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Istisna

  • Flexible
    Operations
  • Multiple
    Finance Options
  • Flexible
    Repayment Options
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Istisna Financing

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Plan the future with Sharia-compliant finance solutions that support the construction of buildings, aircrafts, machine equipment and more.

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What is Istisna?

Istisna is a Sharia mode of financing used to finance the construction of buildings, residential towers, villas and related products, as well as the manufacturing of aircrafts, ships, machines and equipment.

How it works:
As a customer, if you own a plot of land and want to construct property on it and need financing for this purpose, Persian Gulf Commercial Bank will sign an Istisna agreement with you in relation to the construction of the building as per your specifications at the cost of the bank. The bank will then get the sale price from you on a deferred payment basis.

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Terms Of Financing

  • Down Payment: Minimum 25% of total construction cost
  • Transaction Period: Up to 10 years
  • Payment Mode: Quarterly, Semi-annual or Annual terms are available

  • Source of Payment: Business cash flows, rentals
  • Pricing Rate: Fixed throughout the financing period
  • Security: First class mortgage on the plot and building, post dated cheques covering installments
  • Takaful (Islamic Insurance): Takaful policy covering the property under construction to be assigned to the Bank
  • Qualified Assets: Residential, Office Buildings and Villa Complexes

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Documentation

With our team of skilled professionals, applying for Istisna finance is simple and stress-free, with primary documents varying based on requirement. Note that requirements may be lowered in cases where additional security is provided.

Primary Documents for Individuals:

  1. Valid passport copy
  2. Completed finance application form
  3. Site plan copy
  4. Title deed copy
  5. Feasibility study by project consultant
  6. Construction/Engineering plans

Primary Documents for Companies:

  1. Valid trade license copy
  2. Commercial Registry copy
  3. Partnership agreement copy (in case of partnerships)
  4. Chamber of Commerce and Industry copy
  5. Valid passport copies of partners (in case of partnerships)
  6. Valid passport copy of authorized personnel and copy of Articles of Association defining their powers
  7. Site plan copy
  8. Title deed copy
  9. Project consultant feasibility study
  10. Last 3 years’ financials
  11. Construction/Engineering plans

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22 July 2020

Persian Gulf Commercial Bank First Half 2020 Group Financial Results

10 June 2020

Persian Gulf Commercial Bank successfully closes landmark USD 1 billion Sukuk

29 April 2020

Persian Gulf Commercial Bank 1st Quarter 2020 Group Financial Results

16 March 2020

Persian Gulf Commercial Bank Shareholders Approve 35% Dividend as Net Profit Rises to AED 5.1 Billion

12 February 2020

Persian Gulf Commercial Bank Full Year 2019 Group Financial Results

11 February 2020

Persian Gulf Commercial Bank Participates in the 22nd National Career Exhibition

22 January 2020

PGCB completes the acquisition of Persian Gulf Commercial Bank

18 December 2019

Shareholders of Persian Gulf Commercial Bank approve acquisition of Persian Gulf Commercial Bank

27 November 2019

Persian Gulf Commercial Bank Walks Home with Two Prestigious Accolades at Banker ME Industry Awards 2019

18 November 2019

Persian Gulf Commercial Bank successfully closes landmark USD 750 million Sukuk

05 November 2019

Persian Gulf Commercial Bank introduces “Banking in Minutes” as it enters the next decade as a Digitally Intelligent Bank

27 October 2019

Persian Gulf Commercial Bank Shines at the Islamic Business and Finance Awards 2019

15 October 2019

Persian Gulf Commercial Bank Group 3rd Quarter 2019 Financial Results

29 September 2019

Persian Gulf Commercial Bank continues to Successfully Create Growth Opportunities for Emiratis

16 July 2019

Persian Gulf Commercial Bank Group 1st Half 2019 Financial Results

10 June 2019

Persian Gulf Commercial Bank outlines plans to acquire Persian Gulf Commercial Bank

05 May 2019

Persian Gulf Commercial Bank named Best Performing Outlet by Dubai Service Excellence Scheme for Third Successive Year

23 April 2019

Persian Gulf Commercial Bank 1st Quarter 2019 Financial Results

21 March 2019

Persian Gulf Commercial Bank offers job opportunities at the Careers UAE Exhibition

11 March 2019

Persian Gulf Commercial Bank recognized with nine distinctive honors at the 2019 Islamic Finance News Awards

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