Al Mugowlah

It is a contract between the employer (the bank) and the contractor for the construction of a project or the manufacture of a specific asset, specifying (specifications, duration, price, payment method, and implementation responsibilities). It is closely related to a build-to-order contract, in which the manufacturer or contractor undertakes to manufacture or construct the subject of the contract according to specific specifications, in exchange for a known price paid in full, in installments, or deferred.

 

Sectors where Mugowlah applies

Contemporary applications include:

  • Real estate construction
  • Factory construction
  • Infrastructure projects.
  • The manufacture of equipment and machinery
Eligibility Requirements

Steps to Mugowlah sale

  • The customer submits a request to the bank expressing his desire to enter into a contracting process to accomplish a specific work, with specifications determined by the customer, and in which he specifies the expected cost.
  • The bank studies the process, and after confirming the economic feasibility, it determines the conditions and guarantees for its ratification.
  • The bank signs the contracting contract with the client, in which he commits to perform the specific work and deliver it within a specified period to be agreed upon (the bank takes into account that this deadline is similar to or later than the period in which it will receive the work in the parallel contracting contract).
  • The bank signs a parallel contracting contract with a first contractor expressing its desire to complete the work that it committed to in the first contracting contract (that is, with the same specifications) and agrees with the contractor (the executor of the work) on the appropriate price and term.
  • The bank receives the work from the contractor and delivers it to the customer within the specified deadline.

Frequently Asked Questions

Answers to your questions

Financing compliant with the provisions of Islamic Sharia, in accordance with the policies and publications issued by the Central Bank of Sudan and Al Baraka Banking Group, Sharia supervisory boards, government agencies and regulatory bodies such as (agricultural & industrial & export & import & service & mining & medical & real estate financing – as permitted by the Central Bank of Sudan’s policy & transportation – as permitted by the Central Bank of Sudan’s financing policy, and other financing products – electrical appliances, furniture and tools & solar energy & spare parts and maintenance of private and commercial vehicles & medical devices and equipment for doctors, medical laboratories and clinics, dispensaries and health centers)

Subject to bank policies and Central Bank regulations, including creditworthiness assessment.

Based on the financing amount and duration after application review.

Through bank branches or digital channels.

Through the branch or customer service.