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Murabahah

Murabaha is a kind of a contract of sale between the bank and its client for the sale of goods at a price plus an agreed profit margin for the bank. The contract involves the purchase of goods by the bank which then sells it to the client at an agreed markup. The bank purchases these goods according to a Promise to Purchase done by the client. In this Promise to Purchase the goods are described, and then the bank buys it and resells it to the purchase orderer who will repay the goods value plus the profit margin in equal or unequal installments.

Murabaha module features:

  • Entering the data of the Murabaha details
  • Entering the promise to purchase data
  • Can print the promise to purchase record
  • Opening the Murabaha account
  • Murabaha set-up
  • Can print Murabaha contract
  • System automatically tracks the Murabaha installments
  • System automatically generates the Murabaha installments schedule
  • Can add different products of Murabaha like cars, home devices, and every product has its own GLs and policies
  • Can deduct the delay compensation in case of delaying in payment
  • Can open a reward account for early payment
  • Tracks arrears and its stages and the daily accrual of delay compensation with possibility of deducting it
  • In case of insufficient fund, the system can debit the first and the second guarantors’ accounts
  • Can block salary installment from the normal or investment current account
  • Automatic repayment from the normal or investment current account balance
  • The ability to postpone installments