“Ijara Services” is a New Product offered from ADIB Egypt increasing its competitiveness in the Egyptian Market
Education Services Finance via Al Nour program up to EGP 150,000 and Travel Finance up to EGP 200,000 according to Islamic Shari’a Principles
Cairo – July, 2011 – As part of its commitment to provide new Banking Services and Products that meet the needs of its clients, ADIB Egypt launched a new banking product “Ijara Services” to finance education and travel, in accordance with Islamic Shari’a Principles.
Ijara Services Finance is a lease contract, where the bank (the lessor) leases to a customer (the lessee) a specific service to exist in the future, such as education and travel for a specific period of time with specific regular installments. The service can be provided by the bank or through a service provider, such as universities, schools, or travel companies, through a signed parallel lease contract on the same described service for the same period in exchange for the agreed rental.
Nevine Loutfy, ADIB Egypt Managing Director and CEO stated “The new innovative product to finance an Ijara education and travel services reflects ADIB Egypt’s banking policy, which is based on diversity in providing a range of banking products in order to expand its customer base and attract new customer segments. This is quite achievable by providing our best practical banking solutions according to Islamic Shari’a Principles, to finance vital services to the market, such as education and travel, especially Hajj and Umrah trips.
These Ijara finance services are very rare in Egypt market & offered by a limited number of banks in Egypt, topped by ADIB Egypt and accordingly, this new product “Ijara Service Finance” will increase the bank’s competitiveness in the Egyptian banking market.”
Through Ijara Education Finance via Al Nour program, ADIB Egypt leases the education service including tuition fees and books for private university or schools that the bank has an agreement with. The service is leased to the customers based on their request, with a maximum finance of EGP 150,000 in exchange for equal monthly installments over a period of up to 60 months.
As for the Ijara travel finance program, the bank - according to the customer’s request - leases all types of travel and tourism services, whether Hajj, Umrah trips or domestic and international trips, with a maximum finance up to EGP 200,000, that would be paid back to the bank through equal monthly Ijara installments over an extended finance period up to 60 months.