Quran | Sunnah | Multimedia | LiveTV | icTV | icRadio | icTunes | iViews | icMarriage | icBazar | Membership | Donate |
October 21, 2014 | Dhul-Hijjah 27, 1435
Search Articles
  Advanced Search
CATEGORIES
Social
Political
Economic
Religious
Education
Family
Youth
Interfaith
Travel
Publish Date
Month:

Year:

 

 

 


IslamiCity > Articles > Finance Islamic Style
 Welcome to Articles Center

1


 


Finance Islamic Style
3/7/2013 - Economic - Article Ref: PN1303-5399
Number of comments:
By: Alex Gemeci
Palm National Partners* -

As Shariah-compliant assets continue to grow, New York City-based Palm National Partners offers an asset sale-leaseback program which allows small businesses to use the cash equity of their existing assets to fund their businesses' growth and expansion. The program has been approved as Shariah-compliant by internationally-renowned Shariah scholar, Dr. Yousef Abdullah Al-Shubaily. Originally available in eight states, Palm is now servicing 25 states. 

Under the program, Palm purchases an asset or assets from a small business for an up-front payment. The company then leases the single or multiple assets back to the business on a rent-to-own basis over what is usually a six-month term. During that time, the business maintains possession and has full use of the assets. At the end of the lease, ownership of the assets transfers back to the business. The program provides small businesses with short-term capital of up to a year, in amounts ranging from $10,000 to $200,000. 

Palm does not lend money and does not charge interest, both of which are not permissible under Islamic law. Islamic law allows the sale and purchase of assets for a profit, either by using all-cash or by installment payments over time, a "rent to own" or "ijara" structure. Because Palm's asset sale-leaseback program involves buying and selling assets under a rent-to-own structure, the program is Shariah-compliant. 

To qualify, all business owners need to provide is information on the single or multiple assets and business bank statements for the past 12 months. If the request is approved, Palm provides the full amount of capital via wire transfer. Lease payments are deducted automatically each weekday from the business bank account. 

Palm's asset sale-leaseback program is ideal for retailers, such as grocery stores, dry cleaners, gas stations and electronics stores, as well as bakeries, delis and fast food stores. Palm also works with a variety of service companies, including Web developers, accounting and legal practices, medical offices, private schools, auto repair shops and information technology providers.

Dr. Shubaily, an internationally-recognized Shariah scholar and a citizen of the Kingdom of Saudi Arabia, has reviewed the Palm program, structure and agreements. He has approved them as Shariah-compliant and has issued a Fatwa to the company. Dr. Shubaily is a professor at the High Institute of Judiciary, Imam Muhammad Bin Saud Islamic University in the Kingdom of Saudi Arabia. He has extensive experience serving on the Shariah boards of banks and financial institutions in Saudi Arabia, the Arab Gulf countries, Malaysia, the United Kingdom and the U.S.

Palm National Partners serves the small business community. Palm was founded by a group of successful international entrepreneurs with extensive experience and background in financial markets. Palm's asset sale-leaseback program provides working capital for small business. The company was founded to satisfy the growing need for small business capital and to help underserved small business owners.

1


The opinions expressed herein, through this article or comments, contain positions and viewpoints that are not necessarily those of IslamiCity. These are offered as a means for IslamiCity to stimulate dialogue and discussion in our continuing mission of being an educational organization.

The IslamiCity site may occasionally contain copyrighted material the use of which may not always have been specifically authorized by the copyright owner. IslamiCity is making such material available in its effort to advance understanding of humanitarian, education, democracy, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, and such (and all) material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use any copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Print this article
Email to a friend
Post comments
RSS Feed
ITunes Podcast

 

 



Serviced 1,482,974,681 Requests Since January 2001
About Us | Contact Us | Site Map | Advertise | Recognitions | Privacy Policy  
Quran Search

© Copyright 1995-2014, IslamiCity. All Rights Reserved.