Integrated System (E-Murabaha) A new Approach to E-Commerce

Abstract

The trade base mode of finance widely used in Islamic banking sector, which is known as Murabaha, can be adopted as an instrument, to conduct the on line trade transactions that significantly contribute in activating the E-commerce service that recently become an essential in global financial environment. the added value of this proposed system,is the legal applying all the Sharia rules regarding the Murabaha contract,this can achieved with the system through different digital orders, the client can view the item available on the bank’s website and directly select the item and reviews its details. The system executes digitally the negotiation with client in regards to the cost price of commodity and the agreed margin of profit, and method of payment which is applying the necessary transparency and disclosure to give the transaction the Sharia legality. The system properly can executes the last stage of the transaction, the process of selling and delivery which takes place after the client has agreed to all the required details of the contract subject matter. The system, assume the bank establishes a commercial website where all the goods are available, so the transaction operates between two parties with the necessary offers and acceptance as component of valid contract from the Sharia perspective, and the disclosure in cost price and selling price The systems offer a new addition to E-commerce, in the Islamic way, and provide significant development in both e-trading and finance structures compliant with Sharia.