Al-Nahrain launches the murabahah of marriage and deposit

The governmental headquarters of Al-Nahrain Islamic Bank is in Baghdad
 
09/21/2020

Economy News - Baghdad

Al-Nahrain Islamic Bank launched the "demand depository murabaha" and "marriage murabaha" financing, in the amount of five million dinars.

An official source in the bank said in a statement reported by the official Al-Sabah newspaper and seen by Al-Eqtisad News, that "financing (demand-deposit murabaha) ensures that the minimum deposit is 50 thousand dinars, and he will not be allowed to increase the amount of his deposit and record the deposit movement in his book. While he will have the right, after three months, to convert the deposit into an investment, with profits and losses calculated for it as of the beginning of the month following the submission of the application, and in this case the customer must hand over his book and take over the investment deposit book instead of him and bear the cost of the new book.

And on "financing the murabaha marriage", he explained that "the amount is five million dinars, at a profit of ten percent annually for a period of three years."

He pointed out that "the financing controls included providing a sponsor for a government employee who is not less than 59 years old and that the minimum net salary should be 400,000 dinars."

The source indicated that "the bank also stipulated that the age of the applicant for financing should not be less than 18 years and submit an application stating the materials to be purchased," explaining the "quantity and quality with the marriage contract and the evidentiary documents."

He pointed out that "the financing (of the Murabaha marriage) includes home furniture and electrical appliances, and it is prohibited to buy gold jewelry.

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