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Islamic Finance

Financing

Your car is with us

MOURABAHA AUTOMOBILE is a sales contract for new vehicles assembled or manufactured in Algeria. It is a formula compliant with the precepts of Islamic Sharia . The cost price and profit margin are known and agreed upon in advance by both parties.

Certificate of Conformity Documents to be provided

Advantages

Compliant with Sharia law

  • Fast processing: 5-days deadline ;
  • Predetermined monthly payments;
  • Financing can reach up to 90% of the vehicle price;
  • Competitive profit margin;
  • Possibility of increasing financing capacity with a co-applicant (spouse, ascendants, or first-degree descendants)

Frequently asked questions
  • Can I buy a car from abroad?

According to current regulations, the bank only finances vehicles manufactured or assembled in Algeria.

  • Does the car’s price affect the financing amount?

Yes, the client’s income and the repayment period determine the amount of financing according to age, and to find out you should do a simulation in our nearest agency .

  • What happens if I can no longer afford my monthly payments?

You must inform your bank of your financial situation. The bank may grant you a reasonable and carefully considered payment plan to settle your outstanding balance if the reason is valid.

  • When will I become the owner of the vehicle?

The bank registers the vehicle in the client’s name upon the sale, with the vehicle being pledged as collateral to the bank. At the end of the financing period and after all outstanding payments have been made, the bank issues a release certificate.

Your Comfort is Our Strength

Mourabaha Equipment is a sales contract for new goods (equipment, appliances, furniture, etc.) assembled or manufactured in Algeria. The bank purchases the goods chosen by the client and resells them at a profit margin agreed upon by both parties. You can now purchase Condor products online through our platform: bna.e-faciliti.dz

Certificate of Conformity Documents to be provided

Désormais, vous pouvez effectuer votre achat par facilité sur les produits Condor directement en ligne via la plateforme : bna.e-faciliti.dz

Advantages
  • Compliant with Sharia principles;
    Financing can cover up to 100% of the
  • equipment cost;
  • Repayment terms can extend up to thirty-six (60) months;
  • A grace period may be granted;
  • Fast processing.

Frequently asked questions
  • What equipment can I purchase?
    -Motorized Bicycles and Tricycles. -Computers, other IT equipment and accessories. -Telephones and cell phones, tablets. -Televisions, video, audio and MP3 players, cameras and camcorders, heaters, air conditioners, refrigerators. -Home kitchen equipment. -Home laundry equipment. -Small household appliances. -Furniture, furniture sets and accessories made of wood or a combination of other materials, for domestic use. -Upholstery fabric, tapestries, carpeting and bedding. -Ceramics and sanitary ware.
  • Can I repay early?
    Yes, you can repay your financing early, partially or in full, without the possibility of a reduction or waiver of the margin.
  •  
  • What happens if I can no longer meet my monthly payments?
    You must inform your bank of your financial situation; the bank can… Granting a reasonable and carefully considered payment period to settle your outstanding debts, if the reason is valid.
  • Is it possible to obtain financing for a contract worker?Yes, if the duration of the employment contract covers the financing period.

 

Own your own home

Murabaha Real Estate is a contract for the sale of real estate; it is a formula compliant with the principles of Sharia. At the client’s request, the bank purchases the property from a developer or an individual chosen by the client and resells it to them with a profit margin known and agreed upon in advance by both parties.

Certificate of Conformity Documents to be provided

Advantages

Product compliant with Sharia principles;

  • Monthly payments tailored to the client’s financial situation;
  • Monthly payments are predetermined and payable over a period of up to 40 years;
  • Financing available up to 90% of the property price;
  • Competitive profit margin; Application processed within 30 days of complete submission.

Frequently asked questions
  • Can I rent the property before completing my monthly payments?

Yes, it is possible to rent your property before completing the monthly payments by submitting a request to the bank.         

  • During the payment period, does the property remain in the bank’s name?

The bank purchases the property and then sells it to its client with a transfer of ownership and a mortgage. 

  • Is it possible to obtain financing approval during the trial period?

The bank cannot release the funds until final confirmation of employment. This trial period is ideal for preparing your application.

 

  • I have another loan with a different bank. Can you grant me financing?

If you have no payment defaults and have the repayment capacity, the bank can grant you financing.

Today a tenant… tomorrow a homeowner

Ijara Akaria Mountahia Bitamlik is a lease-to-own agreement for residential housing from a developer or private individual. This financing complies with the principles of Islamic Sharia.

Certificate of Conformity Documents to be provided

Advantages
  • Compliant with Sharia principles; Fast processing of financing applications within 30 days;
  • Rent amount tailored to the client’s financial situation;
  • Rent amount and payment frequency are predetermined. Financing that can reach 90% of the property price;
  • Favorable margin rate after opening a BNA savings account;
  • Notary fees can be financed by the bank in installments over the financing period,without the application of a margin;
  • In the event of full early repayment, the bank may waive 50% of its margin.

Frequently asked questions
  • If I have an open-ended contract, can I obtain Ijara Akaria Mountahia Bitamlik financing?

You can benefit from Ijara Akaria Mountahia Bitamlik financing if the contract term covers the duration of the rent payments.

  • What happens if I can no longer afford my rent?

You must inform your bank of your financial situation. The bank may grant you a reasonable and considered grace period to settle your outstanding payments if the reason is valid.

  • Can I repay early?

Yes, you can repay your financing early, in part or in full, without penalty.

Together to renovate or build your home

ISTISNA’A “DARI” is a contract by which the client requests the bank to carry out the project or a portion of the real estate project, such as an extension, renovation, or construction of a home. The bank intervenes through a parallel Istisna’a contract and requests the manufacturer to carry out the project. Once the project is completed, according to the specifications provided by the applicant, the bank request from the manufacturer to deliver the project to its client.

Certificate of Conformity Documents to be provided

Advantages
  • Compliant with Sharia principles; Fast processing of financing requests;
  • Financing that can reach 100% of the total cost of renovation work and 90% of the total cost of extension or construction work;
  • In the event of early repayment, the bank may waive 50% of the profit margin amount projected in the amortization schedule.
  • A competitive margin rate.

Frequently asked questions
  • What are the operations related to Istisna’a “Dari” financing?

Istisna’a “Dari” is intended for financing construction, extension, and renovation projects for a dwelling.

  • Can the advance be in kind?

Yes, the advance amount can be in cash or in kind.

  • I have another loan with a different bank; can you grant me financing?

If you have no payment defaults and have the ability to repay, the bank will grant financing.

  • After my application is accepted, how long will it take to process?

Complete and accepted files are processed within eight (8) days of submission.

Subsidized real estate financing allows resident and non-resident individuals to purchase or build a home at a reduced margin, thanks to support from the Treasury.
It is offered under the Mourabaha, Ijara, or Istisna’a formulas, in accordance with the principles of Islamic finance.
This financing covers:
The purchase of collective housing,
The construction of rural housing,
The construction of individual housing, carried out in groups or as part of the public land offer in the southern and highland areas.

Avantages
  • Product complies with Sharia law.
  • The amount of financing can cover up to 100% of the cost of the real estate project.
  • There is no limit on the price of the property being financed, taking into account the customer’s repayment capacity.
  • The applicant may use a co-applicant (spouse).
  • Monthly payments tailored to the customer’s financial situation.

Frequently asked questions

Who is eligible for subsidized real estate financing?

You can benefit from subsidized real estate financing if you meet the following conditions:

Customer profile

  • Be an Algerian citizen.
  • Provide proof of permanent residence in Algeria.
  • Have legal capacity.
  • Be under 75 years of age at the final repayment date.
  • Not have previously benefited from subsidized real estate financing.

Income

  • Have a stable and regular monthly salary or income equal to or greater than the SNMG (minimum monthly wage).

What is the repayment period for this type of financing?

The maximum term for monthly payments is:

  • 40 years for Mourabaha Real Estate financing.
  • 30 years for Ijara Akaria and Istisna’a Dari construction financing.

This term is limited to a maximum age of 75.

Financing based on the Qard Hassan concept

The “ESSABIL” product is a Qard Hassan loan without profit margin, designed to finance Hajj-related expenses for individuals holding a valid Hajj passport, their spouse, or first-degree ascendants and descendants.

Certificate of Conformity Documents to be provided

Frequently asked questions
  • What is Qard Hassan?

Qard Hassan financing is a socially oriented loan whereby the bank receives no interest from the beneficiary. The client’s only obligation is to repay the installments.

  • Can I repay early?

Yes, you can repay the loan early.

  • What happens if I can no longer meet my monthly payments?

You must inform your bank of your financial situation. The bank may grant you a reasonable and carefully considered extension to settle your payments if the reason is valid.

  • Is it possible to obtain financing for a contract worker?

Yes, if the duration of the employment contract covers the financing period.