the bills commission from the client's account, does the bank may do this procedure, noting that the bills commission does not exceed in this case for the commission due on the client  if the bills value is in his account?
 Fatwa:
  If the collection commission taken from the client  in the event of overdrawing the account is similar  to the commission taken in the event of covering the account from the client the bank may do this to avoid the of suspicion of Hassan loan.

 

Question:
   In the case of presenting the credit to a traditional bank to promote it for the benefit of the beneficiary, and the Cham Bank to provide 100% coverage of the value of the credit for this traditional bank,
The traditional bank calculates a certain percentage of the promotion that is taken from the supplier / beneficiary of the promotion, and gives it to Cham Bank . Only in cases where credits are covered 100%.
may  Cham Bank take it what is its legitimate adoption?
Fatwa:
Since the bank does not deserve this commission except in the case of where the sum of the credit is presented to correspondent bank, then tis devolves to Cham Bank guarantee of the client, and taking payment for the guarantee is not allowed whether from the guaranteed or guarantor, and thus it is not permissible to take a deduction commission.

Contact us

Main Branch - Al Najmeh Square

Tel. : 00963-11-33919

Fax : 00963-11-3348731

P.O. Box: 33979 D

 

About us

Cham Bank, private bank in the charter of a Syrian Joint stock company, Was established on the 7th of Sep 2006 With a capital of 5 Billion Syrian Pounds (100 million USD) and registered at the Commercial Register under No.14809 dated January the 24th 2007(the 5th of Muharram 1428), and registered at the Syrian Central Bank under No. 15.

Cham Bank is the first Islamic bank in Syria to take the Islamic Sharia approach. The Bank s operations and activities (With Keeping customer’s names anonymous) are subject to the Central bank of Syria and the Islamic committee monitoring.