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Murabaha by Wakala

Murabaha by Wakala

Product Concept:

The product is a retail Islamic finance based on Murabaha concept, which is implemented by Wakala, to provide customers with the finances needed to cover their different needs ( building, construction, and renovation supplies, as well as any household or personal necessities that are not covered by retail Islamic banking products, and that's in  all cases  in which a price quotation cannot be obtained (For instance: Sanitary ware / Ceramics / Paints / Medical and therapeutic supplies / Club subscriptions / Car maintenance / Home renovation / Wedding parties / Insurance fees / and any other needs compliant with Islamic Shariah Law upon the customer's request).

*Terms and conditions apply

 

     

     


     

    Obligation to transfer salary or Installment

    • Competitive rate of return.
    • Least administrative fees.
    • The maximum value of the Murabaha amounts up to 1 million EGP.
    • The maximum duration of the Murabaha is 96 months.
    • The minimum age is 21 years old and the maximum age is 65 years old at the date of maturity of the Murabaha (on the condition that the maturity date is not after the employee’s end-of-service date).
    • The maximum funding rate is 100% of the product/service price.
    • No guarantor required.
    • Free insurance coverage against death and total disability risks.
    • Compliance with the provisions of Islamic Shariah and under the supervision of a legitimate committee.
    • Required documents:
    • Application form for Murabaha by Wakala 
    • Valid copy of National ID.
    • Original utility bills (gas/electricity/water/telephone) from the past 3 months
    • Employer letter of Obligation according to pre-verified forms.
    • Statement of monthly salary or Recent salary certificate (maximum previous 2 months).

    Employees with income proof

    • Without Employer letter of Obligation.
    • Competitive rate of return
    • Least administrative fees.
    • The maximum value of the Murabaha amounts up to 1 million EGP.
    • The maximum duration of the Murabaha is 96 months.
    • The minimum age is 21 years old and the maximum age is 65 years old at the date of maturity of the Murabaha (on the condition that the maturity date is not after the employee’s end-of-service date).
    • The possibility of calculating additional income, if any.
    • No guarantor required.
    • Free insurance coverage against death and total disability risks.
    • Compliance with the provisions of Islamic Shariah and under the supervision of a legitimate committee.
    • Required documents: 
    • Application form for Murabaha by Wakala 
    • Valid copy of National ID.
    • Original utility bills (gas/electricity/water/telephone) from the past 3 months
    Statement of monthly salary or Recent salary certificate (maximum previous 2 months).

    Liberal Professional and Business-Owners

    • Competitive rate of return
    • Least administrative fees.
    • The maximum value of the Murabaha amounts up to 500k EGP.
    • The maximum duration of the Murabaha is 60 months.
    • The minimum age is 21 years old and the maximum age is 65 years old at the date of maturity of the Murabaha.
    • No guarantor required.
    • Free insurance coverage against death and total disability risks.
    • Compliance with the provisions of Islamic Shariah and under the supervision of a legitimate committee.
    • Required documents: 
    • Application form for Murabaha by Wakala.
    • Valid copy of National ID.
    • Original utility bills (gas/electricity/water/telephone) from the past 3 months.
    • Bank statement for the last six Months.
    • Copy of tax card.
    • An official certificate from the Commercial Registry for commercial and industrial activities.
    • Copy of authorization profession practice.

    Secured Wakala Owners of savings accounts - Time deposits - saving certificate

    • Lending margin up to 90%.
    • The maximum duration of the Murabaha is 96 months.
    • The maximum value of the Murabaha amounts to 5 million pounds.
    • Competitive rate of return.
    • Less administrative expenses.
    • The funding rate is 100% of the statement of requirements.
    • The guarantor savings account must be from our bank.
    • Compliance with the provisions of Islamic Shariah and under the supervision of a legitimate committee.
    • Required Documents:
    • Application form for Murabaha by Wakala.
    A valid copy of the national ID card (for Egyptians), and A passport copy (for foreigners).
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