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Governmental bank amends real estate purchase murabaha instructions for employees
Shafaq News/ Today, Monday, the state Islamic Bank of "Al-Nahrain" issued amendments to its instructions to grant employees of state departments a Murabaha to buy a property, bringing the maximum grant limit to 100 million Iraqi dinars.
The bank said in a statement received by Shafaq News Agency, "The instructions for buying the property are that the maximum purchase limit for the property is 100 million dinars, and that the repayment period be 15 years and a 2% Murabaha per year with one or two guarantors whose net salary covers double the monthly installment with subtracting direct obligations." and indirect.”
He added that "among the amendments, opening an account for the seller and depositing the amount of the sale determined by the Grants Committee in an account (demand deposit) that is restricted after opening the statement, and signing the contract that includes his pledge, i.e. (the seller) not to withdraw the deposit amount until the procedures for transferring ownership of the property are completed permanently and the issuance of the The debt bond is indicated by the first-degree mortgage in favor of the bank.
He pointed out that "among the amendments, the seller authorizes the bank to withdraw the amount deposited in the deposit account (the restricted account) by the bank in full in the event that the sale process is not continued and the procedures for transferring ownership of the property are not completed for any reason whatsoever," adding that "among the conditions is that the applicant Funding and sponsor from state employees and fixed to the owners, taking into account the years of service for retirement.
And he indicated that "among the amendments, the first installment is due after 30 days from the date of its release by the senior management after completing the procedures for transferring ownership and placing the seizure sign on the property in favor of the bank (finance amount + Murabaha)."
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The bank said in a statement received by Shafaq News Agency, "The instructions for buying the property are that the maximum purchase limit for the property is 100 million dinars, and that the repayment period be 15 years and a 2% Murabaha per year with one or two guarantors whose net salary covers double the monthly installment with subtracting direct obligations." and indirect.”
He added that "among the amendments, opening an account for the seller and depositing the amount of the sale determined by the Grants Committee in an account (demand deposit) that is restricted after opening the statement, and signing the contract that includes his pledge, i.e. (the seller) not to withdraw the deposit amount until the procedures for transferring ownership of the property are completed permanently and the issuance of the The debt bond is indicated by the first-degree mortgage in favor of the bank.
He pointed out that "among the amendments, the seller authorizes the bank to withdraw the amount deposited in the deposit account (the restricted account) by the bank in full in the event that the sale process is not continued and the procedures for transferring ownership of the property are not completed for any reason whatsoever," adding that "among the conditions is that the applicant Funding and sponsor from state employees and fixed to the owners, taking into account the years of service for retirement.
And he indicated that "among the amendments, the first installment is due after 30 days from the date of its release by the senior management after completing the procedures for transferring ownership and placing the seizure sign on the property in favor of the bank (finance amount + Murabaha)."
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