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Sample Contract Reprinted with permission courtesy of the State Bank of Pakistan Model Surabaya Facility Agreement (For Corporate Clients local purchases) THIS SURABAYA FACILITY AGREEMENT (this “Agreement

How to fill out murabaha contract sample form

How to fill out murabaha facility agreement:

1. Begin by gathering all necessary documents and information such as the name, address, and contact details of both parties involved in the agreement, as well as any relevant identification documents.
2. Clearly state the purpose of the murabaha facility agreement, including the specific details of the financing arrangement and the agreed-upon terms and conditions.
3. Outline the roles and responsibilities of each party, including any obligations or restrictions that need to be followed throughout the duration of the agreement.
4. Specify the amount of financing being provided, the repayment period, and any associated fees or charges.
5. Include any necessary provisions for early repayment or default, ensuring that the rights and remedies of both parties are clearly defined.
6. Review and revise the agreement as necessary, ensuring that all language is clear, concise, and legally enforceable.

Who needs murabaha facility agreement:

1. Individuals or businesses looking to obtain financing using the murabaha method, which is a type of Islamic financing that revolves around the purchase and sale of goods.
2. Banks or financial institutions that offer murabaha facilities to customers.
3. Anyone seeking a halal financing option that adheres to Islamic principles and avoids interest-based transactions.

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What is murabaha facility agreement?

A murabaha facility agreement is a type of Islamic financing arrangement where a financial institution buys an asset and sells it to a client at a marked-up price, with the payment typically made in installments.

Who is required to file murabaha facility agreement?

Individuals or businesses seeking to obtain financing through murabaha from Islamic financial institutions are required to file a murabaha facility agreement.

How to fill out murabaha facility agreement?

To fill out a murabaha facility agreement, the borrower needs to provide personal or business details, asset information, purchase price, markup percentage, payment terms, and other relevant financial information as required by the lender.

What is the purpose of murabaha facility agreement?

The purpose of a murabaha facility agreement is to facilitate the purchase of an asset by a client through Islamic financing, allowing them to acquire goods or services in compliance with Sharia law.

What information must be reported on murabaha facility agreement?

The murabaha facility agreement must report information including the identities of parties involved, asset details, cost price, selling price, markup, payment schedule, and terms and conditions of the financing.