Finance Contract (Murabaha) – Contract No. [●]

Based on the Framework Agreement for the Financing of the Updated Housing Subsidized Programs to Support the Advance Payment Package and the Housing Subsidized Package (Murabaha) on ___/___/___ 20G. corresponding to ___/___/___14H (hereinafter referred to as the “Framework Agreement”). In accordance with the specific provisions set forth in the Framework Agreement, this Murabaha Financing Contract (hereinafter referred to as the “Contract”) was concluded on [●] ___/___/___20G. corresponding to ___/___/___14H, in Riyadh, between:

1. The Real Estate Development Fund, in its capacity as a signed representative of the Ministry of Municipal and Rural Affairs and Housing (the “Ministry”), a government fund, established by Royal Decree No. (M/23) on 11/06/1394 G, with its headquarters in the Kingdom of Saudi Arabia, its national address:4512 Northern Ring Road – Hittin District Unit No.: 2 Riyadh 13512 – 6629, Tel [0112829666], Fax [4786232], represented in signing this contract by Mr. Mansour Saeed Abdullah Bin Madi, in his capacity as CEO (or his authorized representative), hereinafter referred to for the purpose hereof as the “First Party“.
2. [insert bank name], a Saudi joint stock company CR No. (…………………) Date ___/___/___14H, issued from [], whose headquarters is in the Kingdom of Saudi Arabia in [●], Road/Street [●], and whose national address is/ [●] P.O. Box: [●], Postal Code: Riyadh [●], Tel [●], Fax [●], represented in signing this contract by Mr. [●], in his capacity as [●] (or his authorized representative), hereinafter referred to for the purpose hereof as the “Bank or the” Second Party “.

The First Party and the Second Party shall be referred to collectively as the “Parties” and individually as the “Party”.

Article 1: Funding grants and repayments

1. From the date hereof, the bank shall lend the First Party an amount of [amount in numbers] [amount in writing] Saudi riyals only and bear the profits percentage of the financing asset at a rate of (20%) for each financing contract (Murabaha), as a financing (Murabaha) and the Fund shall bear the financing profits without any fees, taxes or any other costs whether directly or indirectly (hereinafter referred to as “Financing”). Then, the financing amount shall be disbursed by the Bank in favor of the First Party in one payment at the date of such financing.
2. The First Party shall repay to the Bank the financing amount of [] riyals, divided into [●] equal payment, and the value of each payment [●] riyals within a period of [●] calendar months starting from the date hereof] (hereinafter referred to as the “Repayment Term“). The First Party may request an amendment to the Repayment Term by notice to the Second Party provided that the repayment period shall not exceed a maximum of (20) years.

Article 2: General Provisions:

1. All provisions of the Framework Agreement shall apply hereto as if stated herein.
2. The Second Party shall reschedule this contract in the event that the First Party asks him to do so.
3. The Second Party shall notify the First Party as soon as it agrees to reschedule the real estate finance contract for any beneficiary who is subject to and shall interpret this contract in accordance with the laws, regulations, decisions, circulars and instructions in force in the Kingdom of Saudi Arabia. In the event of a dispute – God forbid – between the two parties about this contract, it shall first resort to resolving it amicably. If this is not possible within ninety calendar days from the date of the dispute, it shall be settled through the competent court in the Kingdom of Saudi Arabia in the city of Riyadh.
4. This contract has been executed in two original copies in Arabic, consisting of two articles and has been written in two pages, and each party has received a copy of it to act accordingly, and the two parties have signed the said copies 
5. The Second Party shall notify the First Party as soon as it agrees to reschedule the real estate finance contract for any beneficiary who is subject to and shall interpret this contract in accordance with the laws, regulations, decisions, circulars and instructions in force in the Kingdom of Saudi Arabia. In the event of a dispute – God forbid – between the two parties about this contract, it shall first resort to resolving it amicably. If this is not possible within ninety calendar days from the date of the dispute, it shall be settled through the competent court in the Kingdom of Saudi Arabia in the city of Riyadh.
6. This contract has been executed in two original copies in Arabic, consisting of two articles and has been written in two pages, and each party has received a copy of it to act accordingly, and the two parties have signed the said copies on the day and date fixed at the beginning hereof.
7. 
   
8. The Second Party shall notify the First Party as soon as it agrees to reschedule the real estate finance contract for any beneficiary who is subject to and shall interpret this contract in accordance with the laws, regulations, decisions, circulars and instructions in force in the Kingdom of Saudi Arabia. In the event of a dispute – God forbid – between the two parties about this contract, it shall first resort to resolving it amicably. If this is not possible within ninety calendar days from the date of the dispute, it shall be settled through the competent court in the Kingdom of Saudi Arabia in the city of Riyadh.
9. on the day and date fixed at the beginning hereof.