Tourism Murabaha
Product Concept:
The Tourism Murabaha
program is a short term loan to finance the costs and expenses of tour
services, whether locally or abroad, based on the Murabaha process, where the
customer must first obtain a quotation from the tour operator. Subsequently,
the bank provides the costs and expenses of the trip to the tourism company,
and the Murabaha process is undertaken for the customer with an agreed profit
margin. The total value of the trip and the profit margin (Murabaha sales
value) are divided over a set of instalments agreed upon between the bank and
the customer.
The Tourism 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 100,000
- The maximum funding rate is 100% of the trip cost
- The maximum duration of the Murabaha is 36 months
Main required documents:
- Application for Tourism 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 of
funding tourism trips for first-degree relatives.
- The option of
funding tourism trips for non-relatives against the guarantee of savings.
- The option of
funding the spouse’s trip via Tourism Murabaha.
- The option of
funding tourism 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