HAJJ & UMRAH ACCOUNT

ABOUT DBI HAJJ & UMRAH ACCOUNT

Dahabshil Bank International Hajj &Umrah Saving Account is an ideal deposit product for customers who wish to save for the purpose of performing the Holy Pilgrimage. Hajj, one of the five pillars of Islam, is compulsory for all those who can afford such pilgrimage. No single event in the life of a Muslim is more spiritually uplifting and rewarding than to embark on the journey of Hajj.

It will be structured based on Sharia compliant contract of QardulHasan (profit free loan). DBI Hajj &Umrah Account holders will be able to get a QardulHasan loan if they save at least 50 % of Hajj or Umrah expenses. Account holders will not be able to withdraw funds from their accounts during the agreed period (1 year to 2 years). Furthermore, customers have the added comfort of saving by paying in monthly installments.

FEATURES

  • QardulHasan (profit free loan).
  • Minimum Opening Balance USD 60
  • Once a Year Withdrawal
  • Tenure: From 2 years up to 8 month before Hajj. Ideally, to start in the first month on Hijri Calendar (Muharram).
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BENEFITS

  • Easy to Open and Operate
  • Monthly payment installments
  • Competitive Foreign Exchange Rate
  • Marketing material (brochures, bags ect)
  • Free Somtel-Sim
  • Free Electronic Bank Statement
  • Access through E-Dab services
  • Grace period on repayment during Pilgrim Duration

FEATURES

  • Valid ID or passport
  • Completed account opening form
  • One passport size photograph
  • Guarantor ( Damiinul Mall)
  • Introduction letter from local government / employer, proof of address.
  • Proof of income if self-employed, with 3 months bank statements

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Identification Documents

  • A valid proof of Identity of each signatory (current Driver’s License/ National ID/ International passport/ Student ID card-for students)
  • Proof of address – utility bills for the 3 previous months/certificate of residence/ tenancy agreement
  • Two passport size photo’s
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MusharakahMutanaqisah:

MusharakahMutanaqisah (MM) means diminishing partnership with an imbedded Ijarah (lease) element. Itisa form of Musharakah where the financier and the client participate in a joint commercial enterprise or property. This enterprise is converted into undivided ownership of both the financier and the client. Over certain period the equity of financier, divided into equal value units, is purchased by the client. And ultimately the client becomes the sole owner of the enterprise.

Modus Operandi

  • Customer identifies the asset with price.
  • Seller provides details, terms & conditions.
  • Customer approaches the bank asking for MusharakahMutanaqisah financing.
  • Bank approves with terms & conditions i.e. profit sharing, loss sharing and payment of capital portion for agreed period.
  • Customer & bank contribute the capital i.e. 10:90.
  • The asset is leased to the customer based on monthly rental.
  • Customer pays the rental along with fixed capital portion.
  • Monthly rental amount will be jointly shared among bank & customer according to the % share-holding at particular time i.e. changing as customer redeems the bank’s capital portion. Thus customer sharing ratio gradually increase after each rental.
  • Transfer of ownership will take place upon entire payment is made and eventually the asset is fully-owned by the customer.
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Istisna’:

Istisna’ means sale on order i.e. the sale of goods by way of placing an order where the price is paid in advance or progressively but the assets are manufactured and delivered at a later future date.

Modus Operandi

  • The buyer (Customer) places an order to purchase an asset (e.g. building, house) to be delivered in the future.
  • The buyer requires the seller (Bank) to construct the asset based on the specification that stipulated in the sale and purchase contract that agreed by both of the contracting parties. These specifications include the nature, type, quantity of the asset and also delivery date.
  • Then, both of the parties decide and agree with the sale and purchase price and any changes cannot be made after that.
  • The payment can be made either on spot cash or in installments. It’s not required for the buyer to pay the full price at the time of contract.
  • Lastly at the delivery date, the seller will deliver the order to the buyer.
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Murabaha

Murabahah or murabaha, (Arabic مرابحه): a sale transaction, compliant with Shariah, where the bank (seller) expressly mentions the cost it has incurred on the commodities to be sold and sells it to a customer by adding some profit or mark-up, which is known to the customer.

Modus Operandi

  • The bank first determines the requirements of the customer in relation to the asset to be acquired, period and manner of repayment.
  • The bank purchases the asset concerned
  • The bank subsequently sells the said asset to the customer at an agreed price which comprises:
    • The actual cost of the asset to the bank;
    • The bank’s margin of profit
  • Customer settles the payment in lump sum or in installments within the period and in the manner so agreed
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