Islamic International Arab Bank PLC House Loan - Murabaha Apartment Finance

Maximum amount available Not mentioned
Length of Loan 10 Year
Profit Rate Not mentioned
Upfront Fees ( if any ) Not mentioned
Eligibility Public sector employees and Companies accredited by the Bank, self-employed; Finance up to 80%
Main Features Registration of the apartment title for the name of the client

Islamic International Arab Bank PLC Amman

The Islamic International Arab Bank is one of the most accomplished and prestigious banks in Jordan’s banking history. The Arab Bank conducts its banking duties while complying with the values of Shariah law .

Having been in operation for the last 85 years ago, Arab bank has more than 600 branches globally, with a presence in 30 countries and five continents.

In 2014, Global Investor awarded IIAB as the Best Cash Manager in the Middle East and the Best Brokerage House in Jordan. Euro money on the other hand rated IIAB the Best Bank in Jordan for six years running. Two years ago, Arabian Business ranked IIAB the Regional Bank of the Year.

Amman

Amman is an ancient city that rests on the western hills of Jordan. The city is the kingdom’s royal capital and chief city. It is also one of the largest and most populous cities in the Middle East, having a population that is well above four million residents. Amman is also the chief cultural and commercial center of Jordan.

Just like many other Middle East cities, Amman is in its economic and technological heyday. It is fast solidifying its place and hold as a major commercial hub in the region the same way the likes of Dubai and Abu Dhabi are doing.

House Loan - Murabaha Apartment Finance

This is a key note loan product from IIAB. It is patterned after the Murabaha finance principles.

Key features:

* Financing amounts ranging between JD 5,000 -JD 700,000;

* Loan period ranging between 1-30 years;

* Loan settlement through flexible monthly installments based on your income level;

* Financing of up to 90% of the apartment value;

* Financing of mortgage and property registration charges;

* Free life and property insurance covers;

* A wide range of credit card options.

Requirements:

* Valid national ID;

* Valid resident visa for foreigners;

* Recent utility bill in the name of the client e.g. rental contract;

* Most recent salary, revenue and employment verification documents;

* Property purchase and sale agreement;

* Ownership certificate of the financed property; and

* Most recent bank statements.