This is an investment account where customer deposits money for unspecified period of time and he/she will share both the profit and loss based on the pre agreed ratio after deploying the fund in any permissible activities chosen by the bank. The customer may withdraw his/her deposit at any time, but the Bank may impose restrictions on withdrawal during specified period based on prior agreement.
Basic features:
Mudarabah Fixed Time Deposit
Basic features:
Murabahah is a contract of sale between a customer and a bank in which a bank purchases the goods needed by a customer and sells the goods to the customer on a cost-plus basis. Both the profit (make-up) and the time of payment (usually in installment) are specified in an initial contract. The bank is the owner of the goods before it sells it to the customer. The bank may require collateral from the customers to secure the finance.
Among the services included in Murabahah are the following;
Specific Requirements for Exporters
Specific Requirements for Importers
Specific Requirements for Manufacturer
This type of account is a trust agreement where the Bank keeps funds of depositors who want to place their funds under safe custody without any benefit. It is opened by customers for unspecified period of time for the purpose of safekeeping. Depositors give their consent to the Bank to deal with the whole or any part of their money in the manner that it deems fit, so long as it is not against Sha’riah. The Bank will guarantee payment of the principal as demanded by the customer.
Required documents to open an Account
Lease/Ijarah mode of financing may be used for financing agricultural & Building and construction sector where all kinds of equipment leased.
In Ijarah, the bank /lessor/ hands over the capital goods to the customer /lessee/ for an agreed period at an agreed consideration. After the completion of lease payments, the bank may transfer ownership of asset to the client.
Specific Criteria for Ijarah Financing
In addition to the general eligibility criteria and terms and condition of Ijarah, the customer shall fulfil the following requirements:
Required Documents for all Applicants
Specific Requirements
Istisna’ financing is a mode of sale, at an agreed price, whereby the bank places an order to a manufacturer or a contractor to manufacture, assemble or construct, a specific commodity for a purchaser
Specific Requirements
This is a financing service that would be made available in cash for working capital purposes for customers engaged in agricultural sector as per the contract between the Bank and the Customer. It is a sales arrangement whereby the customer shall deliver the type of product she/he produces in accordance with the type, quality, quantity, and given period to the bank. Agent/third party./ The bank may require collateral from the customers to secure the finance.
This account is virtually the same as current accounts and operated by Cheques. The majority of the IFB current accounts follow the principle of Qard Hassan that is a free loan to the bank, which is used for investment and other purposes. Guarantee to the principal amount and payment conveniences are the two basic benefits of the depositors.
Required documents to open an Account
In Ijarah, the bank /lessor/ hands over the capital goods to the customer /lessee/ for an agreed period at an agreed consideration. After the completion of lease payments, the bank may transfer ownership of asset to the client.
Specific Criteria for Ijarah Financing
In addition to the general eligibility criteria and terms and condition of Ijarah, the customer shall fulfil the following requirements:
Required Documents for all Applicants
Specific Requirements
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