Specifically designed on Islamic financial principles, this Business Finance Facility has been created to meet religious, cultural, social and financial needs, in a Shariah compliant way.
We welcome Muslims and non-Muslims alike to apply for our Finance Facility.
Our aim is to provide enterprise and business finance services to all sectors of the community.
FINANCE FOR YOUR BUSINESS THROUGH THE NORTH WEST ETHICAL FINANCE FACILITY
Our Shariah compliant Business Finance Facility (based on personal lending) allows you to generate cash for a business start-up, or expansion, without compromising your faith.
HOW THE NORTH WEST ETHICAL FINANCE FACILITY WORKS
In accordance with Shariah we do not charge interest, nor do you pay interest to us. The facility is operated using Murabaha principles which allows you to generate the required cash for your activities.
Murabaha is a contract for sale where both the cost and profit are known to the seller and the purchaser at the time of the transaction. The principle allows a seller to purchase commodities and sell them to a purchaser at an agreed profit rate with the settlement of the sale price being deferred for an agreed period.
FEATURES AND BENEFITS
Business Finance Facility available from £5,000 to £25,000.
Repayment period from 12 to 48 months.
The North West Ethical Finance Facility has been approved by the Islamic Bank of Britain Sharia's Supervisory Committee.
The North West Ethical Finance Facility runs in partnership with Islamic Bank of Britain (IBB). The financing facilities being offered have been approved by the IBB Shariah Supervisory Committee, a group of qualified, experienced and independent Islamic Scholars.
APPLICATION PROCESS
If you wish to discuss the possibility of applying for Halal Business Finance, or have any questions on the process, please contact the Ethical Funds Manager.
We will provide an application form which details all the supporting information required which must include a Business Plan and a set of financial forecasts.
In normal circumstances we expect all applicants in a start-up situation, or who have been trading for less than 12 months, to work with one of our Financial Business Advisers in the preparation of the application.
If the Ethical Funds Manager is satisfied with the completeness of the information requested you will be invited to present your application to an independent Ethical Fund Panel. The Panel meets monthly and approval can only be given after a decision has been reached.
Availability of finance is arranged in partnership with the IBB, and may take up to 2-3 weeks following a successful presentation.
