City Islamic project financing solutions
- Mitigating sponsor exposure to project risk.
- Providing access to significantly longer tenure financings.
- Creating optimum financing structures that take into account your company's particular capital needs as well as industry specific issues.
Long Term Financing
We can customize a Term Finance or Lease finance to finance the fixed assets that your business needs (such as land, new premises, equipment and machinery). It may be a greenfield project or an expansion of an existing plant, that may be financed under City Islamic.
Shariah Pronouncement
﴿بسم الله الرحمن الرحيم﴾
الحمد لله رب العالمين، والصلاة والسلام على رسول الله، وعلى آله وصحبه أجمعين.
All praise to Allah and May peace and blessings be upon his messenger, his family, his companions and all followers of his guidance.
Shariah Structure of the Product
- This is a combination of partnership, lease and sale contract named Hire Purchase under Shirkatul Melk (HPSM).
- Bank and customer jointly buys the asset under partnership contract by providing equal or unequal amount
- Bank leases its portion of the asset to the customer for a specific period and customer pays monthly rent.
- Customer gradually buys Bank’s share of the asset.
- At the end of the contract the ownership of the asset is transferred to the customer.
Approval of Shariah Supervisory Committee
The Shariah Supervisory Committee of City Bank has reviewed City Islamic Project Finance documentation, related contracts and process.
Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “City Islamic Project Finance” is in accordance with the partnership, sale and lease principle of Islamic finance and hence we allow the bank to provide this product to its customer.
And Allah Knows Best.
_____________________
Dr. Md. Anwar Hosain Molla
Chairman
Shariah Supervisory Committee, City Bank
This certificate was signed on Tuesday 11th May 2021
