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Musharaka finance
Musharakah may sometimes include Shirkah al-Amal, where a joint partnership is formed to render some services without requiring any capital investment.
- Musharaka means partnership business
- Musharaka contract is executed between the Bank and the client.
- Equity is provided by the Bank and customer according to an agreed ratio.
- Profit is shared by the Bank and customer according to an agreed ratio.
- Banks can advise customer or take part in the management of the Business.
- Filled facility application form
- Certificate of registration (CR)
- 3 years audited accounts
- 12 months bank statement
- Flexible security i.e., logbook or title deed.
- Director's joint and several guarantees
- Company profile (overview)
- Irrevocable salary assignment instructions from employer
- Three most recent months' pay slips from employer
- Employment Letter clearly stipulating the terms of engagement