Islamic Imarat Financing

Overview

Build Your Business on the Foundation of Ownership!

Askari Bank offers Askari Imarat Islamic Finance under its SME segment to support businesses in acquiring ownership of their commercial or industrial premises through Shariah-compliant mortgage financing. This facility is designed to help SMEs strengthen their foundations and expand capacity. It is available to sole proprietors, registered partnership firms, private and public limited companies, as well as retired armed forces officers and families of serving officers.

Apply today with Askari Islamic Banking and take the next step toward long-term growth.

Feature

Purpose of Loan: For urban commercial/industrial business properties

	Purpose	Financing	Minimum Equity	Minimum Equity
			New Business	Existing Business
AIF 1	Acquisition/purchases of urban commercial/industrial properties	Up to Rs.100M	40%	30%
AIF 2	Construction on self-owned urban commercial/industrial plot	Up to Rs. 50M	40%	30%
AIF 3	Additional Construction of self-owned urban commercial properties	Up to Rs. 30M	25%	Nil
AIF 4	Renovation of self-owned urban commercial properties	Up to Rs. 5M	25%	Nil

Markup Rate: 12MK + 4% p.a. (Discount in markup rate to be offered to AKBL customers maintaining current account deposit with an average balance of Rs. 10.00M (annual)
Processing Fee: Rs. 30,000 or 0.2% of the loan amount, whichever is higher
Tenor: Maximum 10 years (varies according to category of loan)
Insurance: Life insurance and building insurance is mandatory
Security: Mortgage of the same property which has been financed
Repayment: The repayment of the loans shall be made in monthly/quarterly Instalments
Grace Period: 3 to 9 Months as per the category of loan (however, mark-up to be recovered during the grace period)

Eligibility Criteria

Age of the applicant at the time of application	New Business \| Min: 30 years Max: 60 years Existing Business \| Min: 30 years Max: 65 years
Business Age	Minimum operating for 03 years
New Business	Professional qualification with minimum 02 years experience
Bank Account Maintenance	Minimum 01-year bank account statement with AKBL OR Minimum 02 years' bank account statement with any other bank

Required Documents

Loan Application Form for SE/ME
Photocopy of the Computerised National Identity Card of Borrowers / Partners / Directors
In case of new business, a detailed feasibility report along with a professional educational certificate needs to be provided
In case of an existing business, the latest financials (preferably the last 03 years)
Projected Cash Flows matching with tenor of the facility for existing business
Income estimation report for new business and SE business
Bank Statement
Copy of NTN Certificate
Copy of Partnership Deed / Register Partnership Deed
Certificate of Incorporation
Memorandum and Articles of Association
Latest Financial Statements / In-house Financials (Last 3 Years)
Form 29
Form A
Copy of Title Document (Sale Deed / Allotment Letter)
Copy of Approved Building Plan
Copy of Agreement between Seller & Buyer (In case of purchase of property)

How to Apply

To view instruction guide for Applying SME Financing, please Click Here
To view Frequently Asked Questions related to Askari Imarat Finance, please Click Here

Apply Now

No documents available.