Zamzam Diaspora Financing
It is a Murabahah Financing granted to non-resident Ethiopian or non-resident foreign nationals of Ethiopian Origin that have been living abroad for more than a year.
Murabaha Diaspora Mortgage Financing
Mortgage financing will be given to:
- Purchase residential house from real estate, individual sellers or associations
- Construct residential house on their own plot of land
- Purchase or construct commercial buildings
- Finish construction of residential house or commercial building.
It will be given for the purpose of purchasing automobile in their home country.
Criteria for Diaspora Financing
- The applicant should open Wadiah Diaspora Saving Account.
- The age of the applicant should be 18 years and above.
- During application the applicant should submit:
- Renewed passport, resident and/or work permit for non-resident Ethiopians
- Two recent passport size photograph
- Renewed passport and yellow card for foreigners of Ethiopian origin
- Marriage certificate;
- Power of attorney, copy of ID, one recent passport size photograph of the agent;
- Employment letter showing annual gross or net income from their employers or individual tax return
- Incase of some jobs that don’t substantiate income document due to their nature the bank will entertain their request under a special option
- Copy of employment contract, if applicable
- Bank account statement for at least one year from foreign banks
- If the applicant is a business person she/he should present
- Financial statements for at least three consecutive years (audited if the request is beyond five million Birr)
- Renewed trade license and trade registration certificate, as applicable
- Tax payment certificate.
- The source of repayment shall be disclosed and the applicant shall give consent not to interrupt the regular repayment
- if it could be justified by acceptable documents the Bank may also consider other sources of income, as the case may be, to enhance the applicant’s capacity
- The repayment will be in foreign or local currency via transfer to the respective Wadiah Diaspora Saving Account opened in the name of the applicant.
- The maximum repayment period for Diaspora Mortgage and Diaspora Automobile financings shall be 10 years.