AL-Ijarah Muntahia Bittamleek (Leasing ending with ownership) is a form of leasing where a property is leased by the Bank (the lessor) to the client (the lessee) in a way that at the end of an agreed lease period, the lessee becomes the owner of the property.
This financing is for all types of equipment for business, professional, commercial or industrial use; and real properties for real estate, commercial and industrial use.
Al-Bai Bithaman Ajil (BBA) represents financing for the acquisition of a given asset through the concept of a Deferred Payment Sale. Under this scheme, the Bank purchases the asset concerned and subsequently sells the same to the customer at an agreed price which comprises the actual cost of the asset to the Bank and Bank’s the margin of profit and allows the customer to settle the payment by installments within the period and in the manner so agreed.
This financing is for acquisition of a residential house and a commercial building. It can also be used for additional operating/working capital.
Current Accounts represent deposits which are repayable on demand and without notice of intended withdrawal through issuance of checks. This account is otherwise known as demand or checking account.
The Bank accepts this type of deposit account from customers who place such deposits for safe-keeping but usually with transaction motives under the principle of Wadiah (SafeCustody). The Bank undertakes to return the deposit intact as when the customers demand. In return, it obtains the customer’s permission to make use of the funds at its own discretion without having to share the profit with them.
Murabaha financing follows the principle under which the Bank purchases the goods or assets required by the client and sells at an agreed mark-up to the client. This principle is also known as cost plus mark-up concept.
This financing is for working capital or fixed assets depending on the client’s needs.
Savings Accounts represent deposits which are evidenced by a passbook and can be withdrawn upon presentation of a properly accomplished withdrawal slip together with the corresponding passbook.
The Bank accepts this type of deposit account from clients who place such deposits for safe-keeping but usually with contingency and accumulation motives under the principle of Wadiah (Safe-Custody). In return for the guarantee to pay the amounts upon receiving notice of withdrawal, the Bank obtains the permission of the customers to use/invest the funds. However, the Bank reserves the right to reward the customers for the use/investment of the funds based on balances, in one way or another, at the Bank’s discretion.
- 2 valid IDs
- 2pcs 1x1 Picture
- Proof of billing (Water/ Electric)
- TIN Number
- Initial Deposit 1k
PSP is a type of savings deposit account under the “Wadiah Yad Dhamanah” (guaranteed safe-custody) principle available to customers to build up their savings to finance future Muslim pilgrimages (Umrah or Hajj).
The Bank has the discretion to give “hibah” (gift), net of donor’s tax, which may be in cash or in kind, to PSP depositors depending on the profitability of the Bank’s transactions and after proper approval of the Board of Directors. Cash hibah shall be credited to the customer’s account.