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In Islamic law it is permissible for customer to undertake that in case of wilful delay of its outstanding dues, he will be responsible to pay charity to the bank upon demand. The penalty proceeds received by financial institution would be channelized for charitable purposes as this amount cannot become source of income for the financial institution in any manner. This mechanism would also help in maintaining a credit discipline in the institution and act as a deterrent against debts becoming bad or unrealizable.

The Islamic bank uses its funds in various trades, investment and service-related Shariah compliant activities and earns profit thereupon. The profit earned from such activities is passed on to the depositors according to the agreed terms.

We will be aiming to make approvals available within a few business days of the receipt of a completed application and supporting documents.

We have a dedicated Shariah board comprising Islamic scholars and financial experts who regularly review and certify our products and operations for Shariah compliance.

Profit rates for Sukuk are typically based on the underlying asset's performance and are predetermined in a way that aligns with Shariah principles. They are transparent and agreed upon upfront.

Yes, we offer various educational resources, including guides on Islamic finance principles and product-specific information to help our customers make informed decisions.

First, the issuer and advisors structure the Sukuk according to Shariah principles. Next, the Sukuk is approved by the Shariah board and relevant regulatory bodies. Then, the Sukuk is marketed to potential investors, often through a roadshow. Finally, the Sukuk is issued, and the proceeds are transferred to the issuer.

Sukuk issuance involves multiple parties, including the issuer (who needs to raise capital), the investors (who provide the capital), the trustee (who manages the Sukuk assets), and the Shariah board (which ensures Shariah compliance). Legal and financial advisors are also typically involved.