Who can apply for Amana bank financing?
Individuals / companies with registered Shari’ah compliant business and meet our rule as well as accepts out terms of financing.
What documents do client need to apply for financing in Amana Bank.
It depends on the form of the business enterprise. We recommend you speak our bank officer or reach brochure with a title ‘UWEZESHAJI KIFEDHA KUTOKA AMANA BANK’
What is maximum tenure that Amana bank “Murabaha” financing is available?
Up to three years.
Does Amana bank provides finance for properties?
We finance construction of commercial and residential properties by providing construction materials finance within a repayment period of three years maximum. However, the Bank plan is to also offer this finance in joint venture for longer repayment terms.
At what intervals do you pay out profit? Wakati gani mnagawa faida kwa wateja wenu?
In case of saving depositor, profit is paid four times a year, end of March, June, September and December. For fixed depositor at the end of the agreed term.
Does the bank buy out loans from other banks?
The bank does buy out loans under Qardh contract or Tawarruq contract when the bank ascertain the need to do so.
Why bank credit facility processing time is very long compared to conventional banks?
Not really, our promise is to avail finance within 5 days and get our feedback on the viability of your application within 3 days. We urge customers to submit all required information timely to reduce processing time. unfortunately, sometimes customers don’t furnish required information which results into delays.
Is Amana bank providing mortgage finance for customer?
Not yet though it is in the bank future plans.
How do you come up with profit mark up rates for credit facilities?
For Murabaha Financing, mark up rates for financing products are determined based on the cost of funds in the market as well as risk envolved in the transactions. The higher the risk the higher the reward is fundamental pricing mechanism other factors remain constant.
How do you come up with rates of returns for depositors?
It depends on the profit generated from financing operations/activities of the bank during a particular period as well as the prevailing market conditions.
Why Amana Bank demand collateral?
Financing is a risk undertaking which requires robust safeguards and proper management in order to prevent shareholder’s and depositor’s money from potential loss due to failure of the customer to repay. To prevent this from happening, commercial banks required by regulations of the country to have adequate collateral as risk management tool for managing credit risk and moral hazard risk.
18-Dec-2018 // TZS