USD Buy: 2346.000 Sell: 2390.000 USD 5,10 & 20 Buy: 2252.000 Sell: 2385.000 USD 1 Buy: 2205.000 Sell: 2385.000 GBP Buy: 2805.000 Sell: 2935.000 GBP/USD Buy: 1.194 Sell: 1.250 EUR Buy: 2465.000 Sell: 2580.000 EUR/USD Buy: 1.050 Sell: 1.099 UGA Buy: 0.450 Sell: 0.790 KSH Buy: 16.050 Sell: 23.500 ZAR Buy: 100.000 Sell: 145.000 OMR Buy: 5980.000 Sell: 6120.000 AED Buy: 610.000 Sell: 655.000 SAR Buy: 560.000 Sell: 650.000

Istisna is an Islamic mode of financing different kinds of projects such as housing, construction of buildings, plants, roads, manufacturing projects, ships, machines equipment, etc. It can also be used for export financing as well as to meet working capital requirements in industries where sale orders are received in advance.

The bank undertakes financing based on Istisna by getting the subject of Istisna manufactured through another contract. Accordingly, the bank serves as both manufacturer/contractor and seller.

Istisna Procedures

Istisna can be offered by adopting the following procedures:
• The Customer fills in a Request for Istisna’ Facility and submits it along with the following attachments:
• Full description of the required asset along with plan of construction where applicable
• Name of selected contractor/seller
• Invoice from Contractor/seller, detailing cost estimate and other requirements to determine purchase cost and all fees, expenses, taxes,etc.
• The bank provides all expanations to the customer applicable terms and conditions, expected profit rate, expected sale price, duration of repayment, security requirement, margin of seriousness, and any other related matters
• The customer must submit all the required documents as per the bank's lending policy along with:
• Business plan of the project
• Building Permit if applicable
• Bill of Quantity if applicable
• Deposit of Margin of Seriousness if required,
• If the facility will be accepted the customer is notified and offered an Offer Letter for him/her to signify his/her acceptance
• The bank will sign IstisnaContract with the Customer.
• Concurrently, the bank will sign an Istisna Contract with the Contractor/Sellerincorporating all terms in the Istisna with the Customer except sale price and payment terms.
• The bank will sign Istisna Wakalah Agreement appointing the Customer as her Agent to oversee production, verify production progress, certify his/her acceptance on stages and completion, take delivery on behalf of the Bank andrequest the bank to make payment(s)to the Contractor/Seller
• Contractor will notifythe bank on progress of every agreed stage of production verified by theAgent for claim of progress payment
• Bank will make payment once the progress report is certified/accepted by the Agent/Customer
• Upon completion of construction/production, Contractor/Seller will issueDelivery Notice to be accepted by the Customer/Agent and submitted to the bank for claim of full/final payment of purchasePrice
• Customer/Agent takes delivery on behalf of the Bank and hands it over to the bank for full ownership. Meanwhile the customer issues payment order to the Bank upon which the Bank will make payment to Contractor/ seller
• Customer accepts delivery of the building/equipment along with ownership from the Bank and so assumes all the risks inherent in that asset
• Lastly, Customer pays Sale Price as per payment schedule and upon full payment will then become released of the Istisna’ Sale debt.

Required documents for Istisna

The following are the documents integral to Istisna contract:
• All KYC documents as per the bank’s Operations Manual and the bank’s Lending Policy
• Business plan of the project,
• Building Permit or any document equivalent to Building Permit (if applicable),
• Bill of Quantity or any document equivalent to Bill of Quantity (as applicable),
• Deposit of Margin of Seriousness (if required),
• Istisna’ Sale Contract with the Customer
• Istisna’ Contract with Contractor
• Istisna’ Wakalah Agreement (appointing the Customer to be an Agent to oversee the construction/production).
• Security documents as listed in the Bank’s Lending Policy for commercial lending or employer’s guarantee for salaried financing
• Declaration of Taking Delivery of goods