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.
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