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The Durable Goods Murabaha

 

The idea of the product:

It is a future installment Murabaha program to finance the purchasing of durable goods. The program is based on the Murabaha system where clients first obtain a price offer from the supplier. Afterwards, the bank repays the value of the good to the supplier then implements the Murabaha process for the client with the profit margin agreed upon. Then the total purchase value of the good will be distributed on a group of installments that the bank and client agree upon.

 
The durable goods Murabaha is provided to Egyptians through the following funding programs:
  • Employees with the pledge of the employer to transfer salary/monthly installment.
  • Employees with proof of income.
  • Self-employed individuals and owners of commercial and industrial activities with a proof of income.
  • Pensioners
  • Owners of saving funds.
 
The general conditions to provide Murabaha:
  • A competitive rate of return.
  • The minimum age is 21 and the maximum is 60 at the time of obtaining the Murabaha, or reaching retirement age, whichever is closer, and 65 for pensioners of the self-employed and owners of commercial and industrial activities, without a maximum for clients with saving funds.
  • Maximum value of Murabaha is EGP 500,000 (according to specific conditions).
  • The maximum financing rate is 100% of the durable goods’ value (according to specific conditions).
  • The maximum of the Murabaha period is 84 months.
 
Basic documents required:
  • An application to request the durable goods Murabaha signed by the client.
  • A copy of a valid National ID card.
  • A recent bill (gas/electricity/water/landline) on the residence place.
  • A price offer of the goods/ the goods authorized from the supplier/s (in case of multiple goods).
For employees:
  • A statement of the salary breakdown.
  • The employer’s pledge to transfer salary/monthly installment (in case of the employer’s pledge).
For self-employed individuals and owners of commercial and industrial activities:
  • A copy of the tax card.
  • An official transcript of the commercial record of the commercial and industrial activities.
  • A permit for profession practicing for the self-employed.
For pensioners:
  • A report of the value of the monthly pension transferred from the bank (in case of pension transfer without pledge from an authority).
  • A pledge of the General Authority for Insurance and Pensions obliged to transfer pension (in case of a pledge from the authority to transfer the pension).
 
Additional benefits:
  1. All according to the provisions of the Islamic Shariaa (law) and under the supervision of a legitimate authority.
  2. The Murabaha to buy durable goods can be provided with the guarantee of saving funds in the Egyptian pound, including certificates, saving accounts and deposits.
 
 *All terms and conditions apply