Standard Chartered In the name of Allah, the Most Gracious, the Most Merciful ISLAMIC MURABAHA FINANCE BY STANDARD CHARTERED BANK PRONOUNCEMENT OF THE SCB SHARIAH SUPERVISORY COMMITTEE Alll praise is due to Allah, the Cherisher of the World, and peace and blessing be upon the Prophet of Allah on his family and all his companions ‘The Shariah Supervisory Committee (Com Islamic Murabaha Finance Product for UAE: ice.) has reviewed the agreements relating to SC! The idea behind the Islamic Murabaha Finance is to provide access to financing facilities designed in accordance with the principles of Shariah. This product is being offered under two modes: (i) Goods Murabaha Under this product the bank will buy specific goods/assets required by the customer and sell them to the customer on cost plus profit basis where the selling price will be paid on a deferred basis. (ii) Commodity Murabaha ‘The purpose of this facility is to facilitate cash financing for customer which do not have any specific asset purchase requirement, Under this facility the Bank will buy commodities from the international/local markets and sell them to the customer on a cost plus profit basis where the price will be paid on a deferred basis. The customer will then sell these commodities to a third party (by appointing SCB as its agent) and get the required cash, ‘The committee has reviewed the following documents: 1. Master Murabaha Agreement (Goods facility) 2. Agency Agreement (Goods facility) 3. Master Murabaha Agreement (Commodity facility) 4, Agency Agreement (Commodity facility) ‘The Committee has suggested various amendments that have all been incorporated. The committee hereby rules that the Islamic Murabaha Finance is in accordance with the principles of Shariah and Muslims can take advantage of the facility, which relieves them from interest-based products, And Allah knows best. cenitiiee Wo Dr. Abdul Sattar Abu Ghuddah ‘Sheikh Shariah Adviser Shariah Adviser SCB Shariah Supervisory Committee July 2006Standard & Chartered & In the name of Allah, the Most Gracious, the Most Merciful IsLAMIC MURABAHA FINANCE BY STANDARD CHARTERED BANK PRONOUNCEMENT OF THE SCB SHARIAH SUPERVISORY COMMITTEE All praise is due to Allah, the Cherisher of the World, and peace and blessing be upon the Prophet of Allah on his family and all his companions The Shariah Supervisory Committee (Committee.) has reviewed the agreements relating to SCB’s Islamic Murabaha Finance Product for UAI ‘The idea behind the Islamic Murabaha Finance is to provide access to financing facilities designed in accordance with the principles of Shariah. This product is being offered under two modes: (i) Goods Murabaha Under this product the bank will buy specific goods/assets required by the customer and sell them to the customer on cost plus profit basis where the selling price will be paid on a deferred basis. (ii) Commodity Murabaha ‘The purpose of this facility is to facilitate cash financing for customer which do not have any specific asset purchase requirement. Under this facility the Bank will buy commodities from the international/local markets and sell them to the customer on a cost plus profit basis where the selling price will be paid on a deferred basis. The customer will then sell these commodities to a third party (by appointing SCB as its agent) and get the required eash. ‘The committee has reviewed the following documents: 1, Master Murabaha Agreement (Goods facility) 2. Agency Agreement (Goods facility) 3, Master Murabaha Agreement (Commodity facility) 4, Agency Agreement (Commodity facility) ‘The Committee has suggested various amendments that have all been incorporated, ‘The committee hereby rules that the Islamic Murabaha Finance is in accordance with the principles of Shariah and Muslims can take advantage of the facility, which relieves them from interest-based products. eseaee oF an \ ea And Allah knows best. Dr. Abdul Sattar Abu Ghuddah Sheikh Nizam Vaquby Shariah Adviser Shariah Adviser SCB Shariah Supervisory Committee uly 2006t | Standard | Chartered Iq the name of Allah, the Most Gracious, the Most Mercifut ISLAMIC MURABAHA FINANCE BY STANDARD CHARTERED BANK Pro UNCEMENT OF THE SCB SHAxaH SUPERVISORY COMMITTEE All praise is due to Aulah, the Cherisher of the World, and peace and blessing be upon the Prophet of Allah on his family and all his companions The Shariah Supervisory Committee (Comunittee.) has reviewed the agreements relating to SCB's Islamic Murabaha Finance Product for UAE: The idea behind oq Islamic Murabaha Finance is to provide access to financing facilities designed in accorddnce with the principles of Shariah. This product is being offered under two modes: () Goods Murabaha Under this product jhe bank will buy specific goods/assets required by the customer and sell them ‘to the customer on ¢ost plus profit basis where the selling price will be paid on a deferred basis (ii) Commodity Mjrrabaha ‘The purpose of this|facitity is to facilitate cash financing for customer which do not have any specific asset purchhse requirement. Under this facility the Bank will buy commodities from the international/local rparkets and sell them: to the customer on a cost plus profit basis where the selling price will paid on a deferred basis. The eustorner will then sell these commodities to 8 thied party (by appdinting SCB as its agent) and get the required cash, ‘The committee has feviewed the following documents: Master Murabaha Agreement (Goods facility) ‘Ageney Agreethent (Goods facility) Master Murabaje Agreement (Commodity facility) Agency Agreecent (Commodity facility) The Committee has suggested various amendments that have all been incorporated. ‘The committee herby rules that the Islamic Murabaha Finance is in accordance with the principles of Shariah and Muslims can take advantage of the facility, which relieves them from interest-based prodyets. ‘And Allah knows bfst. ‘nee SCE A ath Di Abul Samar Atfu Ghddah Sheikh Nazar Vaquby Shariah Adviser Shariah Adviser SCB Shariah Supervisory Committee Tuly 2006 No.8