AlBaraka Islamic Bank offers aid to rice exporters
- By Of Pakistan
- Published 11/17/2009
- SME , News
- Unrated
AlBaraka Islamic Bank has offered to finance rice processors and exporters under Islamic mode of financing and suggested the small and medium sized rice exporters to avail finance under Ijara, Murabaha and Musharaka systems as per Shariah.
Wazir Ali Manager AlBaraka Islamic Bank in a meeting with the Union of Small and Medium Enterprises (UNISAME) explained the salient features of Islamic banking and agreed to finance the members of Unisame if they fulfilled the criteria of providing financial statements of last 3 years showing profitability with proof of turn over and security acceptable to the bank.
He suggested Ijara for leasing finance for machinery, equipments and plants to enable the SMEs to pay as they earn and suggested Murabaha for running finance in which the bank would pay the suppliers of raw materials and goods and Musharaka for finance on partnerships
where the bank would move out of partnership on diminishing finance basis once the liability is paid by the borrower.
President Unisame, Zulfikar Thaver said the future of industry and commerce is bright in Pakistan and asked the SMEs not to be discouraged by rumours and false propaganda by the ill-informed.
He said Pakistan is an agricultural country and has rice, wheat, cotton, maize, pulses, sugarcane, vegetables and fruits and two major seasons and ample resources.
He called upon the SMEs to exploit the resources and set up new industries of innovative products and urged the SMEs to buy technology from the advanced countries and promote the manufacture of import substitution goods.
He urged the SMEs to modernise their factories by availing the facilities offered by AlBaraka Islamic Bank under the Islamic financing systems as their products are beneficial and less burdensome and based on fairness
Wazir Ali Manager AlBaraka Islamic Bank in a meeting with the Union of Small and Medium Enterprises (UNISAME) explained the salient features of Islamic banking and agreed to finance the members of Unisame if they fulfilled the criteria of providing financial statements of last 3 years showing profitability with proof of turn over and security acceptable to the bank.
He suggested Ijara for leasing finance for machinery, equipments and plants to enable the SMEs to pay as they earn and suggested Murabaha for running finance in which the bank would pay the suppliers of raw materials and goods and Musharaka for finance on partnerships
President Unisame, Zulfikar Thaver said the future of industry and commerce is bright in Pakistan and asked the SMEs not to be discouraged by rumours and false propaganda by the ill-informed.
He said Pakistan is an agricultural country and has rice, wheat, cotton, maize, pulses, sugarcane, vegetables and fruits and two major seasons and ample resources.
He called upon the SMEs to exploit the resources and set up new industries of innovative products and urged the SMEs to buy technology from the advanced countries and promote the manufacture of import substitution goods.
He urged the SMEs to modernise their factories by availing the facilities offered by AlBaraka Islamic Bank under the Islamic financing systems as their products are beneficial and less burdensome and based on fairness
