Are you looking to buy a house, plot of land or commercial premises in accordance with Sharia law?
Ijara Mountahia Bi Tamlik can help you acquire your property.
Your values inspire us.
With CPA Ijara Mountahia Bi Tamlik, you begin a journey that combines values and achievements.
What is Ijara Mountahia Bi Tamlik?
Ijara Mountahia Bi Tamlik is a real estate financing formula that complies with Islamic Sharia principles. CPA acquires the property (plot for residential use, premises, or new/existing individual or collective housing) to rent it to the customer at a fixed rent known and agreed upon in advance.
Who can benefit?
Private individuals of Algerian nationality, whether residents or non-residents, with a salary or regular income; including retired people.
What are the eligibility criteria?
Any natural person of Algerian nationality meeting the following conditions:
- Be under 75 years of age on the date of the last rent payment;
- Have a stable, regular income equal to at least one time the Guaranteed National Minimum Wage (SNMG);
- Have legal capacity to borrow;
- 100% guarantee from a spouse or direct relative.
What are the advantages of this financing?
- Compliant with the precepts of Islamic Sharia;
- The financing amount is unlimited;
- The monthly rent for the leased property is known to the customer and agreed in advance under a lease contract;
- Financing may be granted considering the income of a spouse or a family member, either ascending or descending, as a guarantee;
- The customer can purchase the property at a symbolic price after paying the final instalment.
For which amount?
- Up to 100% of the property's sale price;
- The financing amount is unlimited.
For which duration?
- Maximum financing duration is 40 years for collective or individual real estate, and 15 years for premises and land plot;
- This includes a deferment period of up to three months.