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Business - Istisna Project Financing


We support entrepreneurship, business ventures and also offer our services in assisting ventures into developing your own property either for sale or for rental. Under this Shariah compliant concept we act as the main contractor to construct the property on your behalf. We will then appoint a construction company of your choice to perform the task.

        

How to apply for Istisna Project Financing

Obtain application form from the Financing Department of MIB or download from the website. Complete the application form and submit along with the required documents mentioned below.


Documents Required

  • Completely filled application form

  • Copy of valid ID cards of company's directors

  • Copy of Registration certificate of the business

  • Copy of memorandum of articles of the company/ Copy of the partnership agreement if a partnership

  • Profile of the company/business

  • Forecasted Cash flow statement for 3 years (monthly cash flow for 1 year.)

  • Bank statement of the company/partnership (for last 6 months)

  • Last three years audited financial report of the company/partnership

  • Current year management accounts of the company/partnership

  • BOQ from the contractor with summary for each floor

  • Schedule of payment by Contractor along with work schedule

  • Profile of the constructer

  • Approved Drawing & Construction Permission by Male' City Council

  • Collaterals

    • Registration/Title document of the collateral(copy, original required if approved)

    • No objections from owner(s) of collateral to be mortgage from the facility