Note: User permissions should be in place to Request for Islamic Financing. If not, contact your Corporate Administrator.
Step 1: Click on Trade Services > Financing Request
- From iTrade Dashboard, select Trade Services from the main Menu, and click on Financing Request.
Step 2: Click on Initiate Islamic Financing Request
Step 3: Input transaction details in each section of the Islamic Financing Request online application form. Fill out all the mandatory fields marked with a red asterisk.
Tips: Click on Next or Previous to navigate to the next or previous section or you can navigate to any section from the left pane.
Step 4: Fill in the General Details
| Request Type | Standalone will be selected by default. |
| Customer Reference | Specify the reference which identifies the current Financing Request within the company. |
| Related Reference | Multi-purpose string to be used as a reference for the data in this section. |
| Financing Type | Select the 'Type of Financing' you are looking for - Direct Murabaha or Tawarruq |
| Tenor | Enter the tenor period of the financing. |
| Description of Goods | Describe the goods the finance request is related to. Click the button to the right of this field, to select predefined phrases for goods. |
| Beneficiary Bank Details | Select the beneficiary Bank Swift Code and the Bank details will be filled up automatically. |
| Payment Instructions | Enter the payment instructions. |
Step 5: Fill in the Applicant and Beneficiary Details
| Applicant | Name and address of the applicant raising the application. This is a non-editable field. |
| Entity | Entity making the application. This field is only present if your company has entities defined and you are attached to one or more entities. If you are attached to more than one, click on the drop-down icon to select one. If you are attached to only one, the field is preset to that entity and cannot be changed. |
| Name | Name of the applicant. Defaults to the name of your company. |
| Address | Address of the applicant. Defaults to the address of your company. |
| Bank Name | Bank to which you want to send your Financing Request. Also called the lender. The dropdown list shows a list of banks that your company is a client of. |
| Issuer's Reference | The reference (multi-purpose purpose string that for instance may identify the liability line) under which the transaction should be recorded. The dropdown list shows the references that are defined for the above selected Issuing Bank. Note: The references shown are defined by the bank. If the bank doesn't wish to define and use references per Bank, a non bank-specific Reference field appears in the Applicant Details section instead. |
Step 6: Fill in the Amount and Other Details
| Invoice Amount | Select the currency code from the drop down and enter the invoice amount. |
| Finance Amount | Select the currency code from the drop down and enter the amount for which Financing Request is being initiated. |
| Additional Details | Provide additional details, if any for the amount requested in TF. Click to open the 'List of Phrases' screen to select the applicable phrase. |
Step 7: Fill in the Instruction to Bank Details
| Principal Account | Number of the account the Bank will debit upon maturity for the settlement of the financing. Click the dropdown menu icon to select the account. |
| Fee Account | Number of the account the Bank will debit for any charges and commissions related to the transaction. |
| Other Instructions | Any additional information that would not fit in any of the narratives above. Click to the right of this field, to select predefined phrases to insert into this field. |
Step 8: Attachments
| File Upload | Upload supporting files either by 'Drag and Drop' method or by 'Browsing' to the file location. You can attach up to 5 the supporting documents of size 5 Mega Byte each. The file types supported are PNG, JPEG, JPG, RTF, CSV, XLS, XLSX, DOCX, TXT, DOC, PDF, GIF, ZIP. Samples of files you can upload are Proforma Invoice, Specimen Signature, etc. |
| Browse | Browse button and Drag and Drop field, which you can optionally use to attach a file from your local hard disk to give additional details pertaining to this Financing Request. |
Step 9: Confirm transaction details in the Preview section. For adjustments, navigate to the appropriate section and update the details.
Step 10: Once completed, click on Submit and you will receive an acknowledgment if the request has been successful.