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‘Customers excited about Jaiz products’

Of most interest to them are Jaiz Mortgage Finance, Jaiz Auto, Jiaz Household and Jaiz Working Capital Finance, according to the statement.Elaborating on the products,…

Of most interest to them are Jaiz Mortgage Finance, Jaiz Auto, Jiaz Household and Jaiz Working Capital Finance, according to the statement.
Elaborating on the products, the Bank’s Head of Corporate Communication, Idris Salihu, said the  Jaiz Home Finance  is a home finance product that enables customers acquire, build or complete a home under the principle of Ijarah wa iqtina (a lease to own) subject to 20% equity contribution by the customer and the repayment can be structured over 10 years period.  
The Jaiz Auto Finance on the other hand, is designed for salary account holders in public, private and other reputed organizations. It also operates under the principle of Ijarah wa iqtina (a lease to own) and also subject to 20% commitment deposit for fairly used and 10% for brand new. Repayment can also be structured over a period of three years for fairly used and four for a new one.  
Similarly, the Jaiz Household Appliances is a consumer financing product based on the principle of Murabaha (cost plus mark-up) and Bai-Muajjal (sale on credit). Under this arrangement, the bank purchases the asset (household appliance and subject to 10% commitment deposit) and sells to the customer with a profit (mark up). The customer pays the bank’s sale price for the asset over an agreed period usually on a monthly repayment plan.

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