I/We hereby apply for the Sharjah Islamic Car Murabaha Financing Scheme and declare that the information included in this application is true, and correct and shall advise you of any changes thereto. I/We authorize Sharjah Islamic Bank to verify any information from Credit bureau or any other applicable source it may choose. I/We understand that Sharjah Islamic Bank shall have the right to refuse acceptance of the application, at any time without being obliged to give any explanation.
PLEASE READ AND SIGN THE BELOW PROMISE TO PURCHASE
I/We undertake to purchase the deﬁned vehicle herein above on Murabaha Sale after the same being bought and possessed by the bank, based on the cost paid by the bank which includes the purchase price of AED
and the actual expenses amounting to (1) AED
In addition to the proﬁt rate agreed upon is
as Hamish Jeddyia (guarantee amount) upon bank’s request, in cash or by debiting my/our account(s) with SIB.
To pay the remaining balance of the price in monthly installments, No. of___installments
as Hamish Jeddyia (guarantee amount) upon bank’s request, in cash or by debiting my/our account(s) with SIB. To pay the remaining balance of the price in monthly installments, No. of installments
In case of my/our failure to fulﬁll our promise before the bank purchase the vehicle subject to this promise, I/We shall bear all the costs incurred by the bank, and the bank shall claim the difference from me/us if Hamish Al Jeddyia or my/our account balance doesn’t cover the cost and fees incurred by the bank (if any).
In case of my/our refusal to sign the Murabaha Sale contract, the bank has the right to sell the vehicle at the market value and deduct the difference (if any) from Hamish Al-Jeddyia amount or from my/our account with the bank and I/We agree that the bank may claim compensation for the actual damage incurred by the bank as a result of our breach.
If I/We bought the Vehicle and refused to receive it, I/We authorize the bank to sell the same on my/our behalf to cover cost price and claim the difference in cash or by debiting my/our acount and to return the surplus (if any).
In case I/We fail to pay the installments as per the terms and conditions agree upon the Murabaha sales contract, the bank reserves the right to conﬁscate the vehicle and take the necessary action and I/We have no objection incase the bank sells the vehicle in open market through auction and/or through its own resources to recover its outstanding amount. Remaining outstanding amount (if any) can be claimed from me/us, in cash or by debiting my/our account No.
In case I/We fail to pay the installments as per the terms and conditions agreed upon vide Muabaha sales contract, the bank reserve the right to initiate legal proceedings.