Finance

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Home Financing

With our Home Financing, we offer a comprehensive Shariah Compliant Home Financing solution that best meet your financing needs.

Modes of Financing

Benefits

  • Margin of Financing (MOF) up to 100%
  • Financing of Related Expenses,i.e., legal fees, valuation fee & stamp duty;
  • Financing tenure of up to 36 months.
  • Flat annual rate of 12%
  • A Shariah-compliant home financing.

Micro Finance

MicroDahab-MFI is an Islamic Microfinance Institution that provides financial services to growing number of Micro-clients to reach the enormous demand for financial services in the country. Microdahab-MFI has launched Youth Business Challenge Project; a project for generating employment for the youth. Therefore, we are inviting creative and effective business concepts to strengthen the Somali youth and generate productive employment as outlined in the project objectives.

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Basic Requirements

  • Applicants whose age is between 15 years to 35 years can only apply
  • Business should be located in Bosaso .
  • Applicant if shortlisted must be willing to take Business Development Training for a minimum period of three months .
  • Business should require capital between $ 5,000.00 and $ 40,000.00
  • All applications should be duly filled and submitted via online or dropped in person to our Bosaso Office on or before July 20 2015 at 6:00PM
  • Any information found misleading would automatically invalidate your application
  • All applicants are entitled to apply once

Features

  • Unlimited Teller transactions
  • Free Quarterly Statement of Accounts.
  • Access to all financing and investment products
  • No monthly charges
  • SMS notifications
  • Savings Accounts can be opened for minors*

*Provided that the minor’s father or custodian according to a court order signs the application

Business Financing (Term Financing for Work Capital)

Business Financing is an exclusive financing solution granted to a business entity to finance its working capital requirement. Essentially, it is a specific form of term financing based on acceptable Shariah contracts designed to alleviate the shortfall in customer’s cash flow; to enable companies to fund their business for any purposes.


Vehicle Financing – Murabahah

Our Vehicle Financing is there to ease your burden while owning your dream vehicle.


Features

Margin of Financing Up to 90% of all types and models
Financing Tenure Up to 24 months
Financing Rate Please refer to our nearest branch for the latest rates offered.
Eligibility
  • Individual minimum age of 18 years and above
  • Somali citizen
  • Fixed Income Earner

Benefits

  • Selling price : fixed and known
  • No hidden or extra charges imposed
  • Fast approval

Documents Required

  • Photocopy of Identity Card (front and back)
  • Photocopy of Valid Driving License
  • Evidence of cash flow/ source of income, e.g. employee contract,
  • Business Registration, (for self-employed which ever applicable)
  • Confirmation letter from employer
  • Copies of latest 6 months Bank Statement (Salary Crediting Account); or
  • Other Supporting Documents as may deemed necessary and acceptable by the Bank for additional income
  • Recommendation letter from DMT/DBI
  • Proposed Security
  • Third party guarantor (If needed)

Eligibility

With our Home Financing, we offer a comprehensive Shariah Compliant Home Financing solution that best meet your financing needs.

Modes of Financing

  • Murabahah
  • Istisna
  • MusharakahMutanaqisah

Benefits

  • DBI account
  • ID/Passport and Personal photo
  • Official request detailing upon the nature of financing, price and the period of settlement.
  • Proforma Invoice (If relevant)
  • Evidence of cash flow/ source of income, e.g. employee contract, Business Registration,(for self-employed which ever applicable)
  • Confirmation letter from an employer
  • For land/building property, legal ownership documentation needed
  • Bank statement (Last six months)
  • Recommendation letter from DMT/DBI
  • Proposed Security
  • Third party guarantor (If needed)

Personal Vehicle Financing –Murabahah Our Vehicle Financing is there to ease your burden while owning your dream vehicle.

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Features

Margin of Financing Up to 90% of all types and models
Financing Tenure Up to 24 months
Financing Rate Please refer to our nearest branch for the latest rates offered.
Eligibility
  • Individual minimum age of 18 years and above
  • Somali citizen
  • Fixed Income Earner
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Benefits

  • Selling price : fixed and known
  • No hidden or extra charges imposed
  • Fast approval

Documents Required

  • Photocopy of Identity Card (front and back)
  • Photocopy of Valid Driving License
  • Evidence of cash flow/ source of income, e.g. employee contract,
  • Business Registration, (for self-employed which ever applicable)
  • Confirmation letter from employer
  • Copies of latest 6 months Bank Statement (Salary Crediting Account); or
  • Other Supporting Documents as may deemed necessary and acceptable by the Bank for additional income
  • Recommendation letter from DMT/DBI
  • Proposed Security
  • Third party guarantor (If needed)

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Identification Documents

  • A valid proof of Identity of each signatory (current Driver’s License/ National ID/ International passport/ Student ID card-for students)
  • Proof of address – utility bills for the 3 previous months/certificate of residence/ tenancy agreement
  • Two passport size photo’s
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MusharakahMutanaqisah:

MusharakahMutanaqisah (MM) means diminishing partnership with an imbedded Ijarah (lease) element. Itisa form of Musharakah where the financier and the client participate in a joint commercial enterprise or property. This enterprise is converted into undivided ownership of both the financier and the client. Over certain period the equity of financier, divided into equal value units, is purchased by the client. And ultimately the client becomes the sole owner of the enterprise.

Modus Operandi

  • Customer identifies the asset with price.
  • Seller provides details, terms & conditions.
  • Customer approaches the bank asking for MusharakahMutanaqisah financing.
  • Bank approves with terms & conditions i.e. profit sharing, loss sharing and payment of capital portion for agreed period.
  • Customer & bank contribute the capital i.e. 10:90.
  • The asset is leased to the customer based on monthly rental.
  • Customer pays the rental along with fixed capital portion.
  • Monthly rental amount will be jointly shared among bank & customer according to the % share-holding at particular time i.e. changing as customer redeems the bank’s capital portion. Thus customer sharing ratio gradually increase after each rental.
  • Transfer of ownership will take place upon entire payment is made and eventually the asset is fully-owned by the customer.
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Istisna’:

Istisna’ means sale on order i.e. the sale of goods by way of placing an order where the price is paid in advance or progressively but the assets are manufactured and delivered at a later future date.

Modus Operandi

  • The buyer (Customer) places an order to purchase an asset (e.g. building, house) to be delivered in the future.
  • The buyer requires the seller (Bank) to construct the asset based on the specification that stipulated in the sale and purchase contract that agreed by both of the contracting parties. These specifications include the nature, type, quantity of the asset and also delivery date.
  • Then, both of the parties decide and agree with the sale and purchase price and any changes cannot be made after that.
  • The payment can be made either on spot cash or in installments. It’s not required for the buyer to pay the full price at the time of contract.
  • Lastly at the delivery date, the seller will deliver the order to the buyer.
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Murabaha

Murabahah or murabaha, (Arabic مرابحه): a sale transaction, compliant with Shariah, where the bank (seller) expressly mentions the cost it has incurred on the commodities to be sold and sells it to a customer by adding some profit or mark-up, which is known to the customer.

Modus Operandi

  • The bank first determines the requirements of the customer in relation to the asset to be acquired, period and manner of repayment.
  • The bank purchases the asset concerned
  • The bank subsequently sells the said asset to the customer at an agreed price which comprises:
    • The actual cost of the asset to the bank;
    • The bank’s margin of profit
  • Customer settles the payment in lump sum or in installments within the period and in the manner so agreed
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