We also offer Islamic Finance for Individual / Traders / Industries, etc. These finances are offered in the following forms:

• Murabaha Finance
• Ijarah Finance (Leasing)

All arrangements / documents relating to above are Shariah compliant and have been approved by our Shariah Advisor.

a) Murabaha Finance
A contract between the Bank and a Customer under which the Customer first purchases certain goods/commodities/assets as an Agent of the Bank, and the Bank after taking possession of the goods/commodities/assets sells it to the same Customer by adding certain profit margin to its cost.

Murabaha Financing is available for:

• Local purchase of Assets/Commodities/Goods.
• Imports under Letter of Credit/Firm Contract.
• Purchase of raw material for exports.
• Local purchase of raw materials for production of Goods/Assets.
  

Shariah Compatibility:

• Assets must be Shariah compatible.
• All agreements/documents approved by our qualified and experienced Shariah Advisor and regular monitoring/checking of Murabaha transactions by the Shariah Advisor.
  

Customer’s Guidance:

• Murabaha is always allowed for fresh purchases.
• Goods shall not be used by the Customer before the Murabaha offer and acceptance are signed.
• Rollover in Murabaha is not allowed. However, fresh purchases can be made under new Murabaha arrangements.
• Murabaha price once fixed cannot be changed.
• In case of late payment, Customer will have to pay certain amount to charity fund as per Murabaha Agreement.
  

b) Ijarah Finance (Leasing)
Ijarah is basically the transfer of usufruct of a fixed/durable asset to another person for an agreed period, at an agreed consideration. Under Ijarah agreement the asset will be given to the Customer on rent for the period agreed at the time of contract.

For Vehicles (Commercial/Personal use):

• Ijarah agreement and other document approved by our qualified and experienced Shariah Advisor.
• Periodical rentals to be fixed according to Customer needs at very competitive terms.
• Regular monitoring and checking of Ijarah transactions by our Shariah Advisor.

For Machinery & Equipment (Leasing):
Machinery (for small, medium and large industrial units) and office equipment.

• Lease agreements and other documents approved by our qualified and experienced Shariah Advisor.
• Periodical rentals to be fixed according to Customer needs at very competitive terms.
• Regular monitoring and checking of Ijarah transaction by our Shariah Advisor.