Fatemi Qardan Hasana Trust

Bengaluru (Karnataka)

Policy Document (version 2) – Effective October 11, 2019

policy is subject to change without prior notice

view as pdf

<![if !supportLists]>A.       <![endif]>General Guidelines applicable to all Qardan Hasana Applications

<![if !supportLists]>1.     <![endif]>Qardan Hasana applications can be availed from the trustees at the respective Center’s.

<![if !supportLists]>2.     <![endif]>Application forms will only be given after ascertaining viability and feasibility of application.

<![if !supportLists]>3.     <![endif]>Minimum 70% Rehen is mandatory for all Qardan Hasana application under every category listed below without exception.

<![if !supportLists]>4.     <![endif]>2 Guarantors are required for all applications up to 5 lakh Rupees, and 4 Guarantors if the requested amount is over 5 lakh Rupees. Guarantors will function for the benefit of the Mumin availing Qardan Hasana as explained in Section G (4) and G (5).

<![if !supportLists]>5.     <![endif]>All Qardan Hasana applications must be submitted in duplicate (photocopy) with the following documents attached

<![if !supportLists]>a.     <![endif]>Respective Jamaat clearance (Safai Chitti) with respective Amil Saheb signature.

<![if !supportLists]>b.     <![endif]>Undertaking that Rehen amount pledged will not be less than the Rehen amount listed in the application upon valuation.

<![if !supportLists]>c.      <![endif]>Applications by corporations require signed affidavit on the company’s letter head attested by all partners and designating an individual partner.

<![if !supportLists]>6.     <![endif]>All applications forms must conform to the specific application guidelines listed below and will be rejected if in breach of any of the conditions stated below.

<![if !supportLists]>7.     <![endif]>Only one active Qardan Hasana application will be allowed per business Sabeel. If a new application is made during the tenure of an existing application by any member of the family rolling into the same business Sabeel then such applications will be rejected.

<![if !supportLists]>8.     <![endif]>Cooling period between 2 consecutive applications (after the completion of the previous Qardan Hasana and the start of next application) will be a minimum of 2 months. Explanation: If the last payment of the previous QH was in October, 2019 then the they are only eligible to apply in or after December 2019.

<![if !supportLists]>9.     <![endif]>Maximum amount of Qardan Hasana that can be sanctioned by Fatemi Qardan Hasana Trust, Bengaluru subject to availability of funds is Rs. 30,00,000 (Thirty Lakhs) only.

<![if !supportLists]>10.  <![endif]>All applications will be prioritized on the basis of need, rehen and application amount. Applications with lower amounts, where Rehen is 100% will be prioritized first.

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<![if !supportLists]>B.    <![endif]>Guidelines for Applications related to New Business

This application is restricted to mumineen who are starting a brand-new business from their existing service / educational background and will be restricted to a maximum tenure of 20 months only with monthly repayment.

<![if !supportLists]>C.    <![endif]>Guidelines for Applications related to Business Expansion

This category of application is applicable to mumineen who wish to expand their existing business into the same or diverging category / business-line. Applications must be submitted with auditors’ certificate of profitability, to guarantee that the business generates an income sufficient to cover the monthly repayment and the recurring business expenditure. Applications under this section is restricted to a maximum of 12 months (1 Year) only and thorough scrutiny by the committee.

All other applications under the Business Category (example working-capital requirements, supply orders etc.) is limited to a maximum tenure of 10 months only.

<![if !supportLists]>D.    <![endif]>Guidelines for Applications related to Housing

In lieu of the overarching principles of Mumineen upliftment preference in this category will be given to mumineen who are availing Qardan Hasana to purchase their first home. Details of home to be purchased will be mandatory. Qardan under this category can be availed for a maximum period of 20 months only.

Applications in lieu of purchase of 2^nd house or home repairs (renovation / maintenance / expansion) will be given 2^nd preference and subject to availability of funds post disbursement of all other applications only. Such applications will be granted for a maximum tenure of 6 months only.

<![if !supportLists]>E.     <![endif]>Guidelines for Applications related to Personal / Deeni Umoor (Ziyarat / Ziyafat / Hadiyat / Marriage)

Preference under this category will be given to mumineen who are going for Ziyarat for the 1^st time. Such applications must be submitted well in advance of their expected travel / Sharaf date. Maximum tenure for such applications will be restricted to 12 months only.

<![if !supportLists]>F.     <![endif]>Guidelines for Applications related to Emergency Qardan Hasana (Short Term)

This category is applicable to mumineen who wish to avail short term Qardan Hasana for a period of 1 month to 3 months only and for a maximum amount of Rs. 3,00,000 (1 Lakhs to 3 Lakhs) against 100% Rehen. No Qardan Hasana application (even under this category) will be considered till all previous Qardan Hasan applied by the same Family / Business Sabeel has been repaid in full and the cooling period mentioned in section A (8) has transpired.

<![if !supportLists]>G.    <![endif]>Guidelines in relation to Default in Repayment of Qardan Hasana

<![if !supportLists]>1.     <![endif]>Default of even a single cheque, will be thoroughly scrutinized. A notice will be issued to the registered communication details of the applicant with its guarantor’s in copy. Any subsequent Qardan Hasana application of defaulters will be considered accordingly.

<![if !supportLists]>2.     <![endif]>On Default of 3^rd Cheque Fatemi Qardan Hasana Trust will Issue a final notice to the applicant (with the guarantors in copy) informing them that they have been moved into the default category and their Rehen is liable for liquidation.

<![if !supportLists]>3.     <![endif]>Applicant will have 10 days from the date of generation of each notice to respond to the notice and make good all past dues in full (current dues + dues of all previous notices issued)

<![if !supportLists]>4.     <![endif]>If the applicant does not respond to the notice or make good on the 3 months returned cheques. The trust will approach the guarantors and request them to collect the Rehen and remaining cheque’s as Amaanat of the applicant, by paying the balance amount due to Fatemi Qardan Hasana Trust.

<![if !supportLists]>5.     <![endif]>If the guarantors (individually / collectively) do not have sufficient funds or are unwilling to purchase the Rehen for the balance amount of Qardan due to Fatemi Qardan Hasana Trust then such Rehen shall be immediately liquidated against the entire amount due to FQHT (Initial Qardan – All Repayment Amount = Total amount due). Balance amount received from the disposal of such valuables will be handed back to the applicant by cheque. Balance amount is the amount received in excess of the total dues to Fatemi Qardan Hasana Trust Bengaluru.

<![if !supportLists]>H.    <![endif]>Procedure to be followed once Qardan Hasana Application is Approved

<![if !supportLists]>1.     <![endif]>Pledged Items (Rehen) must be valued & sealed by notified jeweler ‘Krishna & Co, No. 545, RV Road, opp. Basavanagudi, Silicon Honda showroom, Bengaluru 560004’. Sufficient Rehen must be provided to meet the amount stated in the application form.

<![if !supportLists]>2.     <![endif]>Signed monthly (equal) repayment cheques for each month of the tenure of Qardan Hasana granted. These Cheque’s must be from the same account in which the Qardan Hasana cheque is deposited. (example if QH is approve for 6 months for 6 Lakhs then 6 cheques of 1 lakh each). These cheques will be deposited on the 10^th of every month.

<![if !supportLists]>3.     <![endif]>Surety Bond including details of repayment cheques and guarantors’ surety.

<![if !supportLists]>4.     <![endif]>Qardan Hasanah legal undertaking on registered Karnataka Stamp Paper (100 Rupees) with the exact wording that will be provided in an email to your registered email id.

<![if !supportLists]>5.     <![endif]>First repayment cheque will be deposited on the 10^th day of the month following the approval of Qardan Hasana and the disbursement of such amount.

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