U Bank

Tawfeeq Financing – Diminishing Musharakah

Empowering businesses with Shari’ah-compliant growth

U Bank Islamic Banking brings Tawfeeq Financing, a Shari’ah-compliant solution based on the Islamic mode of Diminishing Musharakah. Designed to strengthen established businesses, this facility is an ideal solution for the funds required to meet your business’s liquidity needs and ensure smooth cash flow management against your pre-owned vehicle. It is exclusively tailored for established small and medium-scale businesses looking to grow or enhance their operations.

Salient Features:

  • Financing limit up to PKR 3,000,000
  • Financing tenure up to 7 years
  • Repayment in easy monthly installments
  • Complete Takaful coverage of the vehicle

Required Documents:

  • Original CNIC
  • Passport-sized photograph of the applicant
  • Proof of business
  • Proof of Vehicle Ownership

Terms and Conditions are applicable

FAQs

Who can apply for this financing?

The applicant must be a resident Pakistani with a CNIC/NICOP.

What is the eligibility criteria?

The applicant must have an annual income (net of business expense) in excess of PKR 1,200,000. The applicant must be a business individual and Vehicle to be in customer’s ownership as per excise records for at least 3 months.

Is there any age limit for the customer to avail this financing?

The applicant must be between 18 and 68 years old at the time of application and maturity, respectively.

What is the procedure to apply for this financing?

The customer will be required to follow the following steps:

  1. Visit your nearest U Bank Islamic Banking branch
  2. Provide the required documents
  3. Sign the financing application form and submit

What documents are required to avail this financing facility?

  • Original CNIC
  • Passport-sized photograph of the applicant
  • Proof of business

For what purpose can I receive this financing?

To improve existing business or enhance a small scale business

Any processing charges included?

As per applicable Schedule of Charges

Is this Shari’ah-compliant financing?

Yes – It is Shari’ah-compliant financing based on Diminishing Musharakah