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All Products
Murabaha Financing (Monthly Payment)
Murabaha financing is one of the Islamic financing methods, known as a financing format where the bank purchases an asset and sells it to the customer at the original cost plus a predetermined profit.
Credit which includes (Murabaha for electrical equipment, structural materials, cars, real estate, etc.) for a maximum period of 5 years after a full study of the customer's file and the guarantees provided to the bank.
Al-Ijarah Al-Muntahia BilTamleek (Own it with Your Monthly Rent)
It is one of the Islamic financing formats that meets customer needs for residential or commercial investment financing, as well as vehicles and construction equipment. The bank owns the asset intended for leasing to the customer and rents it out for a leasing installment, including an agreed-upon leasing return. At the end of the lease contract, the ownership of the leased asset transfers to the lessee, either for free or for a nominal fee.
The execution format is as follows:
- The customer submits a request to the bank to lease a specific asset (apartment, house, land, commercial store, commercial complex, residential complex, vehicle) and provides the required guarantees to the bank.
- The bank reviews the request, evaluates the guarantees, and decides on approval, rejection, or approval with additional conditions.
- In case of approval, the customer submits a price quotation from the property owner.
- The bank acquires ownership of the property after the customer signs a promise to lease it from the bank under a lease-to-own agreement.
- The lease agreements and related forms are signed by the lessee (customer) and guarantors, with other guarantees fulfilled.
- The property is handed over to the lessee, who signs an acknowledgment of receipt and confirms it is free of defects.
- The lessee is obligated to pay the monthly rental installment to the bank as agreed upon in the contracts.
Terms and Conditions
- The leasing return, repayment periods, total financing, and guarantees depend on the bank's credit policy and are communicated to branches and the contact center upon any updates.
- The applicant for credit must be an adult, sane, and capable of managing their own affairs.
- The applicant must be employed or have a stable and regular income source.
- The credit request must align with the purposes or needs of the applicant.
- The services and benefits must be permissible under Islamic Sharia and the law.
- The property price must be within acceptable real estate market prices and equal to similar properties in value.
- The credit request must be submitted through the branch closest to the customer's residence or workplace.
- Provide acceptable guarantees to the bank as deemed necessary by the bank.
Features:
- Flexible financing.
- Provides an opportunity to own the property at the same monthly rental value.
- Facilitated terms.
- Acceptable leasing return.
- Flexible repayment periods.
Targeted Audience:
- Individuals working in the private sector.
- Individuals working in the public sector.
- Traders and investors.
- Commercial companies.
Al Muqasatah Card
It is a credit card that allows the installment payment of goods and services over agreed and predefined periods, with a maximum of 36 months and a minimum of 12 months, operating under Murabaha and Ijarah Dhimma financing formats.
The execution format is as follows:
- The customer submits a request to the bank to issue the installment card and provides the required guarantees.
- The bank reviews the request, evaluates the guarantees, and decides on approval, rejection, or approval with additional conditions.
- Upon approval, the contracts and forms for the card and financing formats are signed by the customer and guarantors, and other guarantees, such as property mortgages, are completed if applicable.
- The card is issued and handed over to the customer after signing the receipt and card-related commitments.
- The purchase value is paid in installments, adding the profit margin, based on pre-agreed repayment plans.
Terms and Conditions
- The profit margin, repayment periods, total financing, and guarantees depend on the bank's credit policy and are communicated to branches and the contact center upon any updates.
- The applicant for credit must be an adult, sane, and capable of managing their own affairs.
- The applicant must be employed or have a stable and regular income source.
- The goods and services purchased must be permissible under Islamic Sharia and the law.
- The credit request must be submitted through the branch closest to the customer's residence or workplace.
- Provide acceptable guarantees to the bank as deemed necessary by the bank.
Features:
- Flexible usage and benefit from financing through the card.
- Can be used inside and outside Iraq.
- Facilitated terms.
- Acceptable profit rates.
- Flexible repayment periods.
- Issued in Iraqi Dinar.
Targeted Audience:
- Individuals working in the private sector.
- Individuals working in the public sector.
- Traders and investors.
Commercial Allowances
It is a credit limit (commitment and/or cash) granted to traders, companies, and commercial institutions, with a specific amount that can be utilized throughout the year. Repayment is made in multiple installments based on the customer's preference, ranging from 3 months to 24 months, depending on the type of goods purchased and profit rates suitable for the repayment periods. The repaid amount during the year can be reused. The granted credit limit falls under one of the following financing types:
- Ceiling for self-funding letters of credit.
- Ceiling for guarantee letters.
The execution format is as follows:
- The client (trader or company) submits a request to the bank for a credit allocation ceiling and provides suitable guarantees.
- The bank reviews the request, evaluates the guarantees, and decides on approval, rejection, or approval with additional conditions.
- The contracts and forms for the financing process are signed by the client and guarantors, and other guarantees, such as property mortgages, are completed if applicable.
- After meeting the bank's conditions and requirements, the client submits Exploitation requests to utilize the allocation ceilings based on their commercial needs.
- The bank pays the supplier the invoice value after reviewing it and ensuring it falls within the granted ceiling.
- The cost of the goods, along with the profit margin, is paid in installments based on the repayment period agreed upon during approval.
Terms and Conditions
- The profit rates, repayment periods, total financing, and guarantees depend on the bank's credit policy and are communicated to branches and the contact center upon any updates.
- The applicant for credit must be an adult, sane, and capable of managing their own affairs.
- The applicant must be legally registered and licensed to engage in their commercial or industrial activity.
- The credit request must align with the purposes or needs of the activity registered in the commercial registry.
- The items to be purchased must be permissible under Islamic Sharia and the law.
- The provided invoices must be official and issued from the supplier's invoice book or billing system.
- The credit request must be submitted through the branch closest to the customer's residence or workplace.
- Provide acceptable guarantees to the bank as deemed necessary by the bank.
Features:
- Flexible financing that covers a wide range of goods and products, with options for partial or full financing.
- Acceptable profit rates.
- Flexible repayment periods.
- Financing available in USD as well as Iraqi Dinar.
- Allows both local and international purchases.
Targeted Audience:
- Traders and investors.
- Companies of all types.