Taqseet Finance is the new finance brand launched by Al Baraka Islamic Bank. With attractive profit rates and easy, convenient ways to enroll, we offer Shari'a compliant products to cater for the Bahraini and Expatriates whether employed or self employed.
Taqseet Finance is launched with a view to help you get what you want quickly and easily through one of our local branches.
Taqseet Auto & Other Goods Finance
• Taqseet Auto & Other Goods Finance execution based on Murabaha Contract which is an Islamic form of asset financing and has a fixed term and a predetermined profit.
• In a Murabaha the bank buys a specific asset that the customer wants, and after having owned it and becomes its property, it sells to the customer at the buying price plus a profit at a rate agreed at the time of entering into the contract.
Taqseet Mortgage Finance
Taqseet Mortgage Finance execution based on the following three methods:
1- 1- Ijara Muntahiya Bittamleek: The Bank leases movable and immovable assets to its customers, with the option that the customer may or may not own the leased asset at the end of the term of the lease as per the agreement signed between the two parties. The Bank promises to transfer the title of the property to the customer at the end of the financing period, if all payments have been made.
2- Ijara Mawsoofa Bilthima: This is a forward dated Ijara (lease) contract wherein the customer enters into a lease agreement with the Bank for a property to be delivered at a future date. This product is offered to customers interested in a property under construction. Al Baraka Islamic Bank will take over the developer's payment schedule and all payments will be made directly to the developer over the construction period, and the customer shall pay the profit to the Bank during the grace period which is the construction period. Once the construction is complete, the Bank will sign Ijara Muntahiya Bittamleek contract with the customer in order to start the next phase of the finance facility.
3- Diminishing Musharaka: In a Diminishing Musharaka the bank's share decreases gradually as a result of a gradual sale of its shares to the customer against the payment of installments. The bank makes profit by selling the share at a price which is higher than its original value.
Mechanism of Taqseet Finance
For instance, if you apply for Taqseet Finance according to the following:
• Amount BHD10,000/-
• Finance Type: Murabaha Auto or Other Goods Finance
• Tenor: 3 Years
• Flat Profit Rate: 3.83% (APR 8.44%)
Your monthly installment will be BHD315/-
All applications of Taqseet finance are subject to the Bank’s approval.
How to apply
Applying for a Taqseet Finance is easy. If you are 21 years old or above, all you need to do is complete the application form at any at any branch of Al Baraka along with the required documents as mentioned below.
· Two valid ID’s (Valid residence permit for expatriates)
· Latest Pay Slip / Salary Certificate
· Bank statement for the last 3 months (6 months for self-employed Individuals)
· Valid Commercial Registration for self-employed Individuals
Our promise to you
We are committed to giving you the very best personal service and therefore pledge our commitment to provide a quick turnaround time and answer on your Taqseet Finance Application.
For more information Contact us on our
Call Center: 13 300 400
From Sunday to Thursday 7:30AM to 9:30PM
* Terms and Conditions apply