Imaan Distributorship and Inventory Finance
The Imaan Distributorship and Inventory Finance product allows our business banking customers acquire goods from manufacturers or wholesalers immediately and pay for them over an agreed period.
What does it offer you
The Imaan distributorship and inventory finance product allows our business banking customers acquire goods from manufacturers or wholesalers immediately and pay for them over an agreed period of time for the purpose of on selling to retailers.
It lets middle to high-end distributors of non-perishable Fast Moving Consumer Goods (FMCG).dealing in permissible items replenish their stock easily.
It is completely compliant with the principles of Islamic commercial Jurisprudence
It is structured under the Murabaha - Cost Plus financing mode for clients that meet our assessment criteria.
What you need to apply
A formal application letter
Board resolution approving the request (if a limited liability company)
Duly accepted offer letter
Satisfactory credit bureau report
Duly executed statement of personal guarantee of company owner(s)
Experienced and operationally stable traders with at least 3 years in current line of business.
Trade in non-perishable fast moving consumer products or commodities.
Have a cash conversion cycle of a maximum of 30 days.
Must generate a monthly turnover of at least 5m
Must open and operate an Imaan current account with the bank as soon as interest is signified
Show satisfactory evidence of their level of operations by providing a one year bank statement and purchase records for a 6 month period.
- No issue of returned cheques over the last 1 year
- Unauthorized overdraft position over the last year should not be more than twice
Other requirements as deemed essential by the bank