Commercial
and Corporate customers requiring financing will have
the following financing facilities available to them to
meet their requirements:
Murabaha
Murabaha
may be defined as a contract between a Buyer and Seller
under which the Seller discloses to the Buyer the cost
of goods being sold and adds an agreed profit. Price is
payable on spot or at a certain future date, in lump sum
or in installments (deferred payments).
Murabaha
Facility
- Under
the MURABAHA FACILITY, the Bank will first purchase the
required goods directly or through an Agent. All costs
incurred on such purchases will be borne by the Bank.
- Subsequently
the Bank will sell the goods to the customer on deferred
payment basis (30 days to one year) at an agreed price
comprising cost of goods purchased and Bank’s profit.
- On
due date the customer will pay to the Bank the agreed
price, in lump sum or as per the agreed installment schedule.
Ijarah (Leasing)
Ijarah means “to give something on rent”. The term “IJARAH’
is analogous to the English term “leasing “.
Firstly
the Bank will purchase the Assets as required by the Customer
and subsequently the assets will be leased to the Customer
on the terms and conditions as agreed with him.
Ijarah
Facility will be offered for the following assets:
- Vehicles
(both Commercial and Private)
-
Office Equipment
-
Plant and Machinery
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