The product comes in line with Alizz Islamic Bank’s policy to meet the various requirements of its clients.
Alizz Islamic Bank has announced that it is continuing offering home financing product based on Diminishing Musharakah contract.
In a statement, Alizz Islamic Bank said the financial institution and its client will jointly own a property.
The bank’s portion of the property is divided into a number of equal shares, and the client, based on his promise to purchase, will gradually purchase shares of the bank’s portion until the client owns the whole property.
The diminishing Musharakah home financing requires the client to deposit his 20 per cent contribution to the Musharakah capital, which is the minimum of the property’s the total value.