Bank Islam Brunei Darussalam (BIBD)
BIBD offers a wide range of competitive, Shariah-compliant financing products and services on a short-, medium- and long-term basis. These products are geared towards facilitating the business expansion of all businesses whether corporate entities or SMEs.
Bank Islam Brunei Darussalam (BIBD)
Naqd Financing
This is a short-term revolving financing in the form of an overdraft facility which may be utilised over the period of the financing. The purpose of the financing is to provide an additional working capital (e.g. to pay overhead expenses) and as standby fund for operation.
Financing Amount:
The Amount financed is dependent on several factors including:
Company’s Cash Flow
Timing of receipts and payments
Seasonal sales trends
as well as other factors the bank deems important
Financing Period:
Maximum duration of twelve (12) months
Renewable upon maturity, subject to satisfactory account performance.
Payment:
The profit charged for the financing shall be calculated on a daily utilisation basis and the rate is subject to the Bank’s prevailing risk mitigation and pricing guidelines. Payment shall be made by means of monthly profits payment and lump sum settlement of principal at the end of the financing tenor.
Eligibility Criteria:
Companies registered or incorporated in Brunei Darussalam either in the form of sole proprietorship, partnership or private limited companies
Business offering Shariah-compliant products and services and in-line with the country’s economic development policy
Technically and economically viable and profitable business with good prospect of achieving a good level of profit with debt servicing capabilities
Required Documents:
Application form and Letter of Application from the company
Project proposal/ Business Plan
Latest Certificate of Registration – Section 16 and 17 or Cooperative Certificate for Sole Proprietor and Partnership
Latest Certificate of Incorporation, Memorandum and Articles of Association, Latest Particulars of Directors and Shareholders, Company’s Resolution – for Private Limited Corporations
Valid copies of Identity Card/ Passport of proprietors/ directors/ guarantors/ partners/ shareholders
Certificate of Outstanding Financing with other banks
Latest Management accounts/ Audited accounts (Balance sheet and Profit & Loss)
Bank statement(s) with other bank(s) for the past 6 months
Projected cash flow (for project)
Letter of Award (if Applicable)
Any other relevant documents
Security/ Collaterals:
Depending on the nature type of the business and financing amount, the bank may request the following as collateral or security for the financing facility:
Investment deposit with BIBD either lump sum or build-up (Term Deposit)
Assignment of project payments
Charge over landed property(ies)
Personal Continuing Guarantee
Performance Bond from Takaful provider
Any forms of security(ies) required by BIBD
