Meet with the Promoter (provide an overview of Sharakah’s services and schemes and explain the requirements and the consultation services)
1-15
Days
Sharakah
Filling the guest information in the inquiry database.
Promoter
Submission of the Business Plan, Audited Financials (past 2 years), Applicant’s Resume and other documents as instructed by Sharakah.
02
Screening
Ensuring that the plan is viable and the promoter is committed to the business.
2-5
Days
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 plan is
viable
Inform Promoter that business plan is viable and explain the upcoming process including providing information for Credit Check from Malla.
Business Idea Viable
but More Info is Needed
Identify gaps in the business plan and request revised business plan/additional information.
03
Credit Check
Check the credit history of the Applicant
3-15
Days
Promoter
Fill and sign Malla from and submit to Sharakah.
Sharakah
Obtain and review Malaa report.
If the Promoter is
A Defaulter
Inform him/her/them that the application cannot be processed unless proper justification is provided.
If the Promoter is
not a Defaulter
Inform him/her/them of the processing fee and share the checklist of all documents that needs to be prepared/submitted.
Promoter has to provide any documents or information as requested by Sharakah to obtain credit committee approval to continue the process.
04
Submission of Documents
Promoter has to submit all documents required based on the checklist as well as pay the processing fee.
2-5
Days
Promoter
Promoter has to pay the 2% processing fee and submit all documents as explained in the Checklist. If additional information or documents requested by the concerned committee, Sharakah will inform the Promoter.
Sharakah
Collection of:
2% Processing Fee.
Checklist Documents.
Sharakah
Visit the site of the Project and (if applicable) the property (collateral security)
05
Appraisal
Evaluate the business plan and all documents submitted
5-15
Days
Sharakah
Prepare Proposal for sanctioning after evaluating the business and conducting sensitivity analysis then submit the proposal to the concerned committee.
06
Committee Decision
Members meet and issue their decision whether to approve, reject or ask for further information.
5
Days
More information
needed
Request Promoter to provide additional information.
Project is
Approved
Issue Offer Letter.
Project
Rejected
Issue Regret letter with feedback
Return half of the Processing Fee
07
Promoter Decision
Promoter to take a decision whether they accept the terms of the Offer Letter, would like to negotiate or reject.
1-2
Days
Discussion
Requested
Offer Letter
Accepted
Offer Letter is not
Accepted
08
Legal Documentation
Preparation and execution of legal documents.
2-5
Days
Sharakah
Prepare Legal Documents, send them to the Promoter and propose a signing date.
Promoter
Review the Legal Documents and confirm acceptance or send an email with queries or points that needs clarifications and agree on the signing date.
Promoter
Attend the signing date ensuring all shareholder and guarantors are present.
09
Disbursement
Disbursement processing as per the agreed terms and conditions.
2-5
Days
Promoter
Submit Disbursement Request Letter
Submit supporting documents
Sharakah
A pre disbursement visit & First Disbursement as per the agreed terms and conditions.