Islamic Finance

C-WAKALA / C-INVEST

This is an investment product for individuals needing high returns and low risk. With C-WAKALA, the wakil ( Credit Express) will collect deposits from the muwakkil (Investor) and invest in an agreed business venture or project. Both parties will agree on expected profit rate to be paid the investor as well as the terms of the contract.

Features

  • Minimum contribution of N500,000
  • Funds is solely tied to agreed investment vehicle / business or project
  • MOU is executed detailing agreed terms and duly signed by both parties
  • Funds are illiquid for the period of investment
  • Profit is forfeited in cases of Pre-liquidation
  • Credit express carries out due diligence on the investor and ensures depositors funds is ethically invested
Household appliances

C-MURABAHA / C-ASSET FINANCE

This is a consumer product that enables customers acquire household appliances , business work tools,  machinery or office equipment with the flexibility of monthly repayments. Credit Express purchases the appliance or equipment based on customer specification and supervision and sells same to the customer at cost plus mark-up.

Features

  • Monthly payment basis either from salary (payroll client) or business proceeds ( SMEs)
  • Maximum repayment tenure is 12 months
  • Asset is acquired at competitive pricing with approved discounts from vendors
  • Asset to be bought in credit express name and ownership is transferred to client upon full re-payment
  • Asset to be sold at cost plus profit

C- QARDUS / C-AUTO FINANCE

This product is designed to fund acquisition of vehicles for payroll clients i.e staff of reputable private firms and the public sector. Credit Express auto Finance is based on the leasing and sale contract for automobile ownership (Al Ijarah Thumma Al Bai) . The leasing contract (Ijarah) followed by sale contract (Bai’). Under the leasing contract, the customer leases the vehicle from the Bank at an agreed rental payment over a specific period while with the sale contract, the customer buys the car with payment deferred over a period of time.  In both cases, Credit Express purchases the vehicle and leases or sells to clients with a mark-up.

Features

  • Tenure of 6 – 24months
  • For payroll clients ( reputable private organizations or the public sector)
  • Vehicle documents are in credit express name
  • Change of Ownsership is done upon payment completion
Household appliances

MSME FINANCING

Credit Express MSME financing scheme is tailored to support diverse business requirements of Micro, Small and Medium business enterprise to stimulate both business and economic growth.

The MSME financing is classified into:

  1. Express loan scheme
    • For businesses with daily cash flow.
    • This product is used to finance stock replenishment
    • Daily repayment applicable
  2. Small loan scheme
    • Working capital financing for commercial businesses with weekly or monthly cash flows.
    • This product is used to finance purchase of inventory or raw materials for our customers.
    • Customer sources for the goods and negotiates price which is then presented to credit express in an invoice.
    • Weekly / monthly repayment applicable

Features

  • Simplified application process
  • Competitive financing rate
  • Non collateralized