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[size=36]It reaches one million and one billion dinars..a government bank issues project Murabaha instructions[/size]
Economie| 08:56 - 09/22/2021
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Baghdad - Mawazine News
On Wednesday, the "governmental" Al-Nahrain Islamic Bank issued Murabaha instructions for small, medium and large projects within the "Central Bank Initiative", which range between one million and one billion dinars, according to each project.
An official source in the bank said, according to the official newspaper, that "the initiative of the Central Bank, in cooperation with the Al-Nahrain Islamic Bank, aims to contribute to achieving economic and social development, supporting national products and employing a highly skilled workforce."
He added, "The instructions included Murabahas that do not exceed one billion, and that the customer's age should be more than (18) years, and the priority is for holders of bachelor's degrees and the unemployed, and that he does not have similar financing from another bank, and that the payment period does not exceed (5) years. And it can reach (7) years after obtaining the approval of the Central Bank of Iraq in advance.
He explained that "the customer has to provide a sponsor from the civil state departments or two retired sponsors who cover the net half of his salary (their salaries) the monthly installment with the obligation to submit a life certificate at the beginning of each year of retirement," noting that "compulsory guarantees with each financing the applicant for funding submits a bill of exchange for the order of the bank when asked. The amount of financing, and not exceeding (125%) of the amount of financing, provided that it is signed by the client or the client and his in-kind guarantors, the owners of the mortgaged properties and the two people (personal solidarity guarantee).
The source confirmed, "Accepting the solidarity guarantee of government employees or retirees, including the Ministry of Defense and the Interior, whose salaries are with the bank, and the sponsor with a high salary can guarantee more than one customer on the condition of covering (half of his total monthly salary) for the premiums he is guaranteed after subtracting his obligations."
He pointed out that "submission of applications is done through the electronic form, and in the event that the amount of grants exceeds one billion dinars, the Murabaha is paid in advance in the years of grace at the beginning of each year, and in the years of payment it is guaranteed with the monthly installment, and the controls include the provision of sovereign government guarantees."
And the source indicated, "If the amount of financing ranges between (1-20) million dinars, the bank's Murabaha rate will be 2.9% in a decreasing manner, and the central bank commission is 5 per thousand for one time and with a financing period of 5 years with a grace period of 6 months."
And he added: “But if the amount of murabaha ranges between 21 million and up to 100 million dinars, then the rate of the bank’s Murabaha for one year will decrease by 3.4%, and the commission of the Central Bank is 5 in the thousand for one time, and obtaining the approval of the Central Bank if the payment period exceeds 5 years and with a grace period of 6 months.”
He pointed out that “if the amount of financing ranges between 100 million and 500 million dinars, the decreasing rate of the bank’s profitability per year will be 3.4%, and the commission of the Central Bank will be 5 in the thousand for one time and obtaining the approval of the Central Bank if the payment period exceeds 5 years,” noting that “in If the financing amount exceeds 500 million and reaches one billion dinars, the bank’s profit rate will be 3.4%, and the central bank commission is 5 in the thousand for one time, and the approval of the Central Bank is obtained if the repayment period exceeds five years.” Ended 29/A43
An official source in the bank said, according to the official newspaper, that "the initiative of the Central Bank, in cooperation with the Al-Nahrain Islamic Bank, aims to contribute to achieving economic and social development, supporting national products and employing a highly skilled workforce."
He added, "The instructions included Murabahas that do not exceed one billion, and that the customer's age should be more than (18) years, and the priority is for holders of bachelor's degrees and the unemployed, and that he does not have similar financing from another bank, and that the payment period does not exceed (5) years. And it can reach (7) years after obtaining the approval of the Central Bank of Iraq in advance.
He explained that "the customer has to provide a sponsor from the civil state departments or two retired sponsors who cover the net half of his salary (their salaries) the monthly installment with the obligation to submit a life certificate at the beginning of each year of retirement," noting that "compulsory guarantees with each financing the applicant for funding submits a bill of exchange for the order of the bank when asked. The amount of financing, and not exceeding (125%) of the amount of financing, provided that it is signed by the client or the client and his in-kind guarantors, the owners of the mortgaged properties and the two people (personal solidarity guarantee).
The source confirmed, "Accepting the solidarity guarantee of government employees or retirees, including the Ministry of Defense and the Interior, whose salaries are with the bank, and the sponsor with a high salary can guarantee more than one customer on the condition of covering (half of his total monthly salary) for the premiums he is guaranteed after subtracting his obligations."
He pointed out that "submission of applications is done through the electronic form, and in the event that the amount of grants exceeds one billion dinars, the Murabaha is paid in advance in the years of grace at the beginning of each year, and in the years of payment it is guaranteed with the monthly installment, and the controls include the provision of sovereign government guarantees."
And the source indicated, "If the amount of financing ranges between (1-20) million dinars, the bank's Murabaha rate will be 2.9% in a decreasing manner, and the central bank commission is 5 per thousand for one time and with a financing period of 5 years with a grace period of 6 months."
And he added: “But if the amount of murabaha ranges between 21 million and up to 100 million dinars, then the rate of the bank’s Murabaha for one year will decrease by 3.4%, and the commission of the Central Bank is 5 in the thousand for one time, and obtaining the approval of the Central Bank if the payment period exceeds 5 years and with a grace period of 6 months.”
He pointed out that “if the amount of financing ranges between 100 million and 500 million dinars, the decreasing rate of the bank’s profitability per year will be 3.4%, and the commission of the Central Bank will be 5 in the thousand for one time and obtaining the approval of the Central Bank if the payment period exceeds 5 years,” noting that “in If the financing amount exceeds 500 million and reaches one billion dinars, the bank’s profit rate will be 3.4%, and the central bank commission is 5 in the thousand for one time, and the approval of the Central Bank is obtained if the repayment period exceeds five years.” Ended 29/A43
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