Bai-Muajjal –Short term working capital finance

MBL-Taqwa extends Bai-Muajjal modes of finance to meet day to day working capital requirements of Corporate & SME customers for their Trading & Manufacturing activities.“Bai-Muajjal” is derived from the word “Bai” means purchase & sale and “Ajal” means specific time. So “Bai-Muajjal” is a purchase or sale on credit, on deferred payment basis. Bai-Muajjal may be defined as a contract between a Buyer and a Seller under which the Seller sells certain specific goods permissible under Islamic Shari’ah and the law of the land to the buyer at a cost plus agreed profit (an agreed fixed selling price) payable at a certain fixed future date in lump sum or within a fixed period by fixed installments. In case of Bai-Muajjal, declaration of cost of the goods by the seller is not mandatory in Shari’ah. For legal protection Bank may obtain a Trust Receipt in case of deliver the goods to the client on trust basis.

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