Personal Financing
Zamzam Bank offers personal financing based on the Islamic principle of Murabaha, which means “cost-plus price”. The bank buys an asset for you and sells it to you at a higher price, which includes the bank’s profit margin. You pay the bank in installments over a fixed period of time, without paying or receiving any interest. This is a flexible, convenient, and ethical way to finance your personal needs, such as buying a house or a car. To apply, you need to have a regular income, a good credit history, and a Zamzam Bank account. You can apply online or visit any of the bank’s branches. For more information, please contact the bank’s customer service.
Murabahah Term Financing: Ethical and Convenient Financing
Zamzam Bank proudly introduces Murabahah Term Financing, a Sharia-compliant solution catering to the diverse financial needs of individuals and businesses. As the pioneer of interest-free banking in Ethiopia, we are committed to offering innovative and ethical financial products.
Key Features:
Sharia Compliance: Murabahah Term Financing adheres to Islamic principles, providing a transparent and ethical approach to financing.
Versatility: Whether for working capital or acquiring commercial assets, our financing serves short-term, medium-term, or long-term needs, tailored to your business and cash flow.
Transparent Pricing: We disclose the cost and profit margin upfront, ensuring clarity and honesty in every transaction.
Requirements:
To benefit from Murabahah Term Financing, you must be a citizen or resident of Ethiopia, aged 18 or above, with a verifiable income, good credit history, valid identification, and a Zamzam Bank account. The application process includes submitting essential documents such as the application form, income statement, bank statement, asset valuation report, and sale agreement.
Benefits:
Flexibility: Enjoy flexible financing for personal or business needs, such as home or car purchases, without the burden of interest.
Competitive Profit Margin: Our financing offers a competitive profit margin, ensuring you get value for your investment.
Fast Approval: Experience a swift and straightforward approval process, allowing you to access funds when you need them.
Sharia-Compliant: Rest assured that your financing aligns with Sharia principles, providing you with an ethical and responsible financial solution.
Application Procedure:
Apply for Murabahah Term Financing conveniently through our website or by visiting any Zamzam Bank branch. Submit a purchase order detailing the asset, seller, and price. We then purchase the asset on your behalf and sell it to you with a disclosed profit margin. Repay in installments over the agreed period.
For more information, contact our customer service at +2515582308 or 9670, or email info@zamzambank.com.
Murabahah Revolving Financing: Sharia-Compliant Financial Solution
Murabahah Revolving Financing stands as a Sharia-compliant financial structure, rooted in the concept of cost-plus financing, ensuring adherence to Islamic principles where traditional interest is deemed impermissible.
Requirements:
- Valid account with the bank.
- Good credit history.
- Valid identification document.
Features:
Not a Loan: It deviates from conventional interest-based loans, representing the sale of a commodity for a deferred price, inclusive of an agreed profit.
Cost-Plus Financing: Aligning with Islamic law, this financing model is based on the acceptable form of credit sale.
Available for All: Designed for both individuals and businesses.
Benefits:
Shariah-Compliant: Upholding Islamic law, Murabahah Revolving Financing avoids interest-based transactions.
Flexibility: Tailor-made to suit customer needs, offering a versatile financial solution.
Asset Variety: Applicable to a wide array of assets, from machinery to vehicles.
How It Works:
Asset Identification: Customers choose the asset they wish to purchase.
Cash Purchase: The bank acquires the asset from the supplier on a cash basis.
Deferred Sale: The bank then sells the asset to the customer at a deferred price, encompassing an agreed profit.
Repayment: Customers repay the bank in installments over a pre-agreed period.
To explore Murabahah Revolving Financing, connect with your bank, inquire about the application process, and receive guidance through the seamless process.
Musharakah Financing with Zamzam Bank: A Partnership in Prosperity
Discover a collaborative path to financial success with Musharakah Financing from Zamzam Bank. This Islamic financing structure is rooted in profit-and-loss sharing, fostering a mutually beneficial partnership between the bank and the customer.
Requirements:
- Valid Zamzam Bank account.
- Good credit history.
- Valid identification document.
Features:
Profit-and-Loss Sharing: Musharakah Financing embodies a joint partnership where both the bank and the customer share in the profits and losses.
Versatility: Suited for individuals and businesses, offering flexibility in financing various assets, from machinery to vehicles.
Permanent Musharakah: Ideal for long-term financing needs, lacking a specific end date and continuing until the partners decide otherwise.
Benefits:
Shariah-Compliance: Embrace a financing solution that adheres to Islamic principles, free from interest, in line with Shariah law.
Flexibility: Tailor the financing arrangement to meet your specific needs, ensuring a solution that aligns with your financial goals.
Asset Range: Musharakah Financing caters to a wide range of assets, supporting ventures in machinery, equipment, vehicles, and more.
How It Works:
Identification: Choose an enterprise for investment, aligning with your financial objectives.
Partnership Agreement: Enter into a partnership agreement with Zamzam Bank to finance the chosen enterprise.
Profit-and-Loss Sharing: Profits and losses of the enterprise are shared between the bank and the customer based on a predetermined ratio.
Repayment: Repay the bank in convenient installments over the agreed period, fostering a sustainable and equitable financial relationship.
