Wakala Agreement (WA)
Name and purpose of the product:
WA is a Shariah-compliant financing funded by a third party through SKM to pre-identified customers (RIGA or SIGA businesses). SKM acts as a Wakil/Agent and administers the financing agreement under Shariah principles. SKM receives profit as per pre agreed ratio. The capital risk is borne by the funder, while SKM charges a service fee for its management.
Gender
Male and Female
Location
Rural and Urban
Purpose
WA is a Shariah-compliant financing funded by a third party through SKM to pre-identified customers (RIGA or SIGA businesses). SKM acts as a Wakil/Agent and administers the financing agreement under Shariah principles. SKM receives profit as per pre agreed ratio. The capital risk is borne by the funder, while SKM charges a service fee for its management.
Target Businesses
All types of Business with RIGA (Regular-Income-Generating-Activities) or SIGA (SeasonalIncome-Generating-Activities)
Documents Required
A valid e-NID (Paper NID Exceptional), business license or municipality registration (where applicable), and relevant purchasing documents (bills or invoices). and Tri-partied agreement
Age
18-65
Members
Individual
Financing Currency
AFN
Financing term
6 to 24 months
Financing Amount
5,000 to 500,000
Profit Rate
The profit margin is 15% per year (1.25% per month) on a flat rate basis.
Collateral (Title Deed and Guarantor)
Financial guarantor (Business), Family guarantor and Titel deed and Gold-Deposit-Guarantee