Personal Finance

Personal Finance
Overview

Tas’heel has been designed with strict adherence to the principles of Islamic Shari’a as a personal finance product on a Murabaha basis.

Enjoy the benefits of Personal Finance with Tas'heel from Bahrain Islamic Bank (BisB). From education, travel and marriage to debt settlements and the purchase of any goods you desire; your personal requirements can be met with Tas'heel.

What are the features of Tas'heel?
  • Maximum Finance Amount: BD100,000
  • Processing Fees: BD120
  • Maximum Tenor: 7 years
  • Salary Transfer: Mandatory
What can I use this finance for?

Tas’heel is offered for the following purposes:

  • 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.
What is the Islamic structure of the product?

The financing is conducted through a Murabaha contract where the bank purchases high value commodities from a first dealer. 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 receive the physically purchased commodities.

Eligibility

Tas’heel is available to Bahraini and non Bahraini nationals who are currently employed within any organization that is listed on BisB’s Approved List of Employers (ALE).

The general criteria of obtaining a Personal Finance from BisB is detailed below:

  • Age of the Applicant:
    • Minimum 21 years.
    • Maximum 60 years for males and females at the maturity
    • Maximum 65 years for males and 60 for females, for customers with income above BD3,000
    • Maximum 70 years for all retired customers.
  • Minimum Monthly Income:
    • Minimum Salary BD350/- for ALE customers.
    • Minimum Salary BD500/- for Non- Bahraini customers.
  • Minimum Work Experience:
    • 4 months (Bahraini Nationals).
    • 1 years (Non-Bahraini Nationals).
  • Maximum DSR (Debt Service Ratio): The total debts of the customer including all existing 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 BD3,000 per month or less.
    • exceed 60% of the monthly income for individuals with salaries above BD3,000 per month.
    • exceed 65% of the monthly income for individuals with a mortgage facility at BisB.
Required Documents

To apply for Tas’heel personal finance, applicants must provide the following documents:

Employed:

If you are an employee of an organization or institution, you will require the following documents:

  • Two valid Identifications.
  • Latest 3 months Bank Statement.
  • Latest 3 months Pay Slip.
  • Latest Salary Certificate.
  • Employment Contract (non Bahraini individuals).
  • Residence Permits (non Bahraini individuals).
  • Indemnity Letter (non Bahraini individuals).
Self-Employed:

If you are self employed, you will require the following documents:

  • Two valid Identifications.
  • The Commercial Registration (CR).
  • Latest 6 months Business Bank Statement.
  • Subject Property Title Deed.
  • For partnership (W.L.L):
    • Board of Resolution.
    • Article of Association.

Apply today and fulfill all your dreams with the most attractive rates!

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