A Shariah-compliant financing for working capital requirements, personal consumption, or purchase of assets or properties.

Features

• No commitment fee on unutilised amount.
• Based on the principle of Murabahah (cost plus profit sale).
• Maximum financing period for a particular ceiling rate is 5 years. Profit rate will be subject to periodical review.
• Also available for shorter financing period of 3,6,9 or 12 months up to a maximum of 5 years.
• Profit rate is at par with the Conventional OD rate.
• Protection against rising BFR with a fixed ceiling rate.
• Concept: Murabahah is another type of sale and purchase contract, with a deferred payment element. The contract of sale may take place when a buyer who wishes to purchase assets, requests the Bank to purchase the asset at cost (purchase price) and in return the Bank will sell the asset to the buyer at an agreed profit margin which is incorporated into the selling price. The selling price is subsequently payable on a deferred payment term.

Purpose

• For working capital requirements.
• For personal consumption.
• For purchase of assets/properties.

Who can apply

• Muslim and non-Muslim individuals or joint account holders.
• Companies incorporated under the Companies Act.

*Terms and conditions apply.