Taqwa has prepared many schemes for benefit of the general public. Property Finance is also one of such schemes. As per the procedure of this scheme, if any person intends to purchase a home or a property and he does not have the required amount, then Taqwa shall provide this type of finance to their customers under the Shari'a principle 'Murabaha' or 'Issna' as applicable. The repayment of this finance shall be done by installments within the spulated period. Taqwa being the owner of the property or the asset, will undertake an agreement of construcon with the customer and the supplier. Aer that Taqwa will sell the ownership of the said asset or the property to the customer at a different price wherein the payment made by the Taqwa and its profit will be included. In the beginning of this type of finance, the financing term, (i.e. the terms of Shari’a principle), the pricing, property costs, the obligaons of the pares in case of loss are to be clarified while, all such details are different depending on the market condions. The customer has to pay 30% of the actual amount as advance, in the beginning only. Besides that, AFN 500/- processing fee and a documentaon fee of minimum AFN 500/- or maximum 1% on the value of documents/ project will be charged.
- Financing term is 5 years.
- Profit rate is branch cost + 5 %.
- Down payment is 30%.
- Processing fee is AFN 500/-.
- Documentation fee is minimum AFN. 500/- max 1% of the value.
- No hidden cost. All hidden benefits.
- Shari'a term is Murabaha or Istisn'a as applicable.
