Our Core Services
Murabaha Financing
It is a sale transaction where the seller discloses the cost of the goods being sold, as well as a profit margin that the seller adds on top of the cost. The buyer pays the seller the cost plus the profit margin in installments. Murabaha is often used as an alternative to interest-based loans in Islamic finance. It is considered to be compliant with the principles of Islamic law because the profit earned is based on the sale of tangible goods rather than charging interest on a loan.
Mudarabah & Musharekah
Partnership arrangements in Islamic finance. Mudarabah is a profit and loss sharing partnership in which one party (the investor) provides capital to a business venture, and the other party (the entrepreneur or mudarib) manages the venture. The profits generated by the venture are shared between the investor and the mudarib according to a predetermined ratio, while the losses are borne by the investor alone. Musharakah is similar to Mudarabah, but in this case, both parties contribute capital to the venture and share in both the profits and losses.
Wakallah
This refers to an agency or representation contract. It is a type of agreement in which one party (the principal) appoints another party (the agent or wakil) to act on their behalf in a specific matter. The agent is given the authority to make decisions and take actions on behalf of the principal, but is also held responsible for the consequences of those actions.
Istisna & Salam
This is a contract for the manufacture and future delivery of a specific good. It is used to finance the production of goods that are not yet in existence, such as buildings or infrastructure projects. Under an Istisna contract, the buyer pays the seller a down payment and then makes additional payments as the good is being manufactured. The good is delivered to the buyer upon completion.
Salam is a contract for the immediate delivery of a specific good in exchange for future payment. It is used to finance the purchase of goods that are already in existence, such as agricultural products. Under a Salam contract, the buyer pays the seller a down payment and then makes additional payments at predetermined intervals. The good is delivered to the buyer upon receipt of the down payment.
Haramain
1. Haramain Wadia savings account for Hajj and Umrah
The Haramain Wadia Hajj and Umrah Savings Account Service is a special savings account service that gives an option to our customers who want to make Hajj and Umrah trips by saving money in advance.
Features and Benefits:
– It creates an opportunity for the followers of Islam to be able to easily perform Hajj and Umrah.
– Ethiopians living in the country or abroad can open an account.
– The account can be opened in foreign currencies.
– There is no age limit. Children can open accounts through their guardians.
– The bank works to make travelers aware of what the performance of the Hajj system is like.
-Hajj/Umrah savings account to be kept permanently/regularly at a certain time
-The Hajj/Umrah savings account that is permanently deposited in Haramain means that when the customer opens the account, they decide the time and amount of savings every month.
-It is a savings account in which the customer saves 50% of the amount needed for the Hajj and Umrah journey through regular savings, and the bank lends the remaining 50% for free through Qard Al-Hassan.
2. Haramayin Hajj/Umrah Installement Saving
Features and Benefits:
-Qard Al-Hassan offers up to 50% free loan to its customers.
-The savings period will be 1-5 years depending on the situation.
-Offered to customers who can make fixed monthly savings.
-Ethiopians living in the country or abroad can open an account.
-There is no age limit. Children can open accounts through their guardians.
-The bank works to make travelers aware of what the performance of the Hajj system is like.
Kunuz
