Al Baraka Islamic Bank announced the launching of a new financing product in the local market to finance the services under the umbrella of Taqseet finance in order to meet the requirements of its customers. This is in addition to other facilities provided by the product Taqseet to finance purchasing of cars, boats, other goods, and real estate.
The idea of the new product is based on the principle of Ijara (sale of benefits) to finance various services where the Bank (lessor) will lease the client (lessee) a particular service that will exist in the future as Forward Ijara for a specific period of time and in convenience installments where customers can take advantage of this product to finance their needs of education, medical treatment, travel and tourism, marriage, Hajj and Umrah.
The customers can get this service through the Bank (the owner of the service) or through a service provider (the Bank’s agent in offering the service) directly, such as universities, schools, hospitals, hotels, travel agencies and coordinators of Hajj and Umrah services.
Customers looking for these services shall fill in a form designated for that purpose in one of Al Baraka branches providing the information of the service required to be financed. The normal financing criteria will be applied on customers who want to get Taqseet – services financing such s salary transfer with a maximum amount of BD 30,000 for each service and BD 100,000 for total service finances that shall be repaid in monthly installments up to seven years.
Mohammed Al Mataweh CEO and Board Member of Al Baraka Islamic Bank said that he was very pleased with launching this product which is in line with the bank strategies in providing innovative new products. He added that the new product will cover various services needed by individuals in a flexible and attractive form, that is compatible with the principles of Sharia in addition it will be offered with very competitive profit rates.