Sky Bank Islamic Finance offers a range of solutions compliant with Sharia principles: no interest (Riba), full transparency and fair risk-sharing. Click on a product below to discover its features, benefits, required documents and guarantees.
1. Al Mourabaha
Cost-plus financing - The Halal solution to purchase your assetsWhat is it?
The bank buys the asset you want (car, goods, equipment) and resells it to you with a profit margin known and agreed from the outset. No interest, no surprises.
Benefits
- 100% Halal, fixed and transparent margin from signing
- Total sale price known upfront: Purchase price + Margin = Final price
- You become the owner upon delivery
- No late-payment penalty for the bank's profit: in case of delay, the deterrent penalty is not revenue for the bank. It is paid in full into a Separate Charity Account, managed under the supervision of the Sharia Board, and donated to social causes (wells, orphanages, schools). The bank never profits from your delay.
Features
- Term: 3 to 60 months
- The bank owns the asset before you, then resells it to you
- Fixed monthly instalments
Required documents
- Valid national ID card
- Trade register and tax ID if a company / Proof of income if salaried
- Supplier's stamped proforma invoice
- Bank statements for the last 6 months
Detailed guarantees
- Pledge of the financed asset: the vehicle registration / invoice of the asset remains in Sky Bank Halal's name until full payment. You use the asset but cannot sell it.
- First-rank mortgage: mandatory if the financing exceeds 50,000,000 GNF. You must provide a Land Title (plot, house) as collateral. The mortgage is registered with a notary in the bank's favour. If you fail to pay, the bank can seize the land as provided by law.
- Joint guarantee (surety): a solvent person (civil servant, merchant) signs to pay on your behalf if you default. The bank can debit their account directly.
- Cash pledge: a minimum of 20% of the amount is blocked on your Sky Bank account. This money is blocked and released at the end.
2. Al Ijara
Lease with option to buy - Rent today, own it tomorrowWhat is it?
The bank buys the asset and leases it to you. At the end of the lease, you can purchase it for a symbolic value.
Benefits
- No need to buy in cash, you lease instead
- Fixed rent with no interest, known in advance
- Major maintenance covered by the bank (for example an engine failure)
- Option to purchase at the end to become the owner
Features
- Term: 12 to 60 months
- The bank remains the owner throughout the lease
- Monthly rent = rental of the asset
Required documents
- National ID card
- Proof of income or trade register
- Proforma invoice for the asset
- Proof of address (residence certificate)
Detailed guarantees
- Possible first-rank mortgage: for large amounts (vehicle above 30M, industrial equipment, house), the bank may require a mortgage on another asset you own. This mortgage guarantees payment of unpaid rent. It is registered and secured.
- Mandatory joint guarantee (surety): a person commits in writing - if the lessee does not pay the rent, they will pay it. The guarantee is joint and several, so the bank can pursue them directly without delay.
- Security deposit: you pay 1 to 3 months of rent in advance at the start. This deposit is refunded at the end if you have paid all your rent and returned the asset in good condition.
- Mandatory Takaful insurance: the leased asset must be insured under Takaful (Islamic solidarity insurance) against fire, theft and accidents. The premium is included in your rent.
3. Al Moudaraba
Investment partnership - The bank provides the capital, you provide the expertiseWhat is it?
You have a profitable project but no money. The bank provides 100% of the capital, you provide your work and management. Profits are shared according to an agreed ratio.
Benefits
- No fixed debt, no instalment due if there is no profit
- Up to 100% financing possible
- Profit-sharing according to a ratio (e.g. 60% for you, 40% for the bank)
Features
- Partnership contract based on trust
- Term according to the project cycle (6, 12 or 24 months)
- The bank does not manage the project, it oversees it
Required documents
- Detailed business plan with market study
- National ID card and trade register
- Proof of experience in the field
- Financial statements if an existing company
Detailed guarantees - Important Sharia point
- First-rank mortgage with limited use: in Moudaraba, the capital is a trust deposit (Amanah). If the project incurs a loss through no fault of yours, the bank bears the loss. The mortgage cannot guarantee the capital itself. It can only be enforced in 3 cases: proven negligence on your part, misappropriation or fraud, or breach of the contract terms. This follows the AAOIFI standard. We take the mortgage to guarantee sound management on your part, not to guarantee commercial risk. Your honesty is your best guarantee.
- No joint guarantee on the capital: you cannot be asked for a surety that guarantees the capital - that would be Haram. A guarantee may only be requested on sound management.
- Pledge of project equipment: machinery and stock purchased with the Moudaraba funds are pledged in the bank's favour to preserve the project's assets.
- The bank has a permanent right to review accounts and management. You must provide monthly reporting.
Good to know: in Moudaraba, you are not pursued for a commercial loss if
you have acted honestly and diligently. It is a genuine partnership.
4. Wakala Investment Term Deposit
Grow your savings the Halal wayWhat is it?
You appoint the bank as your agent (Wakeel) to invest your money in 100% Halal projects. This is not an interest-bearing account, it is an investment mandate.
Benefits
- Expected Halal return based on actual profits (no fixed interest)
- Your money is only invested in Halal activities (no alcohol, tobacco, Riba)
- 100% Sharia-compliant, approved by the Sharia Board
- Flexible terms: 3, 6, 12 or 24 months
Features
- You = Mouwakhil (principal), Bank = Wakeel (agent)
- Profit shared according to a ratio agreed in advance (e.g. 70% client / 30% bank)
- If the expected profit is 8% and the project earns 10%, the surplus may become a bonus for the bank (as per contract)
- No guaranteed fixed interest
Required documents
- National ID card
- Wakala account opening form
- Minimum deposit: 100,000 FCFA
Detailed guarantees
- No mortgage: this is an investment product, not a loan. You are placing your money, no land is required.
- No guarantee on profit: in Islam, a fixed profit cannot be guaranteed, otherwise it becomes Riba (interest). The profit is expected and depends on the actual performance of the Halal investments. It is fully transparent.
- Duty-of-care guarantee on the capital: the bank commits to managing your money prudently and transparently. If a loss results from the bank's fault or negligence, the bank is liable and reimburses you. If a loss occurs without fault, due to market conditions, it is shared according to Sharia.
- Possible reverse pledge: your Wakala account can itself serve as collateral if you request Mourabaha financing. Your Wakala account is then pledged as security - a very strong guarantee for obtaining credit.
- Takaful insurance and reporting: all underlying investments are covered by Takaful insurance. You receive a quarterly performance statement.