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Mr Farid is a private servant who worked for 5 years. After 5 years, he decided to purchase an asset to meet his life requirements. He decided to sign contract under Bai Bithaman Ajil. BBA means deferred installment sale. Under this contract of sale, the Islamic Bank may finance its customer who intend to acquire a house and to defer the payment of the asset to a specific period by paying installment based on the agreed financing period.

1. Mr Farid identifies a house and already decided to buy it.
2. He went to CIMB Islamic Bank to pay deposits and sign the contact under Bai Bithaman Ajil. Then, he approches the bank for financing of the remaining balance.
3. The bank buy the house at RM350,000 on cash basis.
4. Then, CIMB Bank sells the house to Mr.Farid at RM400,000 for 15 years.
5. Mr Farid pays the sale price of the house for 15 years on installment basis.

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AUTOMOBILE FINANCING (AL-IJARAH THUMMA AL-BAY')

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AUTOMOBILE FINANCING (AL-IJARAH THUMMA AL-BAY')

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The purpose of the financing under this contract is to provide financing to customer to lease the required asset. (i.e, car)

1. Mr. Farid wants to buy a new car which cost RM 50,000. Then he goes to CIMB Islamic Bank to get financing.
2. Bank then purchase the car from the owner and the ownership automatically transfer to the bank.
3. Bank leases the car to Mr. Farid for 7 years.
4. Mr Farid repays the financing via monthly payment for 7 years.
5. After 7 years, a sale contract shall be executed with nominal price to effect the transfer of ownership of the vehicle to the customer.

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Ar-Rahn is an agreement whereby a valuable asset is given as security for a debt.

1. Pn Rita need some money to be used. She has jewellery worth RM10,000. She plan to pawn it to gain some money.
2. She went to Bank Islam and want to sign under contract of Ar-Rahn.
3. The bank accept the pledged asset and grants an interest-free loan worth RM 8,000 to Pn Rita.
4. Pn Rita then pays a custodian fee for the services rendered in safekeeping the asset.