Is your business eligible for Islamic finance?

It is a common misconception that you have to be Muslim to be eligible to apply for Islamic finance. Whilst you do not need to be Muslim, your business is required to undertake Sharia compliant ventures. Qualifying for Islamic finance can be far easier than traditional business finance. Our simple criteria include:

• Your business is registered in the UK
• You have been actively trading for at least 6 months
• Your business uses a card terminal to process customer card transactions
• Your business does not fall under the following prohibited industries: gambling, drugs, weapons, chemical manufacture, pornography, banking and money transfer services

Considering Islamic finance for your business? Why choose us?

According to the Office for National Statistics, in 2018 it was reported that there are now more than 3 million Muslims currently living in the UK. Many of which are diligent and ambitious business owners in search of Sharia compliant finance to grow their businesses into thriving enterprises.

At SME Loans we endeavour to give all of our clients access to the fast and affordable funding they truly deserve. Understand what our service offers by seeing how we can help:

• We recognise the importance of offering our growing Muslim client base a funding option that perfectly aligns with their religious and cultural beliefs.
• Commercial directors are well equipped to help you through the process and answer any Sharia compliance questions you might have.

How do I apply for Islamic finance?

Our paperless application process is designed with the busiest of business owners in mind. At SME Loans you can apply for Sharia finance between £1,000 - £500,000 simply by submitting a quick online application form

1. Provide our commercial directors with basic details to verify your business. Including the amount of finance you want, your average monthly card sales, the name of your business and the number of months or years trading.

2. You will then be required to provide contact information so that we can quickly get in touch. Be ready with your full name, position in the business, email address and phone number.

3. Carefully read through our terms and conditions and click ‘get my quote’. We will soon be in contact with updates on the status of your application.

Please be aware that after making an application online, you may be asked to provide some basic supporting documentation to evidence the information provided. This documentation typically includes:

• 4 months’ worth of card statements
• 3 months’ worth of business bank statements

There’s no need for any calls, meetings or excessive paperwork and you can apply quite simply from the comfort of your own home. Alternatively, if you have any queries or you’d like to discuss our Islamic financing options a little further, please don’t hesitate to get in touch on 01244 506279.

Our dedicated support team is on hand to help and guide you through the entire process, from start to finish.

Islamic banking and finance: Is it regulated?

The UK has adapted pre-existing legislation to accommodate the structures commonly used in Islamic finance. Rules governing Islamic finance products and services are set out in the Finance Act 2005, amended by the Finance Act 2007 as regulated by the Financial Conduct Authority.