MIB Consumer Goods Financing


       Consumer Goods Financing 

Based on the Islamic finance concept of Murabaha, instead of lending you with cash, we purchase the desired product from the seller and re-sell it to you at a predetermined and competitive price which includes bank's profit. In return, you pay the total amount over agreed upon monthly installments.

- Repayment period 6 to 18 months
- Monthly payable must be less than 34% of confirmed income.

Features & Benefits

100% Shari'ah compliant financing
A fully transparent transaction with no processing fees, no additional charges or hidden costs.

Eligibility

-  Maldivian with valid resident identification card
- Age between 21 to  60 years
- Living and working in Maldives (Government Staff working in islands will be evaluated on case to case basis)
-  Has been in employment for the last 12 consecutive months with MIB accepted employers
- Customer must provide 1 guarantor, preferably his/her relative,
- undertaking an employment for minimum period of one year
- Earning a minimum confirmed income of MVR4,000.00. Total average gross salary for the past six months should be a minimum of MVR6,000.00
- Monthly payment should not exceed 34% of Customer's six months average salary.
- Total deduction (including other banks) should not exceed 50% of the Customer's confirmed income excluding statutory deductions.

Customer Payment Options

- Salary Deduction

REQUIRED DOCUMENTS:

-  Completely Filled Application Form
-  Copy of National Identity Card
-  Employer Letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.
-  Last 06 month's Bank Statement
-  Last 06 month's Salary Slip
-  Quotation from MIB authorized Dealers

Guarantor's Requirement

The Guarantor for this facility must be;

- Maldivians with valid resident identification card
- Aged between 21 to 60 years
- Living and working in Maldives
- Has been in employment for the last consecutive 12 months with MIB accepted employers
- Guarantor preferably is related to Customer either by blood or marriage

And should provide the following documents

- Employer letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.
- Copy of national identity card