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Financing institutions and companies to purchase their needs by installments (Tamweeli program)

 

(NFC) has developed the Tamweeli program specifically for the sector of corporations and establishments to enable them to grow their business activities and expand their activities and geographical coverage. Through it, customers can obtain car, truck and equipment financing under a rent to own or moribana system.  

Advantages of Tamweeli program to finance companies and establishments

  1. Approved by Islamic Sharia Committee.

  2. Competitive profit margin rates.

  3. Ability to obtain finance for new or used vehicles.

  4. The repayment period is up to 60 months.

  5. Speed and simplicity in completing financial procedures in duration not exceeding 48 hours.

 

Terms  &Documents required to finance establishments and companies (cars, trucks, heavy equipment)

  1. Fill out the finance application form (available on-site and at the branch).

  2.  A copy of the commercial register and a copy of the business license.

  3.  Memorandum of Association and any decisions of partners.

  4. Copy of the ID of the owner and partners.

  5. Bank statement of business activity for the last 12 months certified by the bank.

  6. Photocopy of mortgage instrument in case of application (Commercial Real Estate Finance).

  7. Audited financial statements for the last 3 years (Registered to Qaweam).

  8. A certified letter to the National Finance Company explaining the amount of finance and the purpose of the finance (in detail).

  9. official quotation for cars/trucks/equipment required for National Finance Company (for leasing product).

  10. Acknowledgment of approval to inquire from SIMAH, Bayan by personal name and commercial activity

  11. Provide commercial registration and licenses (for factories, if any).

  12. Preferably the business activity age activity not less than 3 years.

  13. Head office rental contract or a copy of an instrument if owned.

  14. Standard processing time of the case study: 5 working days (if all documents completed).

  15. The annual average rate is competitive and starts from 13.33%

 

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