Conditions of good loan Faisal Islamic Bank of Egypt
The loan of Hassan Faisal Bank is considered one of the most important loans offered by Faisal Islamic Bank, as the bank takes into account Islamic law in dealing with customers, and the loan of Hassan is granted without interest, and in this article we will learn about everything new. Various information about the good loan from Faysal Bank, the procedures required to receive the loan, and the different types of loans from Faysal Islamic Bank.
Definition of a good loan from Faysal Islamic Bank
- Some people may need a loan to facilitate them and meet their financial needs, and at the same time without any interest to remove suspicions of interest. If you wish, there is no better loan than Hassan Faisal Bank.
- A good loan is a loan transferred through Faisal Islamic Bank of Egypt, and it is support for the borrower to get rid of his debts and pay his installments.
- When someone wants to borrow a good loan, he has to go to the bank to get a good loan by paying cash or bank deposit in the account of the borrower.
- The borrower returns the loan even within the period agreed upon by the bank, but without any interest on it.
- There are also some important conditions that the bank sets in order to obtain a loan from Hassan Faisal Bank, and we will define these conditions through the following points.
See also: Faysal Islamic Bank customer service number and Faysal Islamic Bank services
Conditions required from Faysal Islamic Bank to obtain a good loan
- If a person wants to get a loan from Hassan Faisal Bank, he has to apply only once.
- The bank also cancels the loan application if a person filled out the form more than once, changing names and phone numbers.
- The bank responds to the borrower’s request within two days from the beginning of the application.
- If the borrower defaults, the application is approved.
Islamic thought in the good loan from Faisal Islamic Bank
Faysal Islamic Bank operates in compliance with all provisions stipulated in the Islamic Sharia in order to avoid suspicion of usury. Faisal Bank also relies on Islamic Murabaha, and among the rules followed in the Islamic Murabaha method are the following:
- Consider avoiding duress with customers who have good credit.
- Not to engage in any banking activity based on speculation and in violation of the Islamic Murabaha principles.
- Faisal Islamic Bank is concerned with working with the principles of Islamic Sharia in all its banking transactions.
- The bank also shares profits and losses with the borrower, in accordance with Islamic law.
- Where they agreed upon before that.
- The Bank’s projects are multiplied by adding several measures to prevent losses.
See also: Faysal Islamic Bank interest-free loans and conditions for obtaining them
Discussing the loan of Hassan Faisal Bank
- On the other hand, there are opinions about the legality of good loans by Islamic banks.
- But the bank delayed it from charging interest on any money from the borrower.
- However, the bank requires paying the price of cars or housing units in hard currency, in order to provide the bank with a profit margin.
- The dispute has become between everyone, for example, the bank buys a car or a housing unit for the applicant at a low price.
- Then he sells it again to the man at a higher price, and then it is considered suspicious of usury, even if it is called a good loan.
The most important procedures for obtaining a good loan from Faisal Islamic Bank
There are several important procedures and conditions for obtaining a loan from Hassan Faisal Bank, including:
Good insurance to guarantee the loan
- For this condition, the loan applicant must insure his life with the insurance company of the bank.
Secure direct loan guarantee
- When the borrower signs more than one check or receipt, or when he mortgages some goods in the bank.
- It is also possible to mortgage a property or villa to the bank so that the bank can guarantee the loan if the borrower does not pay on time.
See also: Conditions for opening an account in Faisal Islamic Bank
Conditions that must be met when applying for a loan from Hassan Faisal Bank
In order to obtain a loan from Faysal Islamic Bank, the following must be submitted:
- The age of the loan applicant should start from twenty-one years and not exceed sixty years.
- The borrower’s salary must be 1,000 pounds or more.
- The loan repayment date is determined, as well as the management expenses that must be paid in order to be able to obtain the loan.
- Its rate ranges from 0.5% to 1.5%.
- The loan repayment period does not exceed seven years, and the repayment period is agreed upon according to the applicant’s work.
- But if the borrower is an employee, he must provide a copy of the salary items.
- If he is independent, he shall present evidence by the accountant with a statement of recent banking operations.
The most important and prominent advantages of obtaining a good loan from Faysal Bank
There is more than one advantage of Faisal Islamic Bank when applying for a good loan, including the following:
- The bank is distinguished by the simplicity and speed of the necessary banking procedures until the loan is received.
- Also, the borrower can repay the loan without any interruption or restrictions from the bank.
- The bank offers the largest returns.
- The bank grants a long repayment period that may extend for more than five years.
- No interest, late fees or any refunds are charged on the loan.
- The loan can be obtained for both public sector employees and private sector employees.
- The loan can also be obtained at any age.
- Faysal Bank also offers standby loan guarantee insurance, deducting ten percent of each loan good from the total repayment cost and eligible expenses.
- It is supported by Faysal Islamic Bank with a profit of ten percent, which is a small percentage compared to other banks.
Conditions for obtaining a loan to buy a new car from Faisal Islamic Bank
Faisal Islamic Bank provides a special system for obtaining a modern car, and for this it is necessary to know the following conditions, which are as follows:
- The loan applicant must pay 25% of the total price of the car.
- The bank also finances up to 75% of the remaining price of the car.
- The maximum financing amount is EGP 500,000 and cannot be exceeded.
- The maximum financing period should not be more than seven years.
- The minimum financing period is one year and the rate of return is as low as 18.25%.
Additional conditions from Faysal Islamic Bank for obtaining a loan to purchase a new car
- The age of the loan applicant should not exceed sixty years, in order to pay the other installment of all payments due on the car.
- Another condition is that the borrower has a salary of at least EGP 1,500.
- Also, the bank requires the borrower to complete two years of work from the start of the business.
Documents required from the borrower for the purpose of accepting the purchase of a car from Faysal Islamic Bank
- The borrower will bring proof of salary details from his employer.
- The loan applicant must also provide general receipts such as electricity receipt, gas receipt, water receipt or telephone receipt, and it must be valid.
- Another requirement is to provide the borrower with a valid National Identity Card.
- The borrower submits his tax return.
Conditions for obtaining a pension loan from Faisal Islamic Bank
The bank sets several conditions for obtaining a good pension loan, among which are:
- The borrower has entered his data correctly, making sure that the phone numbers are correct.
- The bank also queries all the data on the form to see if they match.
- When the data is different from the existing data, the request will be rejected.
- The bank approves the loan according to the need of the applicant for a pension loan.
- Presenting a bet such as: real estate or real estate to guarantee the right of the bank in the event of non-payment.
- The bank asks the borrower to insure his life with the bank’s insurance companies.
- It acts as collateral for the bank in signing all insurance receipts.
In conclusion, we provided information about the Hassan Faisal Bank loan, for those who want to obtain an interest-free loan that is suspicious of interest. There is nothing better than Faisal Islamic Bank and dealing with it, because it deals in accordance with Islamic law.
Source: موجز مصر by www.mogazmasr.com.
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