Funding Process

ndiSharakah – Sanction Process

Updated: October 2016

N Process Responsibility Duration
Minimum Maximum
1 Introduction: Meet with the Guests (provide an overview of Sharakah’s services and schemes and explain our requirements for financial support as well as our post finance services).
  Filling the inquiry database with guest information. Sharakah 1 Day 1 Day
  Submission of: the Business Plan, Applicant’s Resume, Audited Financials (past 2 years) and other documents as instructed by Sharakah. Applicant 1 Day 15 Days
2 Screening: Ensuring that the plan is viable and the client is committed to the business.
Business plan is not viable: Regret Letter/e-mail issued explaining the reasons for declining the application and offering a chance for the applicant to submit another/revised business plan. Business Idea Viable but More Information is Needed: Identify gaps in business plan and request revised business plan/additional information. Business Plan Viable: Inform Applicant that business plan is viable and explain the upcoming process including providing information for Credit Check at Central Bank of Oman (CBO). 2 Days 5 Days
Application Closed 2 3  
3 Credit Check: Check the credit history of the Applicant.
Fill and sign the CBO check and submit to Sharakah Applicant(s) 1 Day 1 Day
Follow up CBO to obtain report Sharakah 2 Day 3 Day
If Applicant is a Defaulter: Inform Applicant that the application cannot be processed unless Management/Board approval is obtained. If Applicant is not a Defaulter Inform Applicant of the processing fee and share the checklist of all documents that needs to be prepared/submitted. Sharakah 1 Day 1 Day
Applicant to provide any documents or information as requested by Sharakah to obtain Management/Board approval to continue the process. 4 Applicant 1 Day 15 Days
4 Submission of Documents: Applicant has to submit all documents required based on the checklist as well as pay the processing fee.
Applicant to pay the 1% processing fee and submit all documents as explained in the Checklist. Applicant 1 Day 15 Days
Collection of:
  1. 1% Processing Fee.
  2. Checklist Documents.
Sharakah 1 Day 1 Day
Visit the site of the Project and (if applicable) the property (collateral security) Sharakah 2 Days 5 Days
5 Appraisal: Evaluate the business plan and all documents submitted.
Prepare Proposal for sanctioning after evaluating the business and conducting sensitivity analysis then submit the proposal to the concerned committee. Sharakah 15 Days 25 Days
6 Committee Decision: Members meet and issue their decision whether to approve, reject or ask for further information.
Project is Approved: Issue Offer Letter. More information needed: Request Applicant to provide additional information.

Project Rejected:
  1. Issue Regret letter with feedback
  2. Return half of the 1% Processing Fee
Sharakah 1 Days 2 Days
  Provide additional information as requested by Sharakah.   Applicant 5 Days 15 Days
7 5        
7 Applicant Decision: Applicant to take a decision whether they accept the terms of the Offer Letter would like to negotiate or reject.
Offer Letter Accepted. Discussion Requested. Offer Letter is not Accepted. Applicant 1 Day 2 Days
8 6 Close Project      
8 Legal Documentation: Preparation and execution of legal documents.
  Preparing Legal Documents and Review by Client Sharakah & Applicant 2 Days 5 Days
  1. Signing the legal documents.
  2. Submission of Post Dated Cheques (PDC) (For Loan and Bill Discounting Schemes).
Applicant 1 Day 2 Days
  1. Creation of Mortgage (Commercial, Collateral, and Vehicle Mortgage)* /inclusion of SHARAKAH’s Shareholding at MOCI
  2. Pay the designated fee at the concerned authority
    • Commercial Mortgage (Documentation Charges between RO 20 to RO 100) depends on the facility amount, Registration Fee of RO 30
    • Collateral Mortgage fee of 0.5% of the facility amount and RO 11 Registration Fee
    • Vehicles mortgage fee of RO 2
    • Charges for the mortgages are to be paid by the client. The above charges are as on October 2016
9 Applicant & Sharakah 1 Day 2 Days
9 Disbursement: Disbursing the initial amount to cover project cost.
  1. Submit proof of Clients’ Contribution
  2. Submit Disbursement Request Letter.
Applicant 1 Day 15 Days
  A pre disbursement visit & First Disbursement as per the agreed terms and conditions. Sharakah 2 Days 5 Days