This financing facility operates based on Al-Bai Bithaman Ajil (BBA) contract. BBA refers to a sale with a deferred payment. Under this contract, the bank will purchase the required asset at a cost and then sell it to the Customer at a selling price (cost plus profit) on deferred payment basis at the duration and price agreed by both parties payable by fix instalment.
Features
• |
The selling price is fixed and agreed by both parties; i.e. Customer and the Bank will remain unchanged until the end of the payment period; |
• |
Periodical instalments (monthly / quarterly / half yearly) are determined by the selling price and the payment period; |
• |
The property ownership purchased will be under the Bank´s claim and will be handed over to the Customer upon full payment. |
|
|
Benefits
• |
Enable the Customer to plan their cashflow since monthly payment is fixed throughout the financing period; |
• |
Payment period up to 15 years; |
• |
The Customer is covered by the Takaful Mortgage Plan. |
|
