SIB launches zero profit Umrah financing service

Sharjah Islamic Bank (SIB) has launched a new zero profit Umrah financing service, following the success of the first phase zero profit ijara finance product service during Haj season last year.

The move is the first of its kind in the UAE and the Gulf Cooperation Council for Arab States.

The new innovative service will enable many to perform Umrah rituals through payment of installments for one year without profit or additional costs.

Jassim Mohammed Al Balooshi, head of the Retail Banking Services at SIB, said the launching of Islamic Finance Service without profit or fees to perform Umrah comes within the policies of and values of the SIB, which is a national Islamic bank that follows the Islamic teachings and Shariah.

Follow Emirates 24|7 on Google News.