Murabaha is a Sale contract whereby the specified Shai’ah Compliant Asset(s) are sold to the Customer at an agreed mark-up (Profit) added to the Cost Price (Purchase price) of the Asset(s). The payment of Murabaha Sale Price (Cost plus agreed profit) can be on spot or deferred to the future date (to be agreed at the time of Murabaha Contract. Here´s how it works:

1. Ajman Bank and Customer signs the Master Murabaha Agreement, covering all the general terms and conditions related to the Murabaha Transaction(s).
2. Bank appoints customer as its agent for the selection of suppliers and the most appropriate goods (as required by the customer)
3. Customer sent Letter of Intent/Order Form to the Bank covering Assets deion, price, supplier details, terms of payment.
4. Customer also sign promise to purchase document with the Bank to show the commitment to purchase the Asset(s) from the Bank.
5. The Bank make direct payment to the Supplier for the purchase of Asset(s).
6. Upon arrival of Asset(s), customer buys the Asset(s) from the Bank through Murabaha Contract.
7. Customer makes payment as per the agreed payment schedule to close the transaction.

Documentation

   Following are the documents for Murabaha Transactions:

1. Master Murabaha Agreement
2. Agency Agreement
3. Promise to Purchase
4. Murabaha contract
5. Security Documents 

For more details on our Products and Services, please visit our website, www.ajmanbank.ae

If you have specific questions or concerns, please call us on 800-22 or email: info@ajmanbank.ae

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