Details of Selling Cars through Halal Installments and Immediate Ownership at the National Bank!

The National Bank of Algeria announced, via its official Facebook page, the provision of a financing formula for purchasing new cars under the Murabaha system, allowing customers to finance up to 90 percent of the car's price, with repayment of the financing amount in monthly installments extending up to 60 months. According to the published announcement that 'Echorouk' reviewed, 'Murabaha for cars' is a sales contract for new cars manufactured or assembled in Algeria, in accordance with Islamic law, where the bank purchases the car from the dealer and then resells it to the customer at an agreed profit margin between the two parties. The process involves the customer selecting the car they wish to acquire, then presenting the invoice and availability certificate...