A working capital financing facility with the purpose of financing the import and/or local purchase of Shariah- compliant raw materials/trading goods (related to business), based on the Murabahah concept of cost plus profit sale.
Trust Receipt-i Contract
In consideration of the Bank making available the Trust Receipt-i facility, the Customer will irrevocably agree and undertake to purchase the said goods from the Bank on “as is where is” basis without any representation or warranty in respect thereof at the Sale Price in the manner to be stipulated in the Trust Receipt-i Contract Note.
Customer As Agent
Customer will act as an agent on behalf of the Bank to import or purchase the Shariah-compliant raw materials/trading goods (related to business).
Profit Based on Islamic Funding Rate
Profit will be based on the Islamic Funding Rate (“IFR”) plus spread as approved by the Bank.