Disbursement Procedures - Islamic Development Bank

xii. Semi-annual Installments:
This usually falls on 30 th June and 31 st December for the sake of
convenience.
xiii. The above information will be processed to produce the Basic data
information, Disbursement profile and the Rental Schedule. These
statements will be sent to the beneficiary for confirmation.
7.18 Lease Schedule
The Lease schedule is processed like the Installment Sale Schedule except the due
date of the installments. According to Board Resolution No. 404/71/120 the rental payment
for Lease operations should be standardized on a quarterly basis i.e. 1 st January, 1st April,
1 st July, and 1 st October.
7.19 Loan Repayment Schedule
The Loan repayment schedule is prepared using information for the Installment Sale
and Leasing Schedules except for the following:
i. Grace Period:
The grace period is usually stated in the Financing Agreement and it starts
from the date of signing the agreement to end before the last date of
disbursement.
ii. Service Fee Factor:
The service fee factor is predetermined and is calculated as per the
“Guidelines for Calculation and Levy of Service Fees”. One factor is
calculated in each year. The last date of disbursement determines which
yearly factor is to be used to calculate the service fee.
iii. Calculation of Service Fee:
The fee is calculated by multiplying the principal amount disbursed with the
service fee factor and the number of days between the date of signing the
financing agreement and the last date of disbursement. The lump sum
amount resulting from this calculation is divided by 375 days.
iv. Distribution of Service Fees:
The service fee calculated will be distributed as follows:
- 4% from the date of signing to the date of 1 st disbursement
- 40% from the date of 1 st disbursement to the date of last disbursement
- 57% in 5 years from the date of the last disbursement.
- These amounts are entered in the system and are reflected on the respective
Loan Accounts on the due dates.
D-DISBURSEMENT MANUAL (1)
A:CHAPTER 7
20/05/2000
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