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Revolving
Credit Facility
Based On
Islamic Concepts |
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The facility is a fluctuating facility based on Syariah concepts:
• Bai Bithaman Ajil(BBA)
• Mudharabah
Revolving Financing-i based
on Bai Bithaman Ajil (BBA) Concept
Customer identifies the asset he wants to purchase and
approaches the Bank for financing. Under the Bai Bithamin
Ajil concept, the Bank will purchase the asset at cost
and sell the same to the customer at cost plus profit.
The customer will then settle his purchase price on deferred
payment basis to the Bank.
Can be used as a working capital line or to fund general
investment purposes. There must be an underlying asset
to facilitate the BBA transaction.
Revolving Financing-i based
on Mudharabah Concept
The customer covenants to pay the capital, not eroded
by any losses, at the end of the agreed Mudharabah period.
Profits are shared between the partners (i.e. customer
and financier) whereas all losses are borne by the Bank.
This facility can be used for contract financing. Due
to the high risks involved, such financing can only be
granted to highly credit worthy customers whose possibility
of defaulting is extremely low. |
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Eligibility
•
Private Limited Companies
• Public Listed
Companies |
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Requirements to Apply
• Letter of application for the facility stating
a. Type and financing amount required
b. Purpose of financing
c. Tenure
• Certified true copy of
Business Registration (Form A/B)
• Certified
true copy of Form 24/44/49
• Memorandum
and Article of Association
• Audited accounts
for the last 3 years and the latest management account.
• Brief history and background of the company
or Company Profile
• List of financing
including leasing and hire purchase facilities
(State name of financial institutions, type of facilities,
limit, balance outstanding and repayment terms and
security offered)
• Latest six months'
bank statement
• Feasibility study report
/ project write-up*
• Projected cash flow
with assumptions / profit and loss account*
• Valuation Report of property*
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Sale & Purchase Agreement*
• Photocopy
of contracts / Letter of Intent*
• Description
and particulars of property to be charged*
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List of suppliers and customers
• Types
of products produced by the company
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6 months bank statement
• List of completed
and current projects
• Photocopy of Title
Deeds*
• Photocopy of Directors &
Guarantor’s IC
• Any other relevant
information
Note: * (If applicable) |
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