Islamic Financing

Loans for small and intermediate projects, short time financial investment advance, car’s indebtedness (letter of credit), shipping documents in banks, goods loan to participants.

Requirements for obtaining Islamic indebtedness for small and intermediate projects:

1- Meeting with customer to know what type of facilities and under what kind of credits
2-Application from customer
3-The credit officer works on the credit study with the applicant
4-The credit officer presents his recommendation about facilities
5-The study exposed to the facilities committee that consist of upper management to study the project and give the approval

First: the official documents required (the original and copy for matching) which include:

1- Identity, Iraqi Nationality identity, residential card, ration supply card and trading, industrial and sector card.
2- Updated Real estate registration bonds which are not exceeding one month from the date of submission, in case of owning part of the estate (just in case the owner owns the bigger part of the estate) and a written agreement should be signed for real estate mortgage by partners or those demanding for estate mortgage with their documents that should be submitted (Identity, Iraqi Nationality identity, residential card, ration supply card and trading, industrial and sector card).
3- Lease contracts
4- Contract of incorporation of the company with registration certificate of the company and minutes of the founding meeting for the company certified by companies’ registrar department.
5- Certified statements from the banks that they deal with
6- Automobile registration license, machines that owned by customer (issued by industrial development department certified by notary republic). Shares and bonds certificates with letter of conformation of ownership issued by issuance department.
7- Others mentioned in instructions of granting bank credit
8- Signing the contracts submitting granting.

Second: financial information attached a light photo matches with the application) includes feasibility study of the project (individual/company) 

1-      the balance sheet for the last two years certified as required by law (the project management + Iraqi accountants union )
2-      records for cash movement for the last six months with purchase and sells invoices or receipts and payments vouchers
3-      import and export documents
4-      executed contracts for the last two years and current contracts (under execution)
5-      experience certificates in job and confirmation of completion


Third: in case the presented estate mortgage is a house, the customer should have guarantor has banking facilities and prefer to be one the bank’s customer.    


  Absolute solidarity guarantees conditions:

1-The guarantor must has banking facilities in our bank or other banks
2- Attendance of the guarantor to the bank to sign the guarantee with all the personal documents to be submitted
3- Make an inquiry   about the bank deals with customer in addition to the central bank inquiry
4- Concentrate on basic credit criteria (character , capital , collateral , payment conditions) in the guarantor’s file which is the customer’s file (even if the guarantor was regular with an account in any bank we should know his income sources in case of non-payment

Forth: legal situation: individual, private companies, mixed companies, companies and government sectors 

Fifth :    sectors : industry , agriculture , trading , services , building and construction , constructions , transportation , communications, tourism , or others .


Sixth: upon filling the application must take in consideration the following:

1- The report must be filled by computer only
2- Must not delete or change any of the tables in the report except the notes as it does not send with the report but exist just for helping in filling the report
3- In case of no answer for specific field write ( the information is not available or unknown )
4-The date mentioned page no.1 is the date of visit
5-In case the customer company or any non-individual side we will need in page no.4 the customer’s authorization or the authorized person with his signature the same in the registration of the company accompanied with the company’s stamp or the concerned party.