Masraf Al Rayan launches its new Murabaha finance products

Mr. Nasser Abdulla stated that the services offered include home finance, car finance and goods finance. "These services constitute only a part of our banking products, but none the less a very important part as these services put Masraf Al Rayan in direct contact with all segments of the society and caters to most individuals' needs and necessities," he said.

'In accordance with the banks principles that call for offering innovative Sharia'h complaint services, we opted for the Murabaha contract. Murabaha is a scheme with positive attributes resulting from combining the traditional Islamic financial concepts and the best innovative banking services in the world,' Mr. Abdulla continued.

Murabaha is a sales contract based on trust as in Islamic Sharia'h, where the buyer defines his selling price according to the cost adding to it a profit agreed on by the seller and the buyer.

Mr. Nasser Al-Abdulla then asserted that the services provide competitive prices and easy repayment plans in periods of up to fifteen years for home finance and five years for car and goods finance.

"Masraf Al Rayan believes that Murabaha is ideal for financing everyday life necessities in an easy and comfortable manner, and is available to nationals and expats alike," Mr. Nasser Abdulla concluded.