Product Concept: A post-paid installment-based Murabaha program for financing the purchase of durable goods, whereby the customer first acquires a price list from the supplier, after which the Bank pays the value of the goods to the supplier and subsequently executes the Murabaha process with the customer at the agreed profit margin. The total value of the Murabaha is subsequently divided (purchase price + profit margin) over a number of installments, agreed by and between the Bank and the customer.

Durable Goods Murabaha is granted through the following finance schemes:

1. Employees with a pledge from their employer to transfer the monthly salary / installment
2. Employees with proof of income certificate
3. Public sector employees with pledge from employer entity without entitlements
4. Public sector employees with proof of income certificate for contracted entities
5. Self-employed professionals and commercial and industrial business owners with proof of income
6. Holders of savings deposits (Egyptians / foreigners)
7. Pensioners / Pension Beneficiaries  (with or without a pledge to transfer pensions)
   

   General conditions for granting the Murabaha:

   • Competitive interest rate
   • The debtor must be at least 21 years old and not more than 65 years of age on the Murabaha maturity date (provided that the Murabaha expiry date does not surpass the employee’s tenure).
   • Maximum cap for the Murabaha is EGP 500,000
   • Financing up to 100% of the value of the goods
   • Murabaha terms of up to 96 months

   General conditions for granting the Murabaha:

Required documents:

• Application for durable goods Murabaha
• Copy of a valid national ID card
• Recent original utility bill at the customer’s residence (gas, electricity, water, telephone)
• Validated price list of the goods from supplier(s) (in the case of multiple goods)

For employees:

• A certificate of monthly salary is required
• Employer's pledge to transfer the monthly salary / installment (in case of employer’s pledge)

 

For self-employed, commercial and industrial business owners:

• Copy of tax card
• Copy of recent extract from the commercial registry for commercial and industrial activities
• Copy of license/permit to practice the profession, for self-employed
• Bank statement for the previous 6 months

For Pensioners:

• Statement of the monthly pension amount transferred to the Bank (in the case of pension transfer without the entity’s pledge).
• Pledge by the National Organization for Social Insurance or the entity mandated with pension transfer (in the case of pension transfer with the entity’s pledge).

Additional benefits

• In compliance with the principles of Islamic Sharia and under the supervision of a Sharia Board
• Free life and total disability insurance policy throughout the Murabaha period

 

*Terms and conditions apply