Product Concept:

A post-paid installment-based Murabaha program for financing the costs and expenses of Hajj and Umrah services, whereby the customer first acquires a price list from the travel company or the organizing entity, after which the Bank pays the value of the Hajj and Umrah services to said parties; and subsequently executes the Murabaha process with the customer at the agreed profit margin. The total value of the Murabaha is subsequently divided (Murabaha sales value) over a number of installments, agreed by and between the Bank and the customer.

Hajj and Umrah 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. Self-employed professionals and commercial and industrial business owners with proof of income
4. Holders of savings deposits (Egyptians / foreigners)
5. 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 400,000
• Financing up to 100% of the value of the trip
• Murabaha term of up to 84 months

Required documents:

• Application for Hajj and Umrah Murabaha
• Copy of a valid national ID card
• Recent original utility bill at the customer’s residence (gas, electricity, water, telephone)
• Price list of the offered trip from the travel agency or organizing entity

For employees:

• A certificate of monthly salary is required
• Employer's pledge to transfer the monthly salary / installment (in case of employer 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
• Ability to perform religious rituals in installments
• Possibility of financing Hajj and Umrah trips for relatives up to the first degree
• Possibility of financing Hajj and Umrah trips for non-relatives against savings deposits
• Possibility of financing the spouse’s trip for Hajj and Umrah Murabaha product
• Financing the Hajj and Umrah trips of pensioners and Pension Beneficiaries
  
• Salary / installment is not required for government or private sector employees
• Free life and total disability insurance policy throughout the Murabaha period

*Terms and conditions apply