This product comes as a response to the increasing demand by the Bank’s contractor clientele who suffer recurring gaps in their project financing due to delays in; Advance Payment, seek partial payment and counterpart funds.
As a Bridge finance, malady the product seeks to address the non-shariah practice of ‘cash for cash’ overdraft to contractors’ in time of dire need.
- A partnership venture
- Profit sharing, no interest charge
- No direct cash disbursement
- 10-50% of total contract sum
- 3 to 12 months project duration