12/27/2016

Murabaha Financing Available for Government Employees

Abdul Latif Jameel Finance is happy to announce Murabaha financing to government employees.

The advantage of Murabaha is that client will own the car after approval and completing the procedures. There will also be no residual value.

To avail of Murabaha Financing, the following are required:

1. Age must be at least 21 years old and must not be over 65 years old.
2. Client must be employed in a governmental institution.
3. Working service must be at least 6 months.
4. Buyer must bring a Guarantor who is also working in the government sector.
5. The resulting monthly payment must not exceed 33.33% of the monthly salary.

Documents required are:

1. Murabaha Purchase Order signed by the client.
2. A copy of the national ID.
3. Proof of residence e.g., electrical or telephone bill.
4. A copy of Social Security card.
5. Same set of documents from 1-4 above for the Guarantor.

Administration fee of 1% of the amount of funding or SR 5,000, whichever is less.
Annual percentage rate starts at 17.86%.

Do you have any question? Please send to:
aljufsocial@alj.com.

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