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:

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 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:

1. In accordance with the provisions of Islamic Shariah and under the supervision of a legitimate body.
2. The option of funding tourism trips for first-degree relatives.
3. The option of funding tourism trips for non-relatives against the guarantee of savings.
4. The option of funding the spouse’s trip via Tourism Murabaha.
5. The option of funding tourism trips for pensioners.
6. Government or private sector employees are not required to transfer salaries or premiums.
7. Free insurance policy against death and disability risk throughout the trip period.

* Terms and conditions apply