If you are availing Goods Finance, please fill and sign the below "Promise to Purchase"
I / We hereby undertake to purchase the Goods set out herein above by the way of Murabaha Sale after being purchased and possessed by the bank in consideration of a selling price comprises of :
a- the cost paid by the bank “the cost” which include the (i) purchase price of AED . (ii) the actual expenses of AED .incurred by the bank pertaining the purchase of the goods .
b- the profit agreed upon is AED at the rate of %
I/We hereby also acknowledge that by signing this “Promise To Purchase”, I/We have accepted the "the cost" declared by the bank at the time of signing of the Murabaha Sales Contract.
In addition , I/We acknowledge and undertake as follows:
1. 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 No
with SIB, and that the same will be adjusted in the selling price
To pay the remaining balance of the selling price in
3. In case of my/ our failure to fulfill our promise after the bank purchase and possession to the Goods subject to this promise, I/We shall bear all the losses 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 losses incurred by the bank (if any).
4. In case of my / our refusal to sign the Murabaha Sale contract, the bank has the right to sell the Goods at the market value and deduct the difference (if any) from Hamish Al-Jeddiya 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.
5. If I/We signed the Murabaha Sale Contract, yet refused to receive the goods, I/We authorize the bank to sell the same on our behalf to recover "the cost" and claim the difference, if any, in cash or by debiting my/our account and to return the surplus (if any).