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:
- 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 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