Tours with Murabaha program

 

Product idea:

Murabaha installments program is to fund the costs and expenses of domestic and foreign tour services. The program is based on Murabaha, where the customer first get a quotation from the tourism company and then the bank pay the costs and expenses of tour services, whether domestic or foreign tour services, to the company.  The bank executes the Murabaha process with an agreed profit margin in accordance with the customer. Then the tour services total costs, expenses and profit margin (realizable value of Murabaha) are to be distributed into set of installments agreed upon between the bank and the client.

 

Tours with Murabaha is available to Egyptians through the following funding programs:

  • Employees, with a letter from the employer pledging transfer of salary / monthly installment.
  • Employees' income certificate.
  • Income certificate of self-employed persons and owners of commercial and industrial business.
  • Savings instruments owners.

 

General conditions of Murabaha:

  • A competitive rate of return.
  • 21 years old minimum age and 60 years old maximum age for employees in addition to 65-year-old for self-employed persons and owners of commercial and industrial business, within the expiry date of Murabaha.
  • The maximum value of Murabaha is 100 thousand pounds.
  • The maximum of funding proportion is 100% of the value of the trip.
  • The maximum duration of Murabaha is up to 36 months.

Basic Required Documents:

  • Request for Tours Murabaha.
  • A copy of a valid national ID card.
  • Recent utility bill (gas / electricity / water / phone).
  • quotation from the tourism company worth the trip to be funded.

For employees

  • Salary certificate.
  • A letter from the employer pledging transfer of salary / monthly installment (in case the employer pledged)

For self-employed persons and owners of commercial and industrial business

  • A copy of the tax card.
  • Official transcript of the Commercial record for commercial and industrial activities.
  • Certificate of authorization to practice profession for the self-employed persons.
  • A 6 month bank statement.

 

Additional Features:

  1. In accordance with the provisions of Islamic Sharia and under the supervision of a legitimate authority.
  2. The possibility of funding trips to first degree relatives.
  3. The possibility of funding trips to relatives or non-relatives individuals through Savings instruments.
  4. The possibility of funding trips of the wife / husband through Murabaha.
  5. The possibility of funding trips for pensioners and eligible pension.
  6. No requirement to transfer salary / installment for government or private sector employees.
  7. Free insurance policy against the risk of death and total disability at the duration of Murabaha.
  8. Free insurance policy against the risk of death of eligible pension customers.

 

* Terms and conditions apply