This will lead to penetration and supporting financial inclusion of the many citizens left out in this eco-system. To achieve our goals, Fincorp Credit Limited adopts customer centric approach as opposed to product centricity for a seamless service offering.
The basic principles of Islamic finance are built upon the avoidance of Riba (interest/usury), Gharar (ambiguity and uncertainty present in a contractual relationship) and the prohibition of impermissible businesses as stated in the Holy Quran.
Fincorp Credit Limited adopted the Islamic microfinance business model in October 2022. This is supported by the renowned Sulh Consultancy Company (Shari’ah Supervisory Board) to promote Shari’ah Compliant products at FCL.
Fincorp Credit Limited Islamic Finance products and services are built on Shari’ah principles that are not only designed to drive its financial growth but are also in line with their values. They offer a variety of unique solutions which are compliant and reveal their promise of empowering their customers to prosperity.
FCL Islamic Finance rides on the platform of its core values i.e. Transparency, Integrity, and Professionalism. FCL’s principal strategy is to maintain its position as the leading Microfinance Islamic institution in the region. FCL has been proactive in creating local partnerships for the betterment of its clients.
Financial inclusions: To cater for the unbanked Muslims craving for Riba free facilities and in general Shari’ah compliant products and services. However, Islamic microfinance is not meant for Muslims only but all people regardless of their religious affiliations.
One of the most important characteristics of Islamic financing is that it is an asset-backed financing.
Riba in banking terms can be defined as “any stipulated additional amount over the principal in a transaction of loan or debt.” It is prohibited in Islam for a lender to impose an excess of what he has lent upon repayment.
The provider of capital and the entrepreneur share business risks in return for a share of profits. The risks are associated with the profit and loss distribution of the asset/investment.
The system discourages hoarding and prohibits transactions featuring extreme uncertainty and risks.
Islam upholds contractual obligations and the disclosure of information as a sacred duty. This feature is intended to reduce the risk of asymmetric information and moral hazards.
By means of a dedicated relationship management approach, our innovative and flexible Shari’ah compliant solutions ensure that the unique requirements of your businesses are met within the highest standard of Shari’ah.
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