MURABAHA (SALE) TERMS AND CONDITIONS
The Customer herein states and agree to the Terms and conditions of this Murabaha Trade Facility as follows:
- The Customer intends to acquire an asset (“the asset”) as stated in the Murabaha Application Form from Sterling Bank Plc (“the Bank”).
- The Customer agrees that the Bank will acquire the asset and sell same to the Customer at a sum that includes the Bank’s mark-up. The Customer shall pay for the asset on a monthly instalment basis (the “Transaction”).
- The Customer undertakes to purchase the asset from the Bank and ensure payment on an instalment basis as agreed by the Parties.
- The Customer agrees to act as the Bank’s Agent for the purpose of acquiring the asset from a Supplier of its choice, with invoice confirmed and approved by the Bank. The Customer agrees that while acting as Agent to the Bank, the Customer shall ensure that the asset to be purchase meets the expected description, quality, quantity and fitness requirements and shall hold the Bank harmless and indemnified against all and for any defect or shortage that may arise in respect to the asset.
- The Customer agrees that this transaction as well as the terms and conditions shall be governed by the principles of Islamic Commercial Jurisprudence and all applicable laws and regulations in force from time to time in the Federal Republic of Nigeria.