Business - Murabaha Vessel Financing

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. Furthermore, we also offer financing to other types of vessels as well which is used to carryout businesses permissible in islam. This includes transport, cargo, ferry vessels etc.

Murabahah 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 payment for the asset for a specific period of time.

Eligible Vessels

  • Cargo Vessel

  • Passenger Vessel

  • Fishing Vessel

  • Other suitable and accepted vessels

Eligibility Requirement

  • 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 for under construction vessels, customer's income from existing vessel operation should be able to support the current and proposed financing monthly commitment

  • Asset should not be used for un-Islamic purpose.

How to apply for Murabahah Vessel 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

  • 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 the requested tenure peirod (monthly cash flow for 1 year.)

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

  • Last three years audited financial report of the Business

  • Current year management accounts of the Business

  • Collateral

    • 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.