Murabaha Handler

IFZoom Murabaha  module is the manager for Murabaha transaction.

Murabaha transaction are composed of the following elementary components (managed by IFZoom base module):

• Commodity purchase/sale
• Commodity transfer
• Deposit
• Financing facility

In line with user defined flows, for every base transaction IFZoom Murabaha Handler generates a set of

• Messages
• Confirmations

IFZoom Murabaha Handler does not allow to generate flows NOT compliant with SHARIAH law (Software internal audit).

Once a Murabaha transaction is generated, IFZoom Murabaha Handler publish the transaction status according with user defined flow.

The Murabaha status has to be defined during IFZoom Murabaha Handler set-up; generally a Murabaha transaction has the following status:

• Murabaha Request
• Murabaha parameters loading
• Murabaha parameters loading check
• Murabaha parameters loading confirmation
• Financials Calculation
• Financial Calculations check
• Financial Calculations confirmation
• Commodities Request
• Commodities Request to Broker
• Commodities Request ask from Broker
• Commodities details fill
• Confirmation Manager computing
• Confirmation Manager fill in
• Confirmation Manager process activation (the following status are updated by Confirmation Manager)
  • Notice Of Intention
  • Purchase Request Commodity Supplier 1
  • Seller Offer Commodity Supplier 1
  • Principal Confirmation
  • Client’s Purchaser Acceptance
  • Principal Notice Purchase
  • Principal Acceptance
  • Seller Request Commodity Supplier 2
  • Purchase Offer Commodity Supplier 2
  • Seller Acceptance