Jute Storage 2
Jessore, Jhinaidah,Kushtia, and Faridpur
2% to 6%
Jute is a natural fiber popularly known as the golden fiber. It is one of the cheapest and the strongest of all natural fibers and considered as fiber of the future. Jute is second only to cotton in the world's production of textile fibers. India, Bangladesh, China and Thailand are the leading producers of Jute.
The low market price and low demand of jute have been the major problems of the jute growers. However, the Jute Industry played an important role in the economic development of Bangladesh. The export value of jute manufactures accounted for a big portion of Bangladesh's export trade.
We will be focusing on jute supply wholesale to jute mills at a market going price at the time of the yield.
Project Duration = 04 months or 120 days. Fund Providers get provided capital and 50% of the munafa or loss if made. iFarmer gets 50% of the munafa (profit) or loss including munafa or loss sharing with farmers.
For people who are interested to be part of this farm, they can purchase a value per unit of BDT 25,000 or equivalent to 9 maund (or 360 kg) of jute. The duration of the project is 4 months or 120 days with a projected munafa sharing of 2% (BDT 500) to 6% (BDT 1,500) which will be distributed at maturity. The buying price of 1 maund jute varies between BDT 2730 to BDT 2750 and the selling price of 1 maund jute varies between BDT 2780 to BDT 2800.
The fund provider will be receiving a yielded earning after 4 months (120 days), and at the end of the project cycle, the fund provider will receive munafa and actual provided amount.
iFarmer consists of sector experts who continuously monitor operations to minimize the risk of loss within their best capacity.
Shariah-Compliant Agriculture Financing through iFarmer:
- iFarmer follows the concept of Mudrabah for receiving and managing the fund for agriculture purposes.
- The iFarmer Mudarabah Investment Guideline:
- This is an agreement made between two parties-Party A, 'Financier' is known as ‘Rabal-Maal’ the one who provides‘ 100 percent of the capital’ for the project and Party B, "iFarmer" is known as a ‘Mudarib’ who using his entrepreneurial skills, manages the project.
- Munafas arising from the project are distributed according to a predetermined ratio. Any losses accruing is borne by the provider of capital. The provider of capital has no control over the management of the project.
- The Mudarib (iFarmer) will collect the funds provided by the ‘Rabal-Maal’ (Financier) for agricultural ventures and return to the fund provider the principal and a pre-agreed share of the munafa.
Mudarabah Implementation Guideline for iFarmer:
- Two parties (Financier and iFarmer) execute Mudaraba Agreement by way of which they decide that one party will provide Mudaraba capital and another party manages the capital for a particular period.
- The munafa rate is to be pre-agreed between them.
- Mudarib (iFarmer) has management rights and, therefore, he will utilize the partnership capital in an agreed manner.
- At the end of the tenor, Mudarib (iFarmer) will return the principal and pre-agreed share of the munafa to the Rabal-Maal (Financier).
- If the business incurs a loss, it will be borne by Rabal-Maal (Financier) if there happens no negligence on the part of Mudarib (iFarmer).
- Rabal-Maal (Financier) is not liable for the losses beyond the capital he has contributed.
Portfolio brief of iFarmer's Currently Active Shariah Farm:
All the jute storages are managed by our iFarmer Team for a preset timeline that will sell to the market for a better price and share profit with Financier (Within the contract timeline). All transactions for Shariah Farms are maintained separately through Shariah Compliant Banks.
Partnership with Farmer:
How It Works
What is iFarmer?
iFarmer is an award-winning agri-fintech business that enables small-scale
farmers and Agri Businesses to maximize their profit. iFarmer bundles everything that a farmer needs: Farm financing, agriculture inputs, advisory, insurance and access to markets.
How do I join iFarmer?
You as an individual or organization can join by downloading our mobile application from the Google Playstore (https://rebrand.ly/iFarmerApp) or the Apple App Store (https://rebrand.ly/iFarmerIOS-App) and completing the registration. For any further assistance, please reach out to us directly by writing to us at email@example.com or calling our hotline number at +880 130 253 6026.
What does iFarmer do?
iFarmer empowers farmers and small/micro agri entrepreneurs by providing access to capital through connecting them with farm financing, training on best farming techniques, sales of farm produce to boost the quality and quantity of their farm production and also provide a healthy earning after harvest for both farmer and funder.
What costs should be paid by the Fund Provider?
This depends on what you would like to buy. We have different portfolios with varying degrees of buying opportunity, return and maturity. To buy, you need to register through our app and make payment using your card or other available options of your choice. You can also issue a cheque in favor of iFarmer Limited.
Are buyers given evidence on the units bought?
Each successful funding is carried forward in the following way:
The Certificate of Ownership explains the ownership of the asset and iFarmer’s responsibilities in this regard.
For any further assistance, please reach out to us directly by writing to us at firstname.lastname@example.org or calling our hotline number at +880 130 253 6026.
How much will I get as my earnings?
Earning on buy is based on a profit-sharing or loss-sharing criterion, where farmer receives 50% of the munafa, the farm funder receives 40% of the munafa and iFarmer receives 10% of the munafa as service revenue. For example, if a cow with a purchase price of 45,000 BDT is sold for 65,000 BDT, the farmer will get (20,000x50%) = 10,000 BDT, the farm funder will get (20,000x40%) = 8,000 BDT and iFarmer will get (20,000x10%) = 2,000 BDT.
When will I get an earning on my buy?
iFarmer sells the products within 4 months or 120 days. Taking everything into consideration, the earnings are transferred into the buyer's bank account in exactly 4 months or 120 days from the date of payment.
Who will take care of my funded farm?
An operator for the farm is appointed who will be looking after the storage under iFarmer’s supervision.
Can I contact the designated person taking care of the farm?
A manager will be assigned to you, and you can reach out to the designated person through your manager.
How will I receive updates related to my farm?
We will be posting live updates about the goods in the farm from time to time.
What will happen if the product is spoiled or stolen?
iFarmer has a team combined with agriculture production, aquaculture, livestock, agriculture supply chain, and relevant industry experts who carefully select each farmer and are dedicated to addressing any unavoidable circumstances within their best capacity during the production tenure. iFarmer team works relentlessly to reduce the market risk (production quality, market access, price volatility).
However, for any such incidents which fall under the clauses of Force Majeures (i.e. including but not restricted to acts of God, acts or omissions of any government, or agency thereof, rebellion, insurrection, riot, sabotage, invasion, quarantine, restrictions, strike, lockout, and transportation embargoes), iFarmer will give written notice to the customer for its inability to perform.
How many units can I buy at once?
The quantity varies. Please check specific farms or contact us.
Can I keep the bought units for myself?
No, you cannot. iFarmer works on ground level with bulk buyers only.
Where will my bought units be sold?
iFarmer has a dedicated supply chain division through which goods are sold in bulk in the local market or to institutional buyers
What transaction mode does iFarmer use?
Payments can be made through one of the following methods or a combination of all of them, depending on the fund size and access to such services by the funder:
Can I see my bought storage in person?
Yes, you may. Please check the “Farm visit” criteria on our terms of services to learn more about this process: https://www.ifarmer.asia/en/terms_of_services
Who will be storing the jutes?
iFarmer and the jute farmer both would be working together to store the jute.
Where is the farm located?
The farm would be operating in Jessore, Jhinaidah,Kushtia, and Faridpur.
Not convinced yet?
Team iFarmer understands the value of your time, faith and money. Our team continuously appraises your funding for something much greater than monetary return.
Refund your Funding
iFarmer allows you to take back your funding within 1 week with 100% refund.
iFarmer team consists of sector experts with professional experience working in various high valued national and international projects.
Certificate of Ownership
Each funder will be provided with a Certificate of Ownership Farm (COF), which also explains the ownership of the share with complete details.
Calling Hours : Sat -Thurs, 10am-6pm
Singapore Address : 20A Tanjong Pagar Road, Singapore (088443)
Bangladesh Address: House - 8E, Road - 81, Gulshan 2, Dhaka 1212
Visiting Hours : Sun-Thurs,(appointment basis)