Tas’heel |
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Tas’heel has been designed with strict adherence to the principles of Islamic Shari’a as a personal finance product on a Murabaha basis.
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| What are the features of Tas'heel? |
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- Maximum finance Amount: BD100,000
- Maximum Tenor: 7 years
- Processing Fees: BD100
- Salary Transfer: Mandatory
- Maximum DSR (Debt Service Ratio): The total debts of the customer including all installments, new installment and 5% of the credit card and over draft limits, should not:
- exceed 50% of the monthly income for individuals with salaries of BD3000 per month or less.
- exceed 60% of the monthly income for individuals with salaries above BD3000 per month.
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| What can I use this finance for? |
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Tas’heel product designed by BisB can be used to finance:
- Education and training (within Bahrain or Internationally)
- Treatment and medical care (within Bahrain or Internationally)
- Marriage and associated expenses
- Family tourism and travel
- Debts due for payment to banks and individuals
- Purchase of non manufactured items
- Purchase of construction material and equipment
- Down payments for property purchase
- Purchase of goods from outside Bahrain
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| Am I eligible for BisB's Tas'heel? |
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BisB’s Tas’heel is available for Bahraini citizens and expatriates who are currently employed with any organization that is listed in BisB’s ALE (Approved List of Employers) and earn BD200 and above. The general criteria to obtain Tas’heel are as follows:
- Applicant must be more than 21 at the time of application and 60 at the maturity of the finance.
- Applicant must have a minimum work experience of 4 months.
- Applicant must have a minimum monthly income of BD200.
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| What is special about BisB's Tas'heel? |
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- Tas'heel has been designed with strict adherence to the principles of Islamic Shari'a.
- Tas'heel is considered the latest and quickest means of personal financing on a Murabaha basis.
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| What documents do I require to apply for Tas'heel? |
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a. Employed: If you are an employee of an organization or institution, you will require the following documents:
- Copy of valid CPR.
- Copy of valid driving license or passport.
- Payslip for 3 months.
- Most recent salary certificate.
- Bank statement for 3 months.
- Signed CRB (Benefit) form.
- Filled finance application form with appropriate signatures.
b. Self-employed:
Individuals who are self employed can enjoy Tas’heel finance product subject to:
- The customer providing BisB with a collateral that covers the finance amount.
- The financial status of the customer being satisfactory to BisB’s requirements.
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| What is the Islamic Policy behind this product? |
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| The financing is done through a Murabaha contract where the bank purchases high value commodities from a first dealer through an agent (Eltizam). After obtaining ownership of the commodities, they are resold to the customer on monthly installments for the cost plus the bank's profit margin. The customer after obtaining ownership of the commodity has the option to sell the commodity for cash or assign the agent (Eltizam) to sell it on his/her behalf to a dealer. |
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