The Fishing industry has always played a very important role in the Maldivian culture. As one of Maldives' local banks the fishing industry is very close to our hearts as well. To support the industry we offer financing for existing operators to acquire vessels for their fishing business. We do offer financing to vessels for other purposes as well, however safari vessel is not eligible for this financing.
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 vessel and grant you the option to pay the sales price in instalments over a specified period of time.
We may also use deferred payment sale, in which through the contract we may provide financing to you for acquisition or purchase of a vessel, while postponing the repayment for the asset for a specific period of time.
Other suitable and accepted vessels
Customer must have at least 2 years relevant experience in the similar vessel operation
Customer must be directly involved in the operation of the vessel to be financed.
Customer must provide evidence on equity contribution made (minimum 30% of the project cost)
For under construction vessel, customer's income from the current operation should be able to support current and propose financing's monthly commitment.
Asset should not be used for un-Islamic purpose.
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 card 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
Registration/Title document of the collateral(copy, original required if approved)
No objections from owner(s) of collateral to be mortgaged from the facility
Proof of annual fee payment to relevant authorities.
Product specification of the asset or property to be purchased.