Al Baraka Bank Launches Sharia-Compliant Home Finishing Finance Up to EGP 750,000
Al Baraka Bank offers a home finishing finance product under the Murabaha structure, in line with market needs, providing customers with greater flexibility to complete and finish their residential units at competitive prices and under facilitated terms.
Through this product, the bank provides financing of up to EGP 750,000, with a minimum down payment starting from 20%, and a flexible repayment period of up to six months, while maintaining a debt-burden ratio not exceeding 50% of net income, ensuring customers’ financial balance and repayment capability.
The home finishing finance offered by Al Baraka Bank is fully Sharia-compliant through the Murabaha formula, in addition to competitive pricing and banking services aimed at streamlining procedures and enabling customers to obtain financing as quickly as possible.
To qualify for the financing, applicants are required to submit a valid national ID card (for Egyptians), along with a recent utilities bill such as electricity, gas, or telephone, and a cost estimate for finishing works of the residential unit. Employees must also provide proof of income, either through salary transfer based on an approved undertaking to transfer the salary or installment along with a recent income certificate, or—if salary transfer is not applied—through an approved bank statement for the last six months or a recent income certificate authenticated by a bank or official seal, provided it is no older than one month.
Self-employed individuals and business owners are required to submit a bank statement for the last six months (personal or corporate), in addition to a recent commercial register issued within the last three months and a valid tax card.
Through this product, the bank targets a wide customer segment, as financing is available to employees aged 21 to 60, and to self-employed individuals and business owners up to 65 years old, reflecting Al Baraka Bank’s commitment to supporting family stability and improving quality of life through responsible, Sharia-compliant financing solutions.