If the original asset is damaged and there is still interest on it, who bears the responsibility? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

If the original asset is damaged and there is still interest on it, who bears the responsibility?

Asked by Banky team 2 months ago 1 views
Banky team Reviewed editorial answer

In the event of asset damage, it's crucial to distinguish between the Murabaha debt and the insurance/Takaful coverage for the asset.

Steps

  1. Loss of the asset does not automatically eliminate the debt.

  2. Notify the bank and insurance company immediately and obtain a statement detailing the compensation amount, how it will be used to settle the balance, and any remaining obligations.

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