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The product is based on the Shariah concept of Tawarruq and other relevant Shariah contracts. For the business use, this product is offered for working capital purposes and/or combination with other credit facilities acceptable by the Bank.
Tawarruq is an arrangement that involves a purchase of a commodity or asset based on deferred payment basis by way of Murabahah. In this case, the Customer is purchasing the commodity as the underlying asset from the Bank. The commodity or asset is then sold for cash to a party other than the original seller.
Settlement of selling price comprise of: