Eligibility

• Must be a citizen of Bangladesh
• Age between 22 to 65

Required Documents

Common Documents for all Segments

• Photocopy of NID/Smart card
• 3 copies of Passport size lab print photograph
• Business card/Office ID copy
• Latest E-TIN certificate or tax-payment slip
• Latest utility bill Copy
• Recent 02 passport size lab print photograph, NID, Office ID, Business Card etc. of Guarantor (if any)
• Sanction letter and repayment statement of existing finances (if any)

Documents for Salaried Person

• Letter of Introduction (LOI)/Salary Certificate
• Pay-slip/ Salary Sheet/ Vouchers for last 6 months
• Bank Statement for last 6 months

Documents for Self-Employed/Professionals like Doctors, Engineers, Accountants, Architects etc.

• Self-income declaration on Professional Pad, Letter head etc.
• Bank Statement for last 1-year with professional income reflection
• Latest Professional Qualification/ Membership Certificate

Documents for Businessman

• Recent 3 years’ Trade License of business
• Registered Partnership Deed for Partnership concern
• MOA, Certificate of Incorporation, Schedule–X, Form–XII etc. for Limited Company
• Bank Statement of last 1-year for Business account and Personal account
• Company TIN, BIN, VAT certificate and Business card of company (if applicable)

Documents for Landlord/Land lady

• Self-declaration on rental income
• Copy of Rental deed
• Ownership document of rented property (ownership deed, mutation, land tax etc.) Bank Statement of last 1-year with rental reflection

Required Property document for Freehold Property

• Title/ Ownership Deed(s) of Land
• Baya Deed(s) for last 25 years
• Mutation Khatian along with DCR
• Up-to-date Land Tax Receipt
• Certified Khatian of Records (CS/ SA/ RS/ BS/ City Jorip khatian etc.)
• Up-to-date NEC/ EC
• Up-to-date Holding Tax Receipt
• Deed of Agreement for Flat/House Purchase [Between Purchaser & Seller]
• Payment/ Money Receipt of payments for Flat/House Purchase
• Joint Venture Agreement (for developer projects)
• Power of Attorney (for developer projects)
• Approved Layout Plan of Building
• Construction Permission of Building

Required Property document for Leasehold Property

• Lease Allotment Document of Land
• Lease Deed/ Ownership Deed of Landlord(s)
• Baya Deed of Lease Land for 25 years
• Mutation Permission Letter from concerned authority
• Mutation Proposal along with DCR
• Up-to-date Land Tax Receipt
• Up-to-date NEC/ EC
• Up-to-date Holding Tax Receipt
• Deed of Agreement [Between Purchaser & Seller] for Flat/House Purchase
• Payment/ Money Receipt of payments to Seller/Developer for Flat/House Purchase
• Joint Venture Agreement (for developer projects)
• Power of Attorney (for developer projects)
• Sale Permission Letter from concerned authority
• Power of Attorney Acceptance Letter from concerned authority
• Approved Layout Plan of Building
• Construction Permission of Building
   

** These are all basic documents; it might vary time to time based on bank’s requirement.

How does it work?

• The Bank and the customer will contribute to purchase the house and own them jointly which is known as ShirkatulMelk.
• The Bank will then rent out its portion of the asset to the customer under Ijarah (lease) contract and the customer will pay monthly rent for that portion.
• Additionally the customer will buy back the portion of the Bank by paying principal which will be included in the monthly payment.
• When customer makes the last principal and rental payment, the full ownership of the house is transferred to the customer.

Shariah Pronouncement

All praise to Allah and May peace and blessings be upon his messenger, his family, his companions and all followers of his guidance.

Shariah Structure of the Product

• This is a combination of partnership, lease and sale contract named Hire Purchase under ShirkatulMelk (HPSM).
• Bank and customer jointly buys the house under partnership contract by providing equal or unequal amount
• Bank leases its portion of the house to the customer for a specific period and customer pays monthly rent.
• Customer gradually buys Bank’s share of the house
• At the end of the contract the ownership of the house is transferred to the customer

Approval of Shariah Supervisory Committee

The Shariah Supervisory Committee of City Bank has reviewed Islamic Home Finance documentation, related contracts and process.

Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “Islamic Home Finance” is in accordance with the partnership, sale and lease principle of Islamic finance and hence we allow the bank to provide this product to its customer.

And Allah Knows Best.

_____________________

Dr. Md. Anwar Hosain Molla
Chairman

Shariah Supervisory Committee, City Bank

This certificate was signed on Tuesday 11^th May 2021 Fatwa

Contract

The financing is done under Islamic lease contract named Hire Purchase under Shirkatul Melk (HPSM).