(Hajj Financing under Bai-Murabaha)
Bai-Murabaha is a cost plus mark-up financing, where the parties agreed to sale and purchase a certain product at specific agreed profit and the realization of sales proceed takes place in deffered basis.
Items to be financed: Air Ticket and Accommodation for Hajj performance (Payment shall be rooted only to authorized Hajj Travel Agencies of Bangladesh).
Tenure of Financing: Maximum 39 months (including 3 months Grace Period)
Profit Rate: Fixation of the Bai-Murbaha profit on the financing items shall depend on the HFCL management and clients will be informed accordingly.
Mode of repayment: Equal Monthly Installment (EMI)
Processing and Documentation fees: BDT 2,000 plus the Government tax, fees etc.
Legal fee and other related charges: Client shall born all expenses (if Applicable)
Any adult Bangladeshi Muslim Citizen on whom Hajj has become Fard (by virtue of his/her income, asset value etc.) can avail to As-Safari Hajj Financing Scheme.
Applicant must have at least 4 (four) years of employment experience (with government or private sector) or business experience (for self-employed and business persons).
Applicant must have a minimum monthly individual/joint income of BDT. 20,000.
Age of the Applicant or principal applicant (in case of Applicant applying for his/her dependents – wife/husband, father, mother etc.) shall not exceed 60 years at time of application.
Application of multiple financing (to sponsor one’s dependents to perform Hajj) is allowed under a single Applicant (Principal Applicant). In this case, the Principal Applicant’s creditworthiness/ability to repay will be thoroughly evaluated.
Applicant must provide evidence of ability to repay financing such as salary slip, proof of ownership of assets, proof of income from business, bank statements etc.
Account Openng Requirments
The Applicant must open an Al-Wadiah Hajj Savings Account with HFCL with a minimum balance of BDT 5,000 maintained until facility is fully settled.
1. 02 (Two) copies of Passport-size photograph (of the Principal Applicant, Co-applicant, dependents of Principal Applicant and Guarantors).
2. A copy of National ID/Passport/Driving License (of the Principal Applicant, Co- applicant, dependents of Principal Applicant and Guarantors).
3. Salary certificate issued by employer and last six month’s salary slips (for service holders or salaried-employees).
4. Last six (06) month’s bank account statements and/or business income statements (for self-employed and business persons).
5. Copy of TIN Certificate (for business persons).
5. Payment of Muallim fee receipt (In case of Applicant goingfor Hajj through Government arrangement).
6. Payment of booking fee receipt from Hajj Agency (In case of Applicant going for Hajj through Hajj agency).
6. CIB undertaking.
5. 02 (Two) Personal Guarantors.