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Murahaba Investment
Mudaraba is a partnership in profit whereby one party provides capital, and the other party provides skill and labor.
- This is a mode of investment that is usually used for the working capital finance requirement of the client.
- Client may place an order to purchase a good by the Bank and committing to buy the same from the Bank.
- It is a binding upon the Client to purchase the good.
- It is permissible to take cash / collateral security to guarantee the implementation of the promise or to indemnify the damages.
- Stock and availability of the goods is a basic condition.
- Bank must purchase the goods to acquire ownership.
- 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.
- Filled facility application form.
- Certificate of registration (CR)
- 3 years audited accounts.
- 12 months bank statement
- Flexible security i.e., logbook or title deed.
- Director's joint and several guarantees
- Company profile (overview)
- Irrevocable salary assignment instructions from the employer
- Three most recent months' pay slips from the employer.
- Employment Letter clearly stipulating the terms of engagement.