Durable Goods Murabaha
Product Concept:
A short-term Murabaha
program to finance the purchase of durable goods based on the Murabaha process,
where the customer first receives a quotation from the supplier. Subsequently,
the bank provides the costs of the good to the
supplier, and the Murabaha process is undertaken for the customer with an
agreed profit margin. The total value of the Murabaha (Murabaha sales value and
profit margin) are divided over a set of instalments agreed upon between the
bank and the customer.
The Durable Goods Murabaha is provided
through the following financing programs:
- Employees with
an undertaking from the employer to transfer the salary/monthly
instalment.
- Employees with a
certificate of income.
- Liberal
professionals and business owners with proof of income.
- Owners of
savings (Egyptians/foreigners).
- Pensioners
(with/without an undertaking to transfer the pension).
General conditions for granting Murabaha:
- Competitive
interest rate
- The
minimum age is 21 and the maximum age should be 65 at the date of maturity of
the Murabaha (on the condition that the maturity date is not later than the
employee’s end-of-service date)
- The
maximum value of the Murabaha amounts to EGP 500,000
- The
maximum funding rate is 100% of the trip cost
- The
maximum duration of the Murabaha is 96 months
Main required documents:
- Application
for Durable Goods Murabaha
- Copy
of valid national ID card
- Recent
utility bills (gas/electricity/water/telephone) from the applicant’s residence
- Certified
statement of the value of the good(s) from the supplier(s)
Employees
- Statement
of monthly salary
- Undertaking
from employer to transfer salary/monthly instalment
Liberal professionals and business owners
- Copy
of tax card
- An
official certificate from the Commercial Registry for commercial and industrial
activities
- License
to practice the profession for self-employed persons
- Bank
statement covering the last six months
Pensioners
- Statement
of the value of the monthly pension transferred to the bank (in the event of
the transfer of pension without the undertaking to transfer)
- An
undertaking from General Authority for Insurance and Pensions or the body
entrusted with the transfer of the pension (in the event that the entity undertakes
to transfer the pension)
Additional benefits:
- In
accordance with the provisions of Islamic Shariah and under the supervision of
a legitimate body.
- Free
insurance policy against death and disability risk throughout the Murabaha
period.
* Terms and
conditions apply