Murabaha Principle is an Islamic mode of financing structure in which an intermediary buys the commodity (the goods) with free and clear title. This kind of financing mode is most commonly used for a short-term trade. In other words, Murabaha principle is a particular kind of sale where the seller expressly mentions the cost of the commodity purchased and sells it to another person by adding some profit thereon. Thus, Murabaha is not a finance (loan) given on interest; it is a sale of a commodity for cash/deferred price.

A contract of sale between Insaaf and its customer whereby Insaaf promises to sell the commodities and the customer promises to buy the commodities from time to time on an agreed ratio of profit added to the cost. In other words, a contract of sale between Insaaf and its customer for the sale of commodities (the Goods) at a cost price plus an agreed profit margin /mark-up. In some cases, Insaaf appoints the customer as its agent for purchasing the commodity on its behalf.

For more information, please visit our website: www.insaaf.com.au/resources where you can find “an introduction to Islamic finance” (page 65-108) by Mufti Muhammad Taqi Usmani.

• Citizen or permanent residence of Australia
  
• Valid Australian driver license (Learner is not acceptable)
  
• Insaaf membership number
  
• Good credit score
  
• A guarantor (Citizen of Australia) Note that Insaaf reserves the rights to accept or reject the Guarantor
  
• Minimum 20% upfront (Based on finance assessment, it could be more than 20%)
  
• A caveatable property (Land/house/town-house/apartment/unit)

Liabilities

Last statement for each credit card (if you have one)
Any account closure letters from past 3 months (if you have one)
Last 3 months statement on any other debts (Mortgage, vehicle finance, personal finance etc) (if you have one)

Assets details

Council rates
6 months mortgage finance statement (if you have one)

Proof of citizenship/residency

Australian Passport
Proof of permanent residence

Proof of your residential address

Any utility bills (e.g., gas, electricity, council tax, etc.) with your name and address on them. 
Rental agreement

Application processing fee

It varies $550.00 to $1,500.00 GST excluded (non-refundable)

Facility fee

2.5% of approved finance amount before finance settlement (non-refundable)

Legal fee

Legal fee will be applicable before finance settlement (non-refundable)

Application processing time

Estimated 8-12 weeks. (Please make sure that you have provided all the required documentation, otherwise it could get delayed)

Documentation format

Please ensure that your documents are complete and high-quality scan of the original document. A high-quality
scan is one that is clear, legible, and should be free from poor contrast, shadow, obstruction, blurry and with no cropping or pixilation. Please ensure all the documents in PDF format.