Naqad (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.

  • 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)

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