The steps toward funding
To register your interest in obtaining Sharia Finance, please complete the short application form you will find HERE We will then contact you to assist you with your application, and your business plan.
Once your application has been approved as suitable for funding generally, we will refer it to our Sharia Advisor to confirm it is acceptable under Sharia Law. We will then advise you whether your application will be funded as a Sharia investment, and of any special conditions that will apply. If it is not possible to approve your application, you may be able to apply for a Start Up Loan if you wish to, but this will obviously not be Sharia Compliant.
Once agreed, an investment offer will be made, which you will be asked to accept. When this has been done, the agreed amount of the investment will be sent to your bank account.
What are the benefits?
Are you eligible?
- You must be either starting a new business or running an existing business that is no more than three years’ old;
- You must be over 18 to enter into an agreement, but there is no upper age limit;
- You must be a UK resident or have residency with entitlement to public funds for the duration of your investment, as it is government money; and
- Other terms and conditions apply. You can apply for a loan whether you are employed, unemployed or studying at the time of application.
What does it cost?
Mentoring, advice and support are provided entirely free, as part of the commitment of the British Business Bank and those running Financing Sharia Enterprise to help people into self-employment. If you are successful in getting investment you will be told exactly what the monthly payments will cost you. It is a condition of the programme that payment is by direct debit. This must be from your personal account initially. Although you will continue to be personally liable for repayment, you can ask us after the first few payments to take the money from a business account.
Any costs associated to this scheme are up front and explained clearly. There are no hidden costs or charges. There are no lending fees. There is no penalty for early repayment.
Is the programme Sharia-compliant?
We believe Financing Sharia Enterprise to be fully Sharia-compliant, and a copy of the Fatwa authorizing the scheme is available on request.
Our product, which is based on the principles of Mudarabah, has been Sharia certified by Mufti Muhammad Nurullah Shikder, the Sharia Advisor to Financing Sharia Enterprise.
Who decides if I qualify?
Your application for finance and your business plan will be considered first by us, from the view of eligibility under the overall rules of the Financing Sharia Enterprise programme and the general viability of the business. It will then be referred to the Sharia Advisor, who will decide if it is acceptable, and if so if any special terms and conditions shall apply. All investments made are subject to regular review, as part of the Sharia audit process.