Domestic Trade Finance

Domestic Trade Finance
 
Conditions of financing domestic trade in case of grace period:
1. The grace period does not exceed three months.
2. Down payment: 40% of the purchase value of goods.
3. Profits are 13% of the value of goods purchased for one year.
4. The financing period does not exceed 12 months.
5. Method of payment: The remaining value of the goods is paid in monthly installments.
6. Guarantees: Investment deposits, securities (Shahamah, Sukuk, shares of entities with market value), or guaranteeing the storage of goods or mortgages in locations acceptable to the Bank (remote areas, agricultural land and mortgages are not commonly accepted), guarantees of vehicles and trucks are not accepted.

Corporate Finance Requirements:
• Application illustrating the item to be financed, the period of financing, the purpose of the financing and the amount.
• Feasibility study of the project to be financed, specifying the expected revenues, costs, expected profits and turns over period.
• Initial invoices for the item to be financed with final invoices stamped with taxes.
• A letter of authorization for a person to follow up finance, and a recent photograph of the authorized person.
• A photocopy of the valid identification documents of the authorized person.
• Company registration certificate and other certificate of deposit with the commercial registrar (Form 28) valid.
• A current account in Faisal Islamic Bank (Sudan).
• Bank of Sudan code (credit code) for the company and shareholders and their balance (issued by the branch with which the company has account).


Financing requirements:
• Customer request illustrating the item to be financed, the period of financing, the purpose of the financing and the amount.
• Feasibility study of the project to be financed, specifying expected revenues, costs and expected profits.
• Proof of income.
• Recent photo.
• Recent housing certificate.
• Initial invoices for the item to be financed with final invoices stamped with taxes.
• Copy of valid identification documents (national card).
• Current account at Faisal Islamic Bank (Sudan).
• Bank of Sudan code (credit code) issued from the branch with the company has account.
• In the case of finance for business names, the owner of the business name must be present personally.