Hajj and Umrah Murabaha

Product concept

A short-term Murabaha program to finance Hajj and Umrah services based on the Murabaha process, where the customer first obtains a quotation from the tour operator or organizer of the trip. The bank subsequently pays the cost and fees of Hajj and Umrah services to the tourism company or the trip organizer using of the Murabaha process for the customer, with an agreed profit margin. The total value of Hajj and Umrah expenses and the profit margins (the Murabaha sales value) are then divided over a set of instalments agreed upon between the bank and the customer.

The Hajj and Umrah Murabaha is provided through the following financing programs:

1. Employees with an undertaking from the employer to transfer the salary/monthly instalment.
2. Employees with a certificate of income.
3. Liberal professionals and business owners with proof of income.
4. Owners of savings (Egyptians/foreigners).
5. 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 400,000 for Hajj and EGP 100,000 for Umrah
• The maximum funding rate is 100% of the trip costs
• The maximum duration of the Murabaha is 72 months for Hajj and 48 months for Umrah

Main required documents:

• Application for Hajj and Umrah Murabaha
• Copy of valid national ID card
• Recent utility bills (gas/electricity/water/telephone) from the applicant’s residence
• Bid from the tour operator or tour organizer for the value of the trip to be financed

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.
• The option to undertake religious rites and pay the costs in instalments.
• The option of funding Hajj and Umrah trips for first-degree relatives.
• The option of funding Hajj and Umrah trips for non-relatives against the guarantee of savings.
• The option of funding the spouse’s trip via Hajj and Umrah Murabaha.
• The option of funding Hajj and Umrah trips for pensioners.
• Government or private sector employees are not required to transfer salaries or premiums.
• Free insurance policy against death and disability risk throughout the trip period.

* Terms and conditions apply