Halal Loans: Sonatrach Employees To Benefit From DZD 60 Million To Buy Real Estate

Al Salam Bank will sign, on Wednesday, an agreement between Al Salam Bank and the National Federation of Oil Workers, Gas and Chemistry and all its branches to finance consumer and real estate loans for Sonatrach and its subsidiaries in accordance with Islamic law.

According to the bank statement, the product of the “Taysir Al Salam” for consumer finance in accordance with the formula of “installment payment” allows the financing of all goods that are manufactured by companies which are operating on the national territory, which produces or install products that are related to individual consumption in Algeria.
In terms of real estate financing, “Dar Al Salam” product proposes several forms, such as forward sale, Istisna’a, Ijara that is described in the loan and other transactions, by financing the purchase, construction or expansion of a property, including the LPP housing formula for up to DZD 60 million in proportion to individual income, age of staff member and duration of funding that extends to a maximum of 25 years, knowing that the proposed financing may reach 100% of the cost of the property, according to the employee’s indebtedness.
According to Al Salam Bank statement, “It will be also possible through the memorandum of understanding to take advantage of innovative banking services, including the E-banking, including 20 online banking services 24 hours a day, 7 days a week, a free e-payment card with an unlimited roof and a savings card, to enjoy the use of ATMs with the CIB logo and ATMs across all the national territory for direct salary withdrawal and online payment service to pay bills and purchases.