Mourabaha Aqar
Are you Algerian and living abroad?
Have you ever dreamed of buying a holiday home or an investment property in Algeria?
With Real Estate Mourabaha (Aqar) for non-resident Algerians, it's possible!
Your values inspire us.
What is Mourabaha Aqar?
With Mourabaha (Aqar), you can acquire a property or commercial premises of your choice (new or old, collective or individual) with financing that complies with with the precepts of Sharia'a.
How does it work?
- The client chooses the property to be acquired and submits a financing request to the bank.
- The bank then purchases the property and resells it to the client at a known and agreed profit margin.
- By signing the Mourabaha contract, the client becomes the owner of the property.
Who can benefit?
The Real Estate Mourabaha (Aqar) is intended for Algerian individuals residing abroad who meet the following conditions:
- Have legal capacity
- Be under 75 years of age
The net monthly income used to determine borrowing capacity must be equivalent to 50% of the income earned abroad, converted into national currency at the prevailing exchange rate.
For what amount?
- The amount financed can reach 100% of the price of the property to be acquired.
- It is primarily determined based on the client's net income, and possibly that of their guarantor. In the case of a guarantee, the bank accepts a joint guarantor who resides in Algeria.
- The percentage deducted for the monthly instalment is proportional to the client's net monthly income bracket.
What is the duration?
- Real Estate Property (new or old, collective or individual unit): The repayment period can be up to 40 years, provided the borrower is under 75 years of age. A deferment period may be granted at the client's request.
- Premises: The repayment period can be up to 15 years, with an age limit of 75 years. A deferment period may be granted at the client's request.
File Composition
- A copy of a valid identity card and birth certificate;
- A recent work certificate (less than 3 months) for salaried employees or a permanent employment contract;
- The annual salary statement, or the last three (3) payslips, or the bank account statement for the last six months for salaried employees;
- The retirement pension certificate;
- A copy of the tax card for self-employed entrepreneurs (merchants, artisans, professionals, etc.);
- The C20 form or the balance sheets and income statements for the last three financial years for self-employed individuals (merchants and professionals);
- A cleared tax assessment less than three (3) months old for self-employed individuals;
- A certificate of insurance, less than three (3) months old, to which the client is affiliated, for non-salaried individuals
- The descriptive sheet of the property, signed by both parties;
- An authorization to consult the Central Risk Division for Businesses and Households, signed by the client;
- The land register booklet or the property deed;
- The certificate of no mortgage on the property, dated less than three months old;
- The certificate of conformity for properties acquired from a real estate developer;
- A property valuation report issued by a technical consulting office approved by the Bank;
- Proof of residence abroad;
NB: These documents must be authenticated by the Algerian Consulate abroad.
Benefits linked to savings effort:
To benefit from the advantages linked to the savings effort, the following conditions must be met:
- Have held an Islamic savings account with the bank for at least one year.
- Have accumulated a profit of at least 5,000 DA.
Savers who meet the conditions relating to their savings will benefit from the 'Saver' profit rate on personal real estate Mourabaha financing products.
The CPA Mourabaha (cost-plus financing) advantage:
- Dedicated service for clients in a space specialising in Islamic finance.
- Trained staff to assist you.
- Multi-channel assistance to answer all your questions.