Naqd (Overdraft)
Your business may require short term cash flow or additional capital for your day-to-day operations. This is a stand-by facility that allows you to withdraw the fund in your current account. You will only pay profit at end-of-month based on the amount you utilized. There is no fixed payment reschedule.
Naqad (overdraft) financing is using Tawarruq concept.
DOCUMENTS REQUIRED
- Letter of Application from the company
- Business Plan
- Sole Proprietor/Partnership
- Business Names Act Section 16 and Section 17: Certificate of Registration
- Limited Company
- The Company Act: Particulars of Directors or Managers and of any changes therein (Form X)
- Certificate of Incorporation of Private Company
- The Companies Act Cap 39: Memorandum And Articles of Association
- Joint Venture & Shareholders’ Agreement
- Copy of Share Allotment form
- Director’s’ Resolution in writing pursuant to the Articles of Association of the company (if any)
- Holdings – Certificate of Registration Section 5
- Photocopy of Identity Card/passport of Proprietor, Partners and Directors
- Audited Financials and Management Accounts
- Statement of Accounts from other bank(s)
- Debtors and Creditors Aging List
- Copy of approvals from relevant authority for business activity, construction and location of proposed project
- Copy of contract/Letter of Award (if applicable)