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1. Customer signs up for the product by signing Master documents/Application form to agree on a pricing, a tenure for commodity trades and the product related T&C’s.
2. Once credit evaluation is done and customer’s eligibility is approved, Mashreq will set up a current account (if customer requests for the same) which will be at customer’s disposal for any Shari’ah compliant use through credit card.
3. Mashreq will do a commodity trade with the customer (cardholder).
4. The cost price in the Total Sale Value (TSV) for the trade will be equal to the approved limit.
5. The profit in the TSV will be calculated at the agreed rate considering the full limit remained utilized for the full tenure.
6. Once the commodity trade is done, the proceeds of that trade will reach to customer’s card account which will be the limit that customer could utilize on the credit card.
7. Whenever customer uses the credit card and revolves the amount, it will be considered utilization of limit.
8. Customer will be billed for its utilization of the limit on monthly basis.
9. Profit collected will also be commensurate to the limit utilized.
10. The profit once agreed in the TSV will never change even if customer does not pay on time.
11. Customer must pay a minimum payment amount to avoid late payment penalty.
12. If the customer does not pay even the minimum payment amount, only the unpaid installment will be considered overdue, the unpaid sum will be considered utilization for the next till it is fully settled.
13. If the Cardholder pays the full outstanding balance (limit utilized) on or before the due date, then the Bank may waive the profit for that month at its sole discretion, however if the customer chooses to pay the minimum outstanding payment amount, the Tawarruq Profit rate will be applied on the remaining balance. In this event, the statement sent to the Customer for that month will not include any profit charged for that month.

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