Account purpose
This product is designed to cater the needs and requirements of clients who owns properties but they do not have the financial capacity to finance building of such properties. This product will facilitate financing property development in a shari’ah compliant manner, to enable the clients develop their properties as they desired, in a most affordable means
Shariah contract applicable
The shari’ah principles applied in this product will be al- Istisna’ which refers to an arrangement between the buyer and seller to transact the sell of a non-existence asset that is to be manufactured or built according to the agreed specifications and delivered on a specified delivery date at predetermined selling price (in the form of cash or deferred payment).
