MTB Yaqeen Personal Finance is featured on the Shari’ah permissible mode of Hire Purchase under Shirkatul Milk (HPSM), also known as Diminishing Musharakah.
MTB Yaqeen Personal Finance is featured on the Shari’ah permissible mode of Hire Purchase under Shirkatul Milk (HPSM), also known as Diminishing Musharakah.
Shari’ah Features:
Riba (interest) free investment facility.
Bank and the customer jointly purchase/construct an asset i.e. household appliances.
Bank rents out its portion in the asset to the customer against a series of rental payment.
Customer purchases Bank’s portion of the asset making payment in monthly/ quarterly installments.
Cash facility can also be made available subject to Shari’ah conditions.
General Features:
Finance amount ranges from BDT 50,000/- to BDT 20 lacs (for renovation up to BDT 75 Lac).
Flexible repayment option of 06 months to 60 months.
No processing fee is charged.
Free from any compounding calculation.
No fee for early/partial settlement.
Easy documentation and quick processing
Eligibility:
Age of the applicant: Minimum 21 and maximum 65 years or retirement date whichever is earlier at the facility maturity
Minimum Experience:
Salaried person : 1 year with 6 months permanent employment status
Self-employed : 1 year of practice in the profession
Businessperson : 2 years of involvement in the same nature of business
Minimum Monthly Income:
Minimum BDT 18,000 for Government staff
Minimum BDT 20,000 for CEPP/Payroll/Salary with MTB
Minimum BDT 30,000 for other salaried person
Minimum BDT 50,000 for Self-employed
Minimum BDT 50,000 for Businessperson/Land lord/Land lady/other income individuals
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