Furniture Financing Product (for the International Furniture Company)

  1. The bank covers the costs of financing the purchase of furniture so that the total amount is paid through monthly premiums.
  1. The Product Purpose:
    • Providing products that meet the market’s needs and requirements in accordance with Islamic Sharia.
    • Finding the appropriate financing within the provisions of Islamic Sharia for financing the purchase of furniture and finding a competitive product among banks that would attract a large segment of society and through which the rest of our products are spread, and the bank’s name is disseminated to most segments of society.
    • Finding joint cooperation between furniture fairs and our bank.
    • Keeping up with the market to ensure competition within the banking products required in the Iraqi market
  2. Target Groups:
    • Employees or Retirees.
    • Freelancers.
  3. Financing Percentage: 100% of the goods price, up to a maximum of 15 Million Dinars per customer.
  4. Age of the Customer or Sponsor: From 18 Years to 63 Years
  5. Approved Companies: International Furniture Company
  6. Financing Ceiling:
  1. Minimum = 1 Million Iraqi Dinars
  2. Maximum = 15 Million Iraqi Dinars
  1. Financing Term: Maximum of 24 months
  2. Profit Rate: 5%
  3. Example:
Financing AmountProfit RateFinancing Term MonthTotal Financing Including ProfitMonthly PremiumTotal Financing Profit
3,500,0005%243,850,000160,417350,000
Except for the administrative and operational commissions charged to the bank

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