Shamil Bank offers a range of financing products that cater for the diverse financial requirements of individuals and businesses. These products are structured using the acceptable Islamic modes of Morabaha, Tawarruq and Ijara.
Tamweel Al Shamil
Tamweel Al Shamil provides you with Sharia’a Compliant finance, pre approved by the bank’s Sharia’a Compliance Committee, comprising of the reputed scholars, Sheik Abdullah Al Mane‘a, Sheikh Nadam Yaqoubi and Sheik Mohsen Al Ashoor.
With Tamweel Al Shamil the customer obtains finance in an easy, comfortable manner. This is how the Tamweel Al shamil works:
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The Mutawariq (Customer) purchases a prescribed commodity owned by Shamil Bank. |
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After conclusion of the transaction ,the Customer will be issued a Title Deed to evidence transfer title from the Bank to the Customer who can either collect the prescribed commodity or authorize the appointed local merchant to sell it on his/her behalf. |
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During the Title Deed validity period, the Customer will either collect the commodity or sell it through appointed local merchant. |
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Shamil Bank co operates with reputed entrepreneurs in the local market, to streamline the Tamweel Al Shamil transactions for its Customers. |
| Tamweel Al Shamil Benefits |
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| Finance through purchase and sale transactions involving a prescribed commodity. The Customer owns the commodity and freely disposes of it either through collection or resale for cash. |
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• Finance of up to BHD 75,000. |
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• Enjoyment of a full suite of Sharia’a compliant banking services. |
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• No penalty is charged on early pay offs. |
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• Easy and fast procedures. |
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• During the life of the finance, you can stop two installments free of cost. |
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• Waiver of outstanding installments in case of death- God forbids. |
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| Qualification Criteria |
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• If you are employed in the government service, or with a leading private organization (an organization acceptable to Shamil Bank) and have completed one year in your current job. |
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• If your gross salary is at least BHD 300 |
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• Age 21 years or more. |
| Then you are qualified for Tamweel Al Shamil. |
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| Tamweel Al Shamil Documentation Requirements: |
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• Introduction letter from the employer to include salary details, current position and years of service. |
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• Salary transfer letter. |
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• Valid CPR/Passport with copy of Iqama. |
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• Completed and signed Tamweel Al Shamil application form. |
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• Signed promissory note. |
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• Post - dated cheques. |
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| How to Apply? |
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