Murabaha Goods ( Coming Soon )

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Commodity murabaha financing is a method compatible with Islamic Shariah law. The customer makes a request to the bank asking to buy a certain product with a description specified by the customer, the Bank then buys this item, and after it owns and possessed it, it sells it to the customer based on the cost with a certain profit and the customer pays its cost either immediately, or later on agreed  installments, whether those  goods were, electronics, or furniture, or equipment or appliances, the Nuran Bank remains ready to offer you funding compliant with Shariah law for the goods that you want.

Benefits:

  • Funding is compatible with the provisions and principles of the Islamic Shariah.
  • Convenient payment installments.
  • Repayment period up to 48 months (4 years) for consumer goods.
  • Repayment period up to 60 months (5 years) for operational goods.
  • Quick approval and documentation.
  • Funding from 2,500 to 10,000 Libyan dinars for consumer goods.
  • Funding from 10,000 to 500,000 Libyan dinars for operational goods.
  • competitive profit margin.
  • Fixed rate during the period of funding.
  • The customer aware of the profit margin and premium at the time of signing the contract .
  • Murabaha financing for commodity is easy, convenient and flexible.
  • Financing and reimbursement is based on the customer's monthly income.

In this case, the Nuran Bank financing for goods is of two types:

  1. Consumer goods: with a life expectancy of at least three years, such as computers, electronics, and household furniture.
  2. Operational goods: with average life expectancy of more than 5 years such as equipment for professional use (such as medical clinics) and machines

Eligibility:

  • Age ranging from 21-59.
  • Libya citizen or foreigner with a residence visa.
  • Must have a current account with the Bank of  Nuran.
  • Statement of account for a period of six months.

Documents required of Murabha Financing for goods:

  • A valid identity card ( identity card or passport ) for both client and guarantor.
  • Fill a murabaha financing application form.
  • Sign a murabaha contract.
  • Provide a proforma invoice.
  • Confirmation of payment by the guarantor.
  • Letter from the employer of the customer and guarantor affirms not to transfer salary to any other Bank.
  • Letter confirm not obtaining financing/loan from any another bank ( for new customers ).
  • Salary certificate of the customer and guarantor.
  • For non-Libyans: valid passport with valid residence visa.