At Cihan Bank, we aim to help you achieve your personal aims through our accredited, advanced, and Shariaah-compliant banking products and services. Realizing that your needs differ and your requirements change, we offer you a unique collection of great value-added retail services in Accounts, Car Financing, and House Financing, tailored to your benefit.
i. Accounts:
1. Current Accounts:
Our current accounts are designed to suit your everyday banking activities. These accounts are not entitled to receive profits without bearing any loss, ensuring that your funds are to be invested only in Shariaah compliant assets. With our current accounts, you can freely deposit or withdraw funds through cash tellers, by cheques, or at any Cihan Bank branch. These accounts have many features, including:
● Account availability in Iraqi Dinar and USD
● Minimum Balance to open an account = 100,000 ID or 100$
● No return or profit
● Service charges for opening account= 5000 ID
● 5000 ID for cheque book
2. Saving Accounts:
At Cihan Bank, we offer you different Saving Accounts for safe access to your money with the privilege of profit distributions on an annual basis.
● Available in Iraqi Dinar and USD
● Required Minimum balance= 150,000ID or 100US$
● Profit distribution on annual basis
3. Term Deposit:
With our Term Deposit Accounts, you can invest your money in different investment periods. Ranging between 3 months, 6 months, and 12 months, our term deposits offer trusted management and investment to your funds, based on Islamic Murabaha principles. These accounts come enjoy the following features:
● Available in Iraqi Dinar and USD
● Required Minimum balance
● Tenure of 3 months, 6 months, and 12 months
● Profit on maturity
ii. Car Financing:
With Cihan Bank, you can receive an easy car financing free of any interest-based transaction. Whether it is a taxi, or a private car… We have agreements with several car dealers. We purchase the auto product from these dealers on your behalf, and you repay the bank with an installment duration that extends from 12 months to 18 or 24 or 36 months, agreed on at the time of the contract. Depending on a “Murabaha” basis, we guarantee that you buy the vehicle and equipment you want the way you want.
Below you can find the current Murabaha Cars facilities which we provide to our customers. Please visit our bank for further information.
1. Murabaha Taxi Cars:
● Charges
● 5,000IQD (Opening Account fee)
● 100$ Minimum Balance
● 75,000IQD (reserving collateral fee)
● 60,000IQD per year (car insurance fee)
● Installment duration: 12 months, 18 months, 24 months or 36 months
2. Murabaha Private Cars:
● Charges
● 5,000IQD (Opening Account fee)
● 100$ Minimum Balance
● 75,000IQD (reserving collateral fee)
● 60,000IQD per year (car insurance fee)
● Installment duration= 12 months, 18 months, 24 months or 36 months
iii. Housing Financing:
We, at Cihan Bank provide you a flexible financing program that enables you to purchase your dream home comfortably. Within the framework of a lease agreement, we purchase the house for you to rent at flexible rental payments with competitive rates. After all due payments are made within the financing period agreed on, ownership of the property is to be transferred to you automatically.
For more information, please visit one of our branches.
iii. Mony Transfer:
If you want to send your money abroad, we can easily do it at Cihan Bank through our Correspondent Banks' network by SWIFT. You can find our correspondent banks list below. With these banks we can do transfers to all around the world.
Turkey
Kuveytturk Bank
Vakif Bank
Al Baraka Turk Bank
Bank Asya
Aktif Bank
Lebanon
Fransa Bank
First National Bank
Intercontinental Bank of Lebanon
Bank of Beirut
Jordan
Housing Bank of Trade and Finance
Germany
Commerz Bank
Italy
UBAE