Commodity Finance
In order to facilitate the process of customers' ownership of commodities, the Bank offers the Commodity Finance Program, through which payments are made in monthly installments in line with their income and the Murabaha system that is compatible with the principles of Islamic Sharia and approved by the Bank's Sharia Supervisory Board.
Benifits:
- It is easy and affordable installment plan of up to 84 months.
- It provides a finance plan of up to 70,000 USD or its equivalent.
Terms
- The applicant’s salary and the sponsor’s salary must be transferred to the Bank.
- The customer’s total monthly obligations must not exceed the percentage approved within the credit granting policy.
- The applicant must sign Bills of Exchange to cover the value of the installments of one year of the financing cycle.
The Program targets customers whose salaries are not transferred to the Bank and exceed USD $2,500 per month, and are generated by any Bank-approved entity. The financing periods for this Program are as follows:
|
The Repayment Period |
Maximum Limit |
Guarantees |
Service Period |
|
48 months |
15,000$ |
Cheques corresponding to the number and value of the installments, in addition to the personal sponsorship of the wife or first-degree relative. |
Minimum of one year |
|
60 months |
25,000 $ |
Minimum of 3 years |
|
|
72 months |
35,000 $ |
More than 3 years |
Terms
- The customer’s total monthly obligations must not exceed the percentage approved within the credit granting policy.
- The applicant must sign Bills of Exchange covering the value of the installments of one year of the financing cycle.
Rate
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