Standard
Chartered
In the name of Allah, the Most Gracious, the Most Merciful
ISLAMIC MURABAHA FINANCE BY STANDARD CHARTERED BANK
PRONOUNCEMENT OF THE SCB SHARIAH SUPERVISORY COMMITTEE
Alll praise is due to Allah, the Cherisher of the World, and peace and blessing be upon the
Prophet of Allah on his family and all his companions
‘The Shariah Supervisory Committee (Com
Islamic Murabaha Finance Product for UAE:
ice.) has reviewed the agreements relating to SC!
The idea behind the Islamic Murabaha Finance is to provide access to financing facilities
designed in accordance with the principles of Shariah. This product is being offered under two
modes:
(i) Goods Murabaha
Under this product the bank will buy specific goods/assets required by the customer and sell them
to the customer on cost plus profit basis where the selling price will be paid on a deferred basis.
(ii) Commodity Murabaha
‘The purpose of this facility is to facilitate cash financing for customer which do not have any
specific asset purchase requirement, Under this facility the Bank will buy commodities from the
international/local markets and sell them to the customer on a cost plus profit basis where the
price will be paid on a deferred basis. The customer will then sell these commodities to a
third party (by appointing SCB as its agent) and get the required cash,
‘The committee has reviewed the following documents:
1. Master Murabaha Agreement (Goods facility)
2. Agency Agreement (Goods facility)
3. Master Murabaha Agreement (Commodity facility)
4, Agency Agreement (Commodity facility)
‘The Committee has suggested various amendments that have all been incorporated.
The committee hereby rules that the Islamic Murabaha Finance is in accordance with the
principles of Shariah and Muslims can take advantage of the facility, which relieves them from
interest-based products,
And Allah knows best.
cenitiiee Wo
Dr. Abdul Sattar Abu Ghuddah ‘Sheikh
Shariah Adviser Shariah Adviser
SCB Shariah Supervisory Committee
July 2006Standard &
Chartered &
In the name of Allah, the Most Gracious, the Most Merciful
IsLAMIC MURABAHA FINANCE BY STANDARD CHARTERED BANK
PRONOUNCEMENT OF THE SCB SHARIAH SUPERVISORY COMMITTEE
All praise is due to Allah, the Cherisher of the World, and peace and blessing be upon the
Prophet of Allah on his family and all his companions
The Shariah Supervisory Committee (Committee.) has reviewed the agreements relating to SCB’s
Islamic Murabaha Finance Product for UAI
‘The idea behind the Islamic Murabaha Finance is to provide access to financing facilities
designed in accordance with the principles of Shariah. This product is being offered under two
modes:
(i) Goods Murabaha
Under this product the bank will buy specific goods/assets required by the customer and sell them
to the customer on cost plus profit basis where the selling price will be paid on a deferred basis.
(ii) Commodity Murabaha
‘The purpose of this facility is to facilitate cash financing for customer which do not have any
specific asset purchase requirement. Under this facility the Bank will buy commodities from the
international/local markets and sell them to the customer on a cost plus profit basis where the
selling price will be paid on a deferred basis. The customer will then sell these commodities to a
third party (by appointing SCB as its agent) and get the required eash.
‘The committee has reviewed the following documents:
1, Master Murabaha Agreement (Goods facility)
2. Agency Agreement (Goods facility)
3, Master Murabaha Agreement (Commodity facility)
4, Agency Agreement (Commodity facility)
‘The Committee has suggested various amendments that have all been incorporated,
‘The committee hereby rules that the Islamic Murabaha Finance is in accordance with the
principles of Shariah and Muslims can take advantage of the facility, which relieves them from
interest-based products.
eseaee oF an \
ea
And Allah knows best.
Dr. Abdul Sattar Abu Ghuddah Sheikh Nizam Vaquby
Shariah Adviser Shariah Adviser
SCB Shariah Supervisory Committee
uly 2006t
| Standard
| Chartered
Iq the name of Allah, the Most Gracious, the Most Mercifut
ISLAMIC MURABAHA FINANCE BY STANDARD CHARTERED BANK
Pro
UNCEMENT OF THE SCB SHAxaH SUPERVISORY COMMITTEE
All praise is due to Aulah, the Cherisher of the World, and peace and blessing be upon the
Prophet of Allah on his family and all his companions
The Shariah Supervisory Committee (Comunittee.) has reviewed the agreements relating to SCB's
Islamic Murabaha Finance Product for UAE:
The idea behind oq Islamic Murabaha Finance is to provide access to financing facilities
designed in accorddnce with the principles of Shariah. This product is being offered under two
modes:
() Goods Murabaha
Under this product jhe bank will buy specific goods/assets required by the customer and sell them
‘to the customer on ¢ost plus profit basis where the selling price will be paid on a deferred basis
(ii) Commodity Mjrrabaha
‘The purpose of this|facitity is to facilitate cash financing for customer which do not have any
specific asset purchhse requirement. Under this facility the Bank will buy commodities from the
international/local rparkets and sell them: to the customer on a cost plus profit basis where the
selling price will
paid on a deferred basis. The eustorner will then sell these commodities to 8
thied party (by appdinting SCB as its agent) and get the required cash,
‘The committee has feviewed the following documents:
Master Murabaha Agreement (Goods facility)
‘Ageney Agreethent (Goods facility)
Master Murabaje Agreement (Commodity facility)
Agency Agreecent (Commodity facility)
The Committee has suggested various amendments that have all been incorporated.
‘The committee herby rules that the Islamic Murabaha Finance is in accordance with the
principles of Shariah and Muslims can take advantage of the facility, which relieves them from
interest-based prodyets.
‘And Allah knows bfst.
‘nee SCE
A ath
Di Abul Samar Atfu Ghddah Sheikh Nazar Vaquby
Shariah Adviser
Shariah Adviser
SCB Shariah Supervisory Committee
Tuly 2006
No.8