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[size=36]Finance: Al-Nahrain Islamic Bank launches “Murabaha” financing for small projects[/size]
Economy | 09:20 - 02/07/2024
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Mawazine News - Baghdad
The Ministry of Finance announced today, Wednesday, that Al-Nahrain Islamic Bank has launched Murabaha financing for small projects.
A statement from the ministry received by Mawazine News stated, “Al-Nahrain Islamic Bank (one of the ministry’s formations) called on citizens to benefit from Murabaha financing for small projects, in accordance with the controls and instructions that stipulate that the age of the financing applicant must not be less than (18 years) and his age should not be more than (65 years), and the minimum financing limit is (3,000,000) dinars, and the maximum financing limit is (20,000,000) dinars, with a murabaha rate of (5%) for a period of (5) years, and the first installment is due after (30) days from the date of purchase of the goods.”
The bank stressed that “the financing applicant must not be an employee of civil or military state departments,” adding that “the financing applicant must provide one or more guarantors from state government employees, provided that his or her net salary covers twice the monthly installment and that the financing period is proportional to Retirement age.
He added, "The bank's initiative comes in line with the government's supportive approach to diversifying economic activities and providing the requirements for small and medium enterprises, aiming to rebuild the economic fabric and create sustainable job opportunities for Iraqis."
A statement from the ministry received by Mawazine News stated, “Al-Nahrain Islamic Bank (one of the ministry’s formations) called on citizens to benefit from Murabaha financing for small projects, in accordance with the controls and instructions that stipulate that the age of the financing applicant must not be less than (18 years) and his age should not be more than (65 years), and the minimum financing limit is (3,000,000) dinars, and the maximum financing limit is (20,000,000) dinars, with a murabaha rate of (5%) for a period of (5) years, and the first installment is due after (30) days from the date of purchase of the goods.”
The bank stressed that “the financing applicant must not be an employee of civil or military state departments,” adding that “the financing applicant must provide one or more guarantors from state government employees, provided that his or her net salary covers twice the monthly installment and that the financing period is proportional to Retirement age.
He added, "The bank's initiative comes in line with the government's supportive approach to diversifying economic activities and providing the requirements for small and medium enterprises, aiming to rebuild the economic fabric and create sustainable job opportunities for Iraqis."
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