Goods and Services Tax (GST) is subject to 8% effective from 1st Jan 2023.
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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.
100% Shari'ah compliant financingA fully transparent transaction with no processing fees, no additional charges or hidden costs.
- 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.
- Salary Deduction
- 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
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
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