Mihani Package

Under this product, “alburaq”, upon the customer’s request and promise to purchase, purchases ready raw materials and actually acquires them, then sells them to the customer by means of a sale contract for their original cost plus a specified profit margin, and the customer pays this price in instalments over a specified, agreed on period in accordance with the Mourabaha contract.

A contract under which the manufacturing customer sells a commodity manufactured thereby to “alburaq” for a price paid in advance in return for a specified, agreed on date of delivery in accordance with the Istisna’a contract. Upon receiving the Istisna’a commodity, “alburaq” concludes an agency contract with the manufacturing customer so as to sell that commodity on behalf of the said customer for a specified agreed on price and term. It is important for said contracts to be completely separate.

A contract under which the manufacturing customer sells a commodity to “alburaq” for a price paid in advance in return for a specified agreed on date of delivery in accordance with the Salam contract. Upon receiving the Salam commodity, “alburaq” concludes an agency contract with the customer who delivered the said commodity so as to sell it on behalf of the said customer for a specified agreed on price and term. It is important for said contracts to be completely separate​.

A contract of partnership between “alburaq” and the customer for a specified project or business transaction. Under this contract, “alburaq”, referred to as “Rabbul Mal”, provides the capital necessary for the project or business transaction, while the customer who manages the funds, referred to as the “Mudarib”, contributes his/her labor and experience. Upon concluding the contract, a percentage of profit is agreed on and only accrues after the capital is fully secured in accordance with the Moudaraba contract.​