Bai-Murabaha may be defined as a contract between a buyer and a seller under which the seller sells certain specific goods (permissible under Islamic Shariah and the Law of the land), to the buyer at a cost plus agreed profit payable in cash or on any fixed future date in lump-sum or by installments. The profit marked-up may be fixed in lump-sum or in percentage of the cost price of the goods.

• Bai Murabaha (CMSME) Finance
• Bai Murabaha (Retail) Finance

Features:

• This is a mode of Finance is usually used for working capital finance requirement of the client.
• The client may place an order to the bank to purchase a Shariah compliant good and give a binding promise to buy the same from the bank.
• Tenure: Minimum 1 Year to Maximum 5 years
• Finance Amount: Minimum 50,000/-, Maximum 5,00,000/- (without collateral), Maximum 20,00,000/- (collateral)
• It is permissible to take security deposit (Hamish Jiddiya) to guarantee the implementation of the promise or to indemnify any damages incur to the bank.
• Existence of the goods is a basic condition. Bank must acquire ownership of the goods prior to execution of Murabaha contract.
• After purchase, the Bank must bear the risk of goods until delivered.
• Bank must ensure delivery of the specified goods to the Client on specified date and at a specified place.
• The price once fixed as per agreement and deferred cannot be further increased.
• Agreed price will include cost price and profit. Bank must disclose the cost price and profit separately.
• Parties Involved: Three parties are involved in banking Bai Murabaha, namely –
  • Buyer i.e. customer of the bank;
  • Bank, the intermediary trader between the buyer and the seller &
  • Seller/Supplier/Vendor of the goods.

Eligibility:

• Must be a citizen of Bangladesh
• Have an account with IFIC.
• Have a property in his/her name.
• Must reside for at least 6 months at the present address.
• Minimum 01-year experience in for salaried person and 02 years’ experience in other profession.

For more information, please contact to your nearest branch.