Islamic Bank Loan System: Most people are not clear about the Islamic bank loan system. Especially since the method of taking loans from Islami Bank is a bit different from other banks, it is difficult to take a loan from Islami Bank. Moreover, due to different views on the issue of interest (profit) of Islami Bank, it is more difficult to take a loan. I will discuss all these issues today.
Islamic Bank Loan or Loan from Islamic Bank, it could be Islamic Bank Bangladesh Limited or it could be Shahjalal Islami Bank or all the other 6 Islamic banks. In that case, many are complaining that you have gone for a loan from an Islamic bank but they have not given a loan. Islami Bank eats interest, Islami Bank is the biggest fraudster. Such complaints about Islamic banking can be heard in people’s mouths.
Today’s article is only for those who have not yet understood the basics of Islamic banking. The first thing you should keep in mind is that the central bank of Bangladesh is interest-bearing and Bangladesh Bank takes an interest. So no other bank in Bangladesh is 100% interest-free. There is no bank anywhere in the world today that is 100% interest-free.
Number of Islamic banks
There are a total of 8 Islamic banks in Bangladesh.
- Islami Bank Bangladesh Limited.
- Shahjalal Islami Bank.
- Al Arafah Islami Bank Limited.
- Social Islami Bank Limited.
- ICB Islamic Bank.
- Fast Security Islami Bank Limited.
- Exim Bank Limited.
- Sonali Bank Limited.
Islami Bank Loan System
Loan services provided by various Islamic banks in Bangladesh are not agreed to be called loans by the bank. They call it an investment. Here is how much dividend you have to pay in case of taking a loan from Islami Bank and what is the interest fee or amount of interest.
In which case you will get this loan and what conditions you have to accept in case of getting a loan and why you will not get a loan, everything but we will discuss in detail in today’s post. Also, you will be informed about the maximum number of days you will get the Islamic Bank loan and for what purpose you will get the loan.
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Islamic bank loan method
Islami Bank provides loans in six basic ways. The first is to buy a new house, the next is to buy a new flat or an old house. You can take a loan (investment) from Islami Bank.
Moreover, Islami Bank provides loans in three more ways. You can take a loan for building a new house, you can take a loan for building a flat and you can also take a loan for renovating and extending a house.
Also, the Islamic Banking Department of the Bank invests (loans) in all sectors approved by Islamic Shariah. For example, industry, business, agriculture, real estate, etc. However, in today’s post, we will only discuss home loans from Islami Bank.
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Islami Bank Home Loan
If you take a loan from Islami Bank, you will invest a maximum of 30 lakh TK and a minimum of 20 lakh TK to build a house. And the best advantage of taking a loan from an Islamic bank is that everything you buy, such as rod cement sand, in this case, they will basically buy all the goods themselves, will not let you buy, why not always call it an investment.
You can also renovate the house you have. In this case, Islami Bank will have invested in you up to a minimum of 10 lakh TK. As I said at first they always call it an investment but do not agree to call it a loan.
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Conditions for getting a loan from Islami Bank
One year of job experience is required for government or private employees. This means that you can apply for a loan if you have one year of work experience. In the case of landlords, they must show proof of rental income. Government or private employees who are paid in a bank account will need a bank statement for the last six months. However, those whose salary is in cash will be verified separately.
Doctors, engineers, teachers, architects have to work in a company for a minimum of one year, which means that if you work in another company for another six months, this will not happen. Must be working in any organization for a minimum of one year continuously.
The minimum business age for traders should be one year, if you have done this then you can apply for an Islamic Bank loan. If you are a businessman, you will need a bank statement for the last six months to get a loan. Also, the documents that will be taken from the traders are the trade license and TIN certificate.
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Who will be the guarantor?
You must have 2 guarantors to get a loan from Islami Bank. You can guarantee parents, siblings, relatives, or close people. This is entirely your personal matter. However, those who are financially well-off must be guaranteed.
Required documents – Islamic Bank Loan System
To get a home loan from Islami Bank, you must have privately owned land or any land in your father’s name. Also, if, the original deed of land is required here, a certified copy will not be acceptable here. See details below
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In the case of private plates
- Original ownership deed of land, baya deed.
- Duplicate of CS, SA, RS, and BS ledger.
- DCR, rent receipt, and Namjari ledger.
- Certificate of Merit (NEC) of 12 (twelve) years issued by the District / Sub-Registry Office.
In the case of government plots
- Plot allotment letter.
- Occupancy transfer letter.
- Original lease deed and baya deed (where applicable).
- Mortgage permit from the leasing institution.
- Please include the original owner of the transfer, transfer permit, Namazari, DCR, and rent receipt.
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Interest on loan from Islami Bank
Generally, Islamic banks take an 18% interest profit on loans. Also, the type of loan, the term, and the amount of interest on the loan amount may be slightly lower.
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Hopefully, you have got a clear idea about the Islami Bank loan method. Apart from this, if you want to know about all the other loans (investments) of Islami Bank, you can let us know by commenting.