A client may be appointed as agent to buy a commodity on behalf of the bank. But after purchasing as agent, the client must notify the bank, and a separate sale must then be concluded through proper offer and acceptance.
The client's role as purchasing agent and later role as buyer are distinct legal capacities. Collapsing them into one instant step removes the required bank ownership-and-risk stage.
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Islamic Banking: Operational Mistakes and the Way Forward
A client may be appointed as agent to buy a commodity on behalf of the bank. But after purchasing as agent, the client must notify the bank, and a separate sale must then be concluded through proper offer and acceptance.
The client's role as purchasing agent and later role as buyer are distinct legal capacities. Collapsing them into one instant step removes the required bank ownership-and-risk stage.