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This Product is a Shariah compliant facility to fulfil your working capital or term financing needs. This KFS provides you the key features and indicative information about fees and charges of this Product. The Bank’s Offer Letter, the Islamic Facility Agreement and all other related documents executed by you contain the final terms of this Product.
| Product Information | |||
|---|---|---|---|
| Product Description | |||
| This Product is based on the Shariah concept, Murabaha- whereby the Bank purchases the EIFL (EI Funding Limited) certificates and sells them to the customer, with an added profit. payment is made through installments or a defer payment arrangement over an agreed period. | |||
| Shariah basis | |||
| Murabaha | |||
| Finance Currency | |||
| As agreed with the customer | |||
| Maximum Finance Tenor | |||
| As agreed with the customer | |||
| Minimum down payment | |||
| As agreed with the customer | |||
| Profit Rate Type | |||
| Fixed Rate p.a. | |||
| Payments required | |||
| Payments (including Murabaha Profit) will be made through installments over a time period as agreed by both parties together with applicable fees. | |||
| Total Murabaha Profit | |||
| Murabaha Profit = Finance Amount* Fixed Profit rate per annum* tenure in days/360 Example for a Finance amount of 1,000/-, Fixed Profit rate 5% pa and Tenure of 30 days Murabaha Profit = 1,000 x 5 /100 x 30/360 = 4.17 |
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| Profit Rate (indicative) | |||
| As agreed with the customer. | |||
| Key Fees & Charges | |||
|---|---|---|---|
| Commission and Fees | |||
| Processing Fees/ Commission | |||
| Our own Acceptance | |||
| 0.13125% Flat (Min AED 210) plus Brokerage | |||
| Open AC - Liquidity Financing | |||
| AED 525 plus Brokerage | |||
| Murabaha Processing Fee | |||
| AED 210 | |||
| Murabaha Prepayment Partial/Full | |||
| AED 105 | |||
| Export bills | |||
| 0.13125% Flat or as agreed with the customer (Min AED 210) plus Brokerage | |||
| PPC/Invoice/PDC etc (R/F) | |||
| 0.13125% Flat (Min AED 210) plus Brokerage | |||
| Liquidity Financing / Roll-overs | |||
| AED 525 plus Brokerage | |||
| Brokerage | |||
| USD 315 / USD Mill | |||
| Refer to tariff published on our website https://www.emiratesislamic.ae/en/soc/trade-finance-and-corporate-operations | |||
All charges, commissions and fees are inclusive of Value Added Tax (VAT) and/ or other similar sales tax. To review the most updated schedule of charges please visit our website.
| Additional Information | |||
|---|---|---|---|
| The Bank, without referring to the customer, may debit the customer’s accounts with any charges, expenses, or commission payable against the banking services rendered in accordance with the approved and announced banking charges and commissions. | |||
| The Bank may from time to time, and at its sole discretion make changes to the Terms and Conditions pertained to this Product. Without prejudice to the [on-demand/uncommitted] nature of this product, where required by applicable law such changes will be communicated to you with a 60-day prior notice and/or as mutually agreed in the Offer Letter signed by you. | |||
| This Product can be provided against - Post Dated Cheques (PDCs) - Invoices / Local purchase orders - Progress Payment Certificates (PPCs) - Accepted / Avalised Export Bills. -Receivables against point of sale terminals |
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| The structure and documentation related to this Product are compliant with the rules and principles of Shariah as interpreted by The Internal Shariah Supervision Committee (ISSC) | |||
| The Terms and Conditions (including any relevant applications and documents) shall be read and implemented in line with this KFS. | |||
| You can contact the Bank for any enquiries, assistance or complaints at any of its branches or by visiting its website https://www.emiratesislamic.ae/en/contact-us | |||
| Warning | |||
|---|---|---|---|
| You should be aware that the Product is an uncommitted finance facility provided at the Bank’s discretion. As such the facility is payable on-demand and can be amended or cancelled at any time. The Bank can also vary the pricing applicable to the Product at any time. | |||
| Where any cash margin or collateral is provided to the Bank, you will not be able to access it and the Bank can utilise that cash to pay any amount owed to it. | |||
| Rebate on unearned profit for early settlement of Finance is at bank discretion. | |||
| If you do not meet the payments on your finance, on time and in full, your account will go into arrears. This may affect your credit rating, which may limit access to financing in the future. | |||
| In case the customer fails to fulfil his/her obligations as per the Terms and Conditions pertained to this Product, before and during his/her relationship with the Bank, there will be consequences including but not limited to the exercise of the Bank’s rights against the customer and any security/guarantee together with the payment of penalties as per the related contract. | |||
| You are requested to provide the Bank with copies of your updated documents at all times (Emirates ID, Passport, Visa, Trade License, etc.); as not providing these documents to the Bank might result in the charges, transactions being restricted, account being blocked, or account being closed. | |||
| Important link | |||
| For Key Fact Statement and other important information visit (https://www.emiratesislamic.ae/en/key-information/) | |||
Check out our products for all your banking needs