Al Qard ul Hassan
Dubai Islamic Bank offers Al Qard ul Hassan - an interest-free loan, in accordance with the Islamic jurisprudence to assist customers overcome their financial problems so as to save them from undesirable circumstances and exploitation. Al Qard ul Hassan Fund does not aim at making financial gains against such service.
The Fund aims at making the life of Muslim insolvents easier, assisting people in need so as to save them from the exploitation from moneylenders and undesirable or sinful circumstances. The aid is also aimed at promoting a healthy Islamic social structure by facilitating social needs like marriage, education and situations beyond the control of the applicant like prolonged delay in salaries or wages. The fund also takes into account health care needs, calamities and emergencies. The facility also promotes the concept of takaful (mutual benevolence) amongst Muslims.
Funds Resources
All the Al Qard ul Hassan funds are channalised to a dedicated current account, exclusively created for the facility. The facility is made available through varied financial assistance from the Dubai Islamic Bank or benefactors including individuals ,financial corporations, business organizations or the government. The benefactor assistance may come in the form of donations or interest free loans. Revenue from the investment of Al Qard ul Hassan funds and finance gained through promoting mutual benevolence are also added to the Al Qard ul Hassan account.
Amount & Eligibility Criteria
A maximum of twenty thousand dirhams can be granted for marriages and ten thousand for other cases, such as medical treatment, repayment of debts, school fees, emergency needs and other social circumstances, as deemed fit by the committee. For receiving the Al Qard ul Hassan, applicants must satisfy the following conditions:
•The salary of both the applicant and guarantor or any one of them must be transferred to Dubai Islamic Bank.
•The need for the Qard must be urgent and genuine.
•The applicant must submit the required documents and securities as decided by the Committee, such as salary transfer, cheques, guarantees and others.
Repayment of Al Qard ul Hassan
Al Qard ul Hassan granted shall be repaid in one calendar year with repayment starting within one month from the date of receiving the Al Qard ul Hassan
Apply for Al Qard ul Hassan
To apply download Al Qard ul Hassan application form and submit at your nearest Branch.