AL NOOR Murabaha Import Bill (MIB) is a mode of investment under which the Bank as per contract and request of the client takes the ownership of certain goods permissible under Islamic Shari’ah by paying to the Negotiating Bank (Exporters Bank) and sells those to the client at a cost plus declared profit payable along with principal amount by cash in any future fixed date in lump sum or by installment. In brief it is called cost plus declared profit sales.

Key Features

• Bank shall purchase the goods so that ownership of Bank on the goods is established at least for a moment. The Bank may also engage the investment client as Buying Agent to purchase the goods from third party on behalf of the Bank.
• There must be Three (03) parties in order to perform buying & selling under Murabaha

(a) Bank

(b) Seller of goods

(c) Purchaser of goods. Goods however must not be purchased from client or from any of its sister concern. Goods must also be halal as per Shari’ah.

• There must be an agreement between the Bank and the client. Cost of the goods sold and the amount of profit added therewith should be separately & clearly mentioned in the Murabaha Agreement.