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PERSONAL FINANCE
 
 
Ithmaar 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 Ithmaar Personal Finance now and get your plans off the ground!
 
Benefits
Available to salaried individuals, self-employed professionals, small business owners, retirees and GCC Nations.
Available to all nationalities
Financing of up to BD100,000, depending on the customer segment
Access to a full suite of Sharia-compliant banking services
Profit rates starting from 3.2%, depending on the customer segment and tenor, and APR starting from 6.2% depending on the finance option
Up to 84-months tenor, depending on the customer segment
Freedom to choose the profit rate and tenor
3-month grace period option
Life insurance
 
For all pricing options and more information please contact our Call Center (13 303030) or visit our nearest branch
 
  * Calculated for BD 10,000 over 48 months tenor
** Professionals such as accountants, doctors, architects and other professionals who meet Ithmaar Bank’s credit criteria.
 
Qualification Criteria
Age of the applicant should be 21 to apply, 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 250 for salaried individuals and retirees, BD 450 for expats and GCC nationals. 2000, 6 months income 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 13 303030
 
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
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 ID Smart Card (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 & CR Owners
Mandatory documents:
Copy of Smart Card (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
Ithmaar 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 Ithmaar 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
Ithmaar 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
Ithmaar Banks buys the good(s) from the seller
Ithmaar 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 Centre
3) Request now!
 
 
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PROFIT RATES (%) : 2013-2014
Tenor
Jan
Feb
Mar
1 month
1.25
1.20
1.20
3 months
1.75
1.70
1.70
6 months
2.25
2.20
2.20
9 months
2.50
2.45
2.45
1 year
2.75
2.70
2.70
13 303030
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