In circumstances where your business requires a more direct financing for acquisition of goods locally or payment made to your overseas supplier through Telegraphic Transfer Payment or by means of Letter of Credit, we are offering your business Murabaha General Asset Financing. This facility can also be used to acquire movable asset either locally or from abroad.
Murabaha is a cost-plus sale contract, and is also known as mark-up sale. The cost will be made known to you. The sale can be made either in cash or credit or on instalment basis. Through this concept, we offer to finance you in purchasing the assets and grant you the option to pay the sales price in instalments over a specified period of time.
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.
Completely filled application form
Quotation from the supplier(seller)
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 business
Forecasted Cash flow statement for the requested tenure period (including monthly cash flow for 1 year.)
Bank statement of the company/partnership (for last 6 continuous months)
Last three years audited financial report of the business
Current year management accounts of the business
Registration/Title document of the collateral(copy, original required if approved)
No objections from owner(s) of collateral to be mortgage from the facility
Proof of annual fee payment to relevant authorities.
Product specification of the asset or property to be purchased.