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Financing Facilities

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.

Ijara (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
Diminishing Musharakah

Diminishing Musharakah (DM) is a shariah compliant concept, wherein the Bank and its customer enter in a joint ownership of an asset. The Bank after establishing this partnership leases out its portion/share to the customer at a rent agreed upon using a benchmark through a separate Rental Payment Agreement. Further, the customer also agrees to purchase the share of the Bank in small unit at periodical intervals. For this purpose, the share of the bank is divided into small units. The customer over an agreed tenor purchases all the units of the Bank’s share through independent sale contract ultimately taking the complete ownership of the said asset.

DM can be used in following avenues

  • Construction of building
  • Acquisition of fixed assets
  • Purchase of plants, Machineries and Equipment

 


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