Shamil Personal Finance provides easy and comfortable access to finance, allowing you to meet your various personal needs. Sharia-compliant financing on offer covers marriage, travel, education, medical, furniture & home appliances, building materials, maintenance and repair work, as well as the refinancing of existing debts.

Apply for Shamil Personal Finance now and get your plans off the ground!

Qualification Criteria

• Age of the applicant should be between 21 and 60, depending on the legal retirement age (retired people should not be above 65 years of age at the date of the last installment)   • Applicant should be working and residing in the Kingdom of Bahrain   • Minimum income should not be less than BD 200 for salaried individuals, BD 350 for retirees, BD 800 for self-employed individuals and BD 1,000 for small business owners (income for self employed individuals and small business owners is the net of monthly credit turnover)   • Salaried individuals should have been in the employment of their present employers for at least 3 months (provided the applicant has completed the required probation period)   • Self-employed and small business owners should be true owners of their businesses, with business track records of at least 3 years   • For more information, please contact our call center on 17 878777

Security

• Salary transfer is mandatory in the cases of salaried individuals and retirees   • Security checks are mandatory in the cases of salaried individuals and retirees   • Post-dated cheques are mandatory in the cases of small business owners and self-employed individuals   • Personal guarantees are mandatory in the cases of small business owners and self-employed individuals   • If the customer obtains financing against cash collateral (modaraba), then salary transfers and life insurance can be omitted at the applicant’s discretion   • If the customer obtains financing against real estate, then life insurance, fire insurance and salary transfer are required

Documentation

• Salaried Individuals     Mandatory documents:     » Copy of CPR (and passport from expatriates, including the page showing visa work permit)     » Latest salary slip (or the last three salary slips, if overtime calculation is required for a better Debt Service Ratio (DSR)     » Credit Rating Bureau (CRB) consent form (to be provided by the Bank).     » Salary transfer certificate.     » Assignment of leaving indemnity (only from expatriates)     Additional Documents:     » 3 months bank statement (if there is additional fixed income. If there is rent income at least 6 months bank statement is required)     » Salary certificate (if the joining date is not mentioned in the salary slip or title of the employee is not clearly stated in the CPR or salary slip)   • Self-employed and small businesses     Mandatory documents     » Copy of CPR (and passport from expatriates, including the page showing visa work permit)     » 6 months bank statement     » Copy of CR     » CRB consent form (to be provided by the Bank)   • Retired individuals     Mandatory documents     » Copy of CPR     » Salary certificate from the General Organisation for Social Insurance (GOSI) or Pension Fund Commission (PFC)     » Salary transfer certificate.     » CRB consent form (to be provided by the Bank).     Additional documents:     » 3 months bank statement (if there is additional fixed income. If there is rent income at least 6 months bank statement is required)

Sharia Compliance

Shamil Personal Finance provides you Sharia-compliant finance pre-approved by the Bank’s Sharia Compliance Committee, which is comprised of the reputed scholars, Shaikh Abdullah Al Manee‘a, Shaikh Nedham Yaqouby and Shaikh Mohsin Al Asfoor. This product operates under two different financing schemes; commodity morabaha and morabaha. Below shows how these schemes work:   • Commodity morabaha     » The Mutawariq (Customer) purchases a prescribed commodity owned by Shamil Bank     » After the conclusion of the transaction, the Customer will be issued a title deed to prove the transfer of the title from the Bank to the Customer, who can either collect the prescribed commodity, or authorise the appointed merchant to sell it on his/her behalf     » During the title deed validity period, the Customer will either collect the commodity or sell it through an appointed merchant     » Shamil Bank co-operates with reputed entrepreneurs in the market to streamline the commodity morabaha transactions for its Customers   • Morabaha     » The Customer gets a quotation for the good(s) from the seller     » Shamil Banks buys the good(s) from the seller     » Shamil Bank sells the good(s) to the Customer with the addition of a profit margin     » The total sale value (morabaha due) is divided by the number of installments

How to Apply?
1) Contact any of our branches   2) Speak to our call agent   3) Request for more information   4) Apply now!   5) Calculate your installment now!       * Shamil Bank conditions apply