Import Financing/ Local Purchase Financing also known as Murabaha Financing is a contract where in the bank, upon request by the customer, purchases an asset from a 3rd party supplier/ vendor and sells it to the customer with an agreed mark up (cost plus profit) either against immediate payment or on a deferred payment basis. If the cost of a transaction cannot be identified and only the selling price is disclosed, locally or internationally Musawama can be used.
Import Finance/Local Purchase Financing is used for short/ medium/ long term finance for :
Or any other asset to be purchased
The commodity to be sold to the customer has to be in a tangible form or ensured of its existence and the seller must have the ownership of the commodity
The bank, the customer and the seller must mutually agree upon the price of the commodity.
Flexible repayment plans (short term / long term)
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