The bank offers Shariah compliant Murabaha diaspora financings for its diaspora clients. These are Personal, House & Automobile purchase and Diaspora Direct Investment as a working capital financing for Ethiopian Diaspora living abroad
Diaspora Personal Financing
A type of personal financing extended to the Diaspora community. Financing Features The financing is extended for purposes; such as, purchase of household items, home renovation, car maintenance, education, medical help, to cover wedding costs, etc. upon presentation of proforma invoice
Entitlement
- Ethiopian Diaspora with valid diaspora ID (Ethiopian national living abroad and Foreign Nationals of Ethiopian Origin
Diaspora Automobile Financing
Extended for the purchase of automobile; either for personal use or for business including rental purposes (i.e. code 02 or 03 vehicles)
Financing Features
The year of manufacturing for the vehicle shall not exceed 15 years at the time of purchase
- The purchase value of new automobiles shall be determined by official proforma invoices issued by sellers
- In case of used vehicles, the purchase value will be determined by the discretion of the Bank's approving committee
- The financing period will be up to 8 – 10 years depending upon the equity contribution from the applicant and state of the vehicle
Entitlement
- Ethiopian Diaspora with valid diaspora ID (Ethiopian national living abroad and Foreign Nationals of Ethiopian Origin)
Diaspora House Financing
Extended for the purchase or a construction of a house
Financing Features
The year of manufacturing for the vehicle shall not exceed 15 years at the time of purchase
- The financing period will be 15-25 years depending upon the equity contribution from the applicant
- A grace period of up to one and half year (18 months) can be allotted to give some planning time before commencing repayment
Entitlement
- Ethiopian Diaspora with valid diaspora ID (Ethiopian national living abroad and Foreign Nationals of Ethiopian Origin)
Diaspora Direct Investment (DDI)
Hibret Bank extends various Diaspora Direct Investments (DDI) packages offering Investments schemes for businesses affiliated to the Diasporas
The following are the packages offered by the Bank:
- DDI – Real Estate - extended for real estate developers to be used for building residential or commercial buildings for rent or sale. In order to qualify for the service developers are expected to have an equity contribution made in foreign currency
- DDI – Manufacturing – financing that is meant for manufacturing establishments by the Diaspora with equity contribution made in FCY
- DDI – Moveable Economic Asset Financing – a financing option extended to cover the partial cost with equity contribution made in FCY to purchase Transport vehicles, Equipment and Construction Machineries used for rental or operational purpose with intent to generate income
Financing Features
- In case of Real Estate, whether the development is made for sale or rental at least 50% of the target buyers/tenants shall be from the diaspora community who can manage to channel their share of contribution in FCY
- The financing for DDI – Manufacturing is extended for working capital or project accomplishments, Applicants who will qualify for the purpose DDI- Moveable economic assets can purchase the assets for own or third party i.e. family members or others by channeling the equity contribution in FCY
Entitlement
- Ethiopian Diaspora with valid diaspora ID (Ethiopian national living abroad and Foreign Nationals of Ethiopian Origin)
