Murabaha on Buildings | Real-Estate | AlSalama Bank
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Murabaha on Buildings

  • Simple
    Documentation
  • Bank-Borne Risk
    Ownership
  • First-class
    Property Mortgage Options
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Murabaha Financing (on buildings)

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A long-term benefit-backed plan to help you purchase the property your business needs today. 

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What is Murabaha on buildings?

The Murabaha on buildings agreement allows customers to purchase buildings as per their specifications and needs, through the bank. The customer can then buy back the building from the bank on Murabaha basis for a deferred payment basis, for a fixed amount.

How it works:
Once a customer has selected the building to be bought, a Murabaha agreement is drawn up between the bank and the customer, stating that the customer confirms the intent to buy the building from the Bank on a deferred payment basis. The Bank then buys the property directly from the seller and sells the property on Murabaha basis to the customer for a fixed amount to be paid on deferred basis. A security or guarantee will be obtained from the customer to ensure prompt and timely installment payments. Note that ownership of building from the time of purchase and until the time of complete sale to the customer, lies in name of the bank and it bears full risk as the owner of the building during that period.

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Terms Of Financing

  • Down Payment: Minimum 25% of the purchase price*
  • Transaction Period: Up to 10 years
  • Mode of Payment: Quarterly, semi-annual or annual terms are available
  • Source of Payment: Rental income, business cash flows

  • Profit Rate: Fixed throughout the financing period
  • Security: First class mortgage on the land and building, post dated cheques covering installments
  • Takaful (Islamic Insurance): Financed property to be fully insured in Bank’s favour
  • Qualified Assets: Residential, office buildings and villa complexes

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Documentation

With our team of skilled professionals, applying for Murabaha (on buildings) finance is simple and stress-free, with primary documents varying based on requirement. Note that requirements may be lowered in cases where additional security is provided.

Primary Documents for Individuals:

  1. Valid passport copy
  2. Completed finance application form
  3. Site plan copy
  4. Title deed copy
  5. Copy of lease contracts

Primary Documents for Companies:

  1. Valid trade license copy
  2. Commercial Registry copy
  3. Partnership agreement copy (in case of partnerships)
  4. Valid passport copies of partners (in case of partnerships)
  5. Valid passport copy of authorized personnel and copy of Articles of Association defining their powers
  6. Site plan copy
  7. Title deed copy
  8. Last 3 years’ financials
  9. Copy of lease contracts

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