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This case study presents a narrative of how mur¯abah. ah, a
sale-based Islamic mode of financing, applies in the banking routine
to create a real working capital finance service to a construction
company. The construction company was looking to finance diesel,
bitumen, and petrol to be used as working capital in its construction
projects for the Government. The case presents interesting episodes
of the client company and the bank as to how they reached the
situation of applying mur¯abah.ah and how that fits in within the
broader Islamic banking regulatory framework of the country. A
customised mur¯abah.ah process flow is designed and applied with
subsequent changes due to various market and external factors. The
case shows how the bank purchases the goods from refineries and
sells the same at a cost-plus to the construction company and how all
settlements are made till the maturity of the case while maintaining
Shar¯ı‘ah compliance. Many supporting parties such as tak¯aful
company, legal entities, credit information bureau, and suppliers
provided supporting services to execute mur¯abah. ah in the context
of working capital finance. The roles of each party and issues in the
application process are discussed
Karim Ullah, Shafiullah Jan, Zahoor Khan. (2017) Islamic Working Capital Finance through Murabah ¯ . ah for a Construction Company, Journal of Islamic Business and Management, Volume 7, Issue 1.
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