One of sale, Sale of Murabaha is the time & zwnj; old people was common, and the purpose of that Byy the seller to price all the intensity of the goods (purchase price and the costs involved) to customer information & zwnj; he then requested amount or percentage as an additional benefit & zwnj; the  for example declares & zwnj; the this product to a thousand dollars bought and is willing to hundred or ten percent of the profits to the customer to sell, the sale of Murabaha if the salesperson in the state purchase price or cost & zwnj; respective lie client cucumbers termination find & zwnj; a  sale of Murabaha can & zwnj; can be made in cash or credit and if the credit is normally the interest rate is higher.
Recently, some Muslim scholars, using features & zwnj; the sale Murabaha to design bonds called bonds Murabaha and & zwnj; and in some Muslim countries such as Malaysia as Islamic bonds into practice is over. 
The definition of Murabaha bonds
Due to the different types of securities Murabaha, described the & zwnj; is not & zwnj; be a precise definition of the securities offered, but look at general & zwnj; be said securities Murabaha securities that indicates the debt arising from the sale Murabaha can & zwnj; and holder plate owner and creditor of religion. 
Types of Murabaha
for securities Murabaha various types have been proposed and implemented some, the most important are:
1. Government debt securities (bonds to buy government)
The papers for two independent design, but the same on behalf of the Central Bank of the Islamic Republic of Iran and the Ministry of Economic Affairs and Finance prepared and proposed & zwnj; have. 
According to the proposal of the Central Bank, the private sector, the required goods the government purchased them prized on credit to government & zwnj; sells, state the opposite, securities with sums nominal ledger with maturities specific (government debt) the seller delivery & zwnj; give. Holders of the & zwnj; up to maturity wait Face value document from the government or before maturity in the secondary market to sell (discount them). According to this scheme, government debt by banks & zwnj; commercial and central banks as well buying and selling. 
According to the proposal of the Ministry of Economic Affairs and Finance, Banking & zwnj; and Institutions & zwnj; financial credit from its own resources, goods required by the government in cash and bought on credit term & zwnj; with the government & zwnj; sell the state toward the purchase the aforementioned goods, financial documents with certain amounts and maturities specified (securities government Procurement) to the bank & zwnj; and institutions & zwnj; financial (all products) are & zwnj; deals and they can & zwnj; up to maturity securities wait at maturity Face value received and the & zwnj; be before maturity in the secondary market to sell to people or the central bank (discount) and receive cash. 
2. Bond redemption Murabaha Finance & zwnj; s
in 1992 Malaysia's private sector in the economy of a securities published based on the sale Alynh or redemption of assets, in this way, the institution issuer, Finance & zwnj; the government, organization & zwnj; Board & zwnj; economic and cash paid money to the & zwnj; give then a higher price for credit Long & zwnj; they made themselves & zwnj; and in front of them sells financial instruments amounts and maturities & zwnj; & zwnj; receive certain & zwnj; a. Institute Publisher & zwnj; can wait at maturity Face value documents from buyers receive as it can & zwnj; be in a secondary market to sell (descending)  .
Despite such financial institutions and securities Mrabhh open buy assets & zwnj; this allows you & zwnj; that of a government-& zwnj; Board & zwnj; the economy with liquidity shortage faced by & zwnj; they can through cash sales and redemption of credit Finance & zwnj;/ span>
3. Securities and financial institutions Murabaha
in these types of securities Murabaha, financial institution with the release and transfer of securities Murabaha, people collect surplus cash on behalf of the people, goods needed by the government, organization & zwnj; state, company & zwnj; belonging to the State Board & zwnj; the private sector and consumers to cash bought then by adding a fixed rate as interest on credit to they & zwnj; sells, profit from operations after deducting a percentage of sales as honorarium financial institution (publisher) for Fslanh or annually distributed between owners Avrq & zwnj; be.
At any time assets of a combination of cash, goods and content will be the owners of bonds to be jointly owned and are & zwnj; they needed to retain, purchase price and the sale of Murabaha in proportion to the interest rate paid by financial institutions the owners of the securities compared with the same financial instruments, the nominal price will be higher or lower.
domain Murabaha bonds
According to the types of securities Murabaha can & zwnj; the vast territory for securities Murabaha consider that some of them are: 1. financing of households and consumers to buy consumer goods. 2. financial institution & zwnj; manufacturing, commerce and services for the purchase of machinery, means of production, raw materials, merchandise and work equipment. 3. finance administration & zwnj; and institutes affiliated to the government to buy needed goods. 4. provide the liquidity needed by the government & zwnj; Board & zwnj; the economy through securities repurchase Finance & zwnj; s.
secondary market securities Murabaha
all types of securities Murabaha financial instruments profit with the profit you & zwnj; and accordingly the & zwnj; can the goals and taste & zwnj; the important part of the owners of surplus funds that intend to invest without risk cover, so if the problem of not capable of dealing in a secondary market will be, in first and second grade securities Murabaha the holder sheet Murabaha , owner of financial document with maturities given so that & zwnj; be due to the discount rate it amounted to less than the nominal price to a third party (the buyer) sells the difference of the purchase price and the nominal price sheet profit of the buyer to invest in securities Murabaha there will be a specified rate.
In the third type holder Sheet Murabaha In fact, the owner of the joint portion of the assets of the issuer and the assignment sheet in the ownership of the asset Condominium transfer the & zwnj; and buyer sheets owned assets and consequently the recipient of profits Institute & zwnj ; financing of the activities dealing Murabaha & zwnj; will be, this rate is also almost certain.
Murabaha Islamic bonds
So what happened Sale of Murabaha transactions authorized and legitimate by all Muslims (Sunni and Shia) and no difference in there are, however, other than the sale of securities Murabaha Murabaha transactions are included when you consider all of them & zwnj; we need to reflect their religious orientation.
Primary and secondary market first type of securities Murabaha combination of contracts relating to cash, selling on credit and selling religion (discount) in the case of a financial institution, commodity needed by the government for cash & zwnj; wisdom then it credit for & zwnj ; with the government & zwnj; it sells the financial instrument (securities Murabaha) can & zwnj; be then that papers secondary market & zwnj; sell (discount & zwnj; a). Sales Operations document (discount) may be in a secondary market several times repeated, containing legal contracts signed in cash and sale on credit of any problems but sales contract financial document (bills) in a secondary market controversial to explain it & zwnj; comes .
In the second type of securities Murabaha, financial institution, asset state or an enterprise in the form of cash & zwnj; micro then credit to him & zwnj; sells and the financial document (securities Murabaha) can & zwnj; and the bond market secondary discount & zwnj; that, in this type, in addition to the discount, the purchase and sale of the product in the primary market in terms of cash and gender jurisprudence is controversial.
In the third type, the applicants securities Murabaha funds as attorney to the financial institution can & zwnj; and they let him & zwnj; the funds are to be shared in the purchase and sale of Murabaha & zwnj; and to be firm as an attorney with resources they needed goods, government, business & zwnj; and households in cash bought for relatively the & zwnj; sells and maturities regulation as an attorney, claims of securities owners collect you & zwnj; and at the end of each fiscal year profit after deducting honorarium divided between the owners of the Securities & zwnj; does any of the securities owners & zwnj; they can finance their share of the company at any time for cash or other relatively to sell.
& Nbsp; so Murabaha transactions of this type of bond is a combination of legal contracts, purchase proxy, proxy sales and the sale of assets in the secondary market and all the formal to casual Shiite and Sunni is correct.
The result is that what Murabaha transactions Type III securities in the primary market and the secondary market, according to all the Jurists (Shia and Sunna) is correct, but the first Murabahah bonds in the primary market, secondary market transactions that require problem but true religion sale (discountname = "_ ftnref9" title = ""> 
The second type of securities Murabaha the same treatment first is problematic, passing that in this type of government or agent & zwnj; economic assets & zwnj; their cash to the financial institution can & zwnj; sell them on credit, you & zwnj; purchased and for those financial instruments for & zwnj; significant & zwnj; day, this type of operation, sales have long debated jurisprudents Shiite and Sunni, and believe jurisprudents Shiite and Sunni such Byy the bug  legal conclusion on this deal before it can be explained that such a deal & zwnj; that Alynh sale is known in two ways imaginable:
1. Buy and sell unconditional and collusion
This means that the owner of the goods, their goods are bought for cash & zwnj; sell and the price it receives & zwnj ; then the buyer offer, please tick the goods can & zwnj; and his own interests are taken into account or the agreed or disagreed & zwnj; that, in this case, if the second transaction to occur, two to deal independently and Shia jurisprudents believe alright.  < / span>
2. Dealing with the condition or collusion
This means that the owner of the goods, their goods for cash & zwnj; sells on condition that the buyer, it to a certain amount on credit to sell him or buyer of the goods for cash & zwnj; reason provided that it amounted to a specific seller credit to be redeemed. This condition is sometimes referred to explicitly in the contract or written & zwnj; and sometimes consensual agreement that the so-called collusion & zwnj; say, Type II securities Murabaha normally and most of this for the sale Alynh believe that celebrities jurists will be void. 
Shia jurists to invalidity for the sale Alynh for reasons such as lack of intent on the deal, the cunning interest, the need to get away and clear wording cited & zwnj; are, however, some of these citations is doubtful  past and contemporary jurists but  to cite some of the reasons for the judgment on invalidity of such transaction & zwnj; data & zwnj; and in such assumptions (against celebrities) do & zwnj; the financial instrument design a.
An economic analysis of securities Murabaha
Murabaha bonds can be studied in terms of economic criteria.
From the perspective of economic criteria crushed & zwnj; say: 1. so that the passage of all types based on the Murabaha profits for the owners of the Securities Exchange design & zwnj; as a result of securities class financial instruments will be profit. 2. What profit rate Murabaha first and second grade bonds in the primary market and the secondary market, and pre-determined fixed rate and variable rate of return on its own, although the Third Kind and the scope of change is & zwnj; place but due to the variable called honorarium can & zwnj; be specific management to a fixed rate of interest for those bonds rose, as a result of securities Murabaha can & zwnj; could be a useful tool for owners of funds seek to profit from their investment. 3. With regard to the formation of a secondary market for these securities to be & zwnj; it bonds Murabaha (especially type I and II) the degree of liquidity upper enjoy. 4. The diversity of the securities Murabaha more especially when the Institute & zwnj; significant money to publish Murabahah of the Third Kind are expected & zwnj; the primary and secondary market the securities to the competition and led to higher performance.
From the perspective of macroeconomic & zwnj; say: 1. If passed, the bond Murabaha financing governments, institutions affiliated to government, business & zwnj; economic and household work & zwnj; is therefore simultaneously on different components of the national income such as cost & zwnj; consumption, cost & zwnj; government fees & zwnj; investment impact & zwnj; does affect the securities on real economic growth by the terms of the economy will be, of course, you & zwnj; through control tools sector & zwnj; manufacturing this tool will strengthen in. 2. If healthy competition is for primary and secondary market bond rates & zwnj; The yield on the rate of return on investment in the real sector headed & zwnj; and the just distribution of income between the factors of production assistance & zwnj; but if the debt limit for non-competitive expected & zwnj; go to the bargaining power of capital, yields greater than their value. 3. so that the passage securities Murabaha can & zwnj; can as an instrument of fiscal policy to cover the budget deficit and government agencies used and it is clear that inflation this tool is much less than by borrowing from the central bank. 4. In the case of primary and secondary market securities Murabaha and diversity considerably bonds, Central Bank & zwnj; can buy and sell the bonds in the secondary market, the discount rate and liquidity the securities will affect society Murabaha & zwnj; a tool for monetary policy are also raised.
In total, the & zwnj; be said other than the securities of other types of securities Murabaha Murabaha is an Islamic problem, especially tertiary they & zwnj; could be a useful tool for Islamic capital market.