The Education Murabaha

The idea of the product:

It is a future installment Murabaha program to finance expenses of education (tuition expenses – books – educational and media studies – higher education – specialized professional studies). The program is based on the Murabaha system, where clients first obtain a certified, signed and sealed letter of the tuition from schools/universities. Afterward, the bank pays or finances the client with the profit margin agreed upon. Then the total value of sales will be distributed on a group of installments that the bank and client agree upon.

The Education Murabaha is provided to Egyptians through the following funding programs:

  • Employees with the pledge of 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.
  • 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 for employees, and 65 for the self-employed and owners of commercial and industrial activities at the expiry date of the Murabaha period.
  • Maximum value of Murabaha is EGP 200,000.
  • The maximum financing rate is 100% of the trip’s value.
  • The maximum of the Murabaha period is 12 months.

Basic documents required:

  • An application to request the education Murabaha.
  • A copy of a valid National ID card.
  • A recent bill (gas/electricity/water/land line) on the residence place.
  • A statement of school tuition from the educational entity.
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.
  • A statement of account of a six-month period.

Additional benefits:

  1. All according to the provisions of the Islamic Shariaa (law) and under the supervision of a legitimate authority.
  2. The possibility of financing educational fees of relatives.
  3. The possibility of financing educational fees for any individual whether relatives or non-relatives with the guarantee of saving funds.
  4. The possibility of financing educational fees of pensioners and beneficiaries of pensions.
  5. Not requiring transferring the salary or installment in the case of governmental and private sector employees.
  6. A free insurance document against death and total disability throughout the Murabaha period.
  7. A free insurance document against death for clients eligible for pensions.

 

*All terms and conditions apply