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First Gulf Bank Dubai




First Gulf Bank

Tel: 04-2941234

Category/Detail: Bank (Financial Institution) >>> Commercial >>>

Dubai / إمارة_دبي

Address: P.O.Box : 52053, Dubai


No-Major-Landmark-Info

Company listed before: Ahmed Qayed Trading (Tel: 04-2273396) | Company listed after: First Gulf Air Conditioning & Contracting (Tel: 04-2279212)


Up to fifteen companies with similar names or scope of business are listed below:

  1. First Select Uae - First Select Uae,
  2. Al Karama First Furniture - Al Karama First Furniture,
  3. Embassy Of Bangladesh (The Peoples Republic Of Bangladesh) - First Secretary Off - Embassy Of Bangladesh (The Peoples Republic Of Bangladesh) - First Secretary Off,
  4. First Aluminuim & Glass, The - First Aluminuim & Glass, The,
  5. First Arabian Tailor - First Arabian Tailor,
  6. First Araibian Tailor - First Araibian Tailor,
  7. First Car For Rent Cars - First Car For Rent Cars,
  8. First Choice Electronics & Real Estate - First Choice Electronics & Real Estate,
  9. First Choice Fashion - First Choice Fashion,
  10. First Choice Furnishing & Decor - First Choice Furnishing & Decor Est,
  11. First Choice Plastic Products - First Choice Plastic Products,
  12. First Choice Plastic Products (Reference: 21251) - First Choice Plastic Products,
  13. First Choice Typing & Photo Copy - First Choice Typing & Photo Copy,
  14. First Citi Counsult - First Citi Counsult,
  15. First City Management Services - First City Management Services,

Your Comments:



Comments

Karim Beganovich, (), 24.12.2008 - 00:16

Siraj - Islamic Banking

Islamic Banking is the fastest growing segment of the Banking Industry in the Middle East. First Gulf Bank (FGB) recognizes and respects the desire of a growing number of its valued customers to conduct their banking and financial transactions in accordance with Islamic Sharia, and has launched Siraj the new era in Islamic Banking providing sharia-compliant products & services.
Siraj offers financing for corporate entities, consumer finance (home/property finance for approved projects), and plans to offer investment services, shortly.

Aims and Objectives

To provide Interest-free banking on the basis of Sharia compliant financial products.
To play the role of a good corporate citizen in national economic development.
To offer contemporary financial services in conformity with Islamic Sharia.

Functions

To maintain current, savings and investment accounts.
To offer corporate financing and investment services
To extend consumer financing viz. Property Finance, Automobile Finance, etc.
To arrange/participate in Syndication/ Club Deals and Offshore Financing
To extend other banking services.

Sharia Supervisory Board

Siraj Sharia Supervisory Board consists of prominent Islamic scholars with a strong background in law and economics. The Board is headed by Dr Hussain Hamed Hassan, Chairman and Executive Director of the Sharia Supervisory Board. Other member directors are Sheikh Dr Ajeel Jassem Al Nashmi (Kuwait), and Sheikh Mohammed Abdul Razzaque AlSiddique (UAE). All of the Islamic Banking Division's products and transactions are carried out in full compliance with Sharia Supervisory Board's pronouncements.
Sharia Supervisory Board plays a vital role in guiding, supervising the implementation and compliance of Islamic Sharia principles in all activities of FGB-IBD.

Investment Products/Deposits:

Mudaraba Investment

Islamic Bond (Sukuk) Fund

International Investment

Islamic Equity Funds

Asset/Islamic Fund Management

Personal Consumer Products:

Personal Murabaha Finance

Property Ijara/Murabaha Finance

Vehicles Murabaha

Goods Murabaha

Islamic Visa Card

Corporate Finance Products:

Murabaha


Nature of Financing:Trade Financing
Type of Financing:Deferred Sale
Tenure: Short-Term, 1 month to 2 years
Collateral: Yes, to guarantee the full payment of capital and profit
Insurance Need:Certain commercial and operational risks need to be fully insured in all modes of financing to protect the bank's interest
Role of Bank in Management:Full control on the use of Finance
Sources of Payment:
Client cash flow
Repossession of sold goods
Client Collaterals
Legal Recourse:Yes, in the event of non-payment & breach of contract
Overall Risk:Low Risk
Financing Criteria:Client strong credit rating, adequate collaterals
Asset Ownership:Seller of goods with deferred payments
Rate of Return:Agreed markup as per Murabaha contract

Mudaraba


Nature of Financing: Equity Financing- Mutual Fund Based
Type of Financing: Trustee-Profit Sharing
Tenure: Mid-Term, 1 to 5 years
Collateral: Yes, to guarantee the full payment of due capital and profit
Insurance Need: Certain commercial and operational risks need to be fully insured in all modes of financing to protect the bank's interest
Role of Bank in Management:No management, but periodic follow-up
Sources of Payment:
Mudaraba cash flow
Net asset value of Mudaraba
Client Collaterals if any
Legal Recourse:Yes, in the event of non-payment & breach of Mudaraba contract, mismanagement and negligence.
Overall Risk:High Risk
Financing Criteria:Viable and profitable business or venture customer capability, qualification & experience, Client strong credit rating, Excellent and effective management of the business, Technical know-how
Asset Ownership:Mutual ownership of Mudaraba Fund
Rate of Return:Sharing of profit with full bearing of losses, as per Mudaraba contract

Musharaka


Nature of Financing:Equity Financing-Investment Based
Type of Financing:Joint-Venture-Profit Sharing
Tenure:Long-term, 3 to 25 years, Except Dim. Musharaka
Collateral:No
Insurance Need:Certain commercial and operational risks need to be fully insured in all modes of financing to protect the bank's interest
Role of Bank in Management:Full Management and control which can be delegated
Sources of Payment:
Business or venture cash flow
Net Asset Value of the Musharaka
Legal Recourse:Yes, in the event of non-payment & breach of Musharaka contract, mismanagement and negligence
Overall Risk:Medium Risk
Financing Criteria:Viable and profitable business or venture customer capability, qualification & experience, Client strong credit rating, Excellent and effective management of the business, Technical know-how
Asset Ownership:Equity ownership of the Musharaka
Rate of Return:Profit/loss sharing as per Musharaka contract. This include annual dividend and capital appreciation if any

Istisna'a


Nature of Financing:
Construction/Manufacturing
Pre-Financing
Type of Financing:Deferred Contract Sale
Tenure:Short-Term, 6 months to 3 years
Collateral:Yes, to guarantee performance as contracted
Insurance Need:Certain commercial and operational risks need to be fully insured in all modes of financing to protect the bank's interest
Role of Bank in Management:Full control & follow-up
Sources of Payment:
Client Cash Flow
Repossession of contracted assets
Client Collaterals
Legal Recourse:Yes
Overall Risk:Low Risk
Financing Criteria:Client strong credit rating, customer capability & experience
Asset Ownership:Owner of contracted assets
Rate of Return:Difference between sale price and contracted price. Agreed mark up or rental income as per the Istisna'a contract

Ijara


Nature of Financing: Lease Financing
Type of Financing: Leasing
Tenure: Term, 1 to 25 years
Collateral: Yes, to guarantee the full payment of rent and return of leased assets
Insurance Need: Certain commercial and operational risks need to be fully insured in all modes of financing to protect the bank's interest
Role of Bank in Management: Full management and control on the use of finance
Sources of Payment: Client Cash flow (lease rentals)
Legal Recourse: Yes
Overall Risk: Low Risk
Financing Criteria: Client strong credit rating, customer capability & experience, Technical know-how
Asset Ownership: Owner of the leased assets
Rate of Return: Rental income and residual value of leased assets, as per the Ijara contract.


For further information about Siraj, please call 600 54 44 00$