Murabaha

The Concept of Murabaha: Murabaha is one of the most common applicable Islamic banking transactions. Numerous clients dealing with Islamic banking resort to this banking formula to finance their investments and ventures and to cover the costs of their consumer commodities. Murabaha is a sale contract between two parties in exchange of a mark- up (Profit) determined by mutual consent of the parties involved.

And whether you need equipment and machinery to increase you productivity, or additional funding to develop and grow your business, the financing solutions offered by Jumhouria Bank which are compliant with the provisions of Islamic Sharia are the ultimate ideal solutions to finance your financial needs.
Terms and Required Documents
A current account at one of the branches of Jumhouria Bank, accompanied with a balance statement of the current account from the branch.
The legal documents of the company (from the chamber of commerce, the commercial registry, the license for practice the business activity, the bylaws of the company, incorporation of the company including the item for entitlement to borrow from banks.
A statement by the company confirming any financial liabilities if exist.
Specifying in the funding application the value and purpose of the funding along with the proposed guarantees.
Initial vouchers of the needed merchandise in the name of Jumhouria Bank in Arabic language.
The introduced guarantees shall be of the first grade (mortgage).
The balance sheet of the company on two successive years endorsed by one of the accredited offices by the Central Bank of Libya (in the event the company is not newly established).
A feasibility study on the project conducted by one of the accredited offices by the Central Bank of Libya (In the event the machinery is new or the production line is newly established).
A full field visit report by the branch on the locations of the company, its assets, properties and others.
The branch shall make an inquiry on the credit position of the company at the Libyan Credit Information Center and explicit, clear recommendation of the director of the branch to approve, or not approve the funding.
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