Revenue and Fees List
Returns and Fees List
|
|
Nominal Return Rate |
Financing Value |
Repayment Period |
General Sales Tax (from financing return value) |
Import Stamp Duty |
||
|
(Annual) |
(Dinar) |
(Month) |
(Dinar) |
||||
|
Existing Project Financing (A'mali) |
%15 |
1,000 - 20,000 |
6 - 48 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Start-up Project Financing (Intilaqati) |
%23 |
200 - 10,000 |
4 - 36 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Home-based Project Financing (My Home Project) |
%20 |
200 - 3,000 |
4 - 36 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Personal Needs Financing (Ihtiyajati) |
%23 |
200 - 3,000 |
6 - 36 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Home Improvement Financing |
%23 |
200 - 4,000 |
6 - 36 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Taqati Financing |
%18 |
500 - 5,000 |
6 - 36 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Clinic Financing |
%15 |
200 - 8,000 |
6 - 48 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Health Financing |
%22 |
200 - 5,000 |
6 - 36 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Farm Financing |
%23 |
200 - 3,000 |
6 - 36 Months
|
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Car Financing
|
%15 |
500 - 9,000 |
6 - 48 Months |
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
|
Workshop Financing |
%22 |
200 - 3,000 |
6 - 36 Months
|
3 % |
1 Dinar for amounts less than 500 Dinars |
2 Dinars for amounts from 500 to less than 1,000 Dinars |
3 per thousand for every 1,000 Dinars or part thereof, for amounts of 1,000 Dinars or more |
.
Illustrative example on how to calculate the Effective Interest Rate
Example:- On 1/1/2022, Namothjiah For Islamic Microfinance granted a client financing of (1,000) Dinars with a repayment period of (12) months, and a nominal annual return rate of (15.6%) (fixed), according to the costs shown below (the repayment method is monthly installments starting on 2/1/2022):
|
Financing Granting Fees |
20 Dinars |
|
Value of import stamps on the contract |
3 Dinars |
|
Sales tax value on the return 3% |
4.68 Dinars |
|
Takaful insurance value |
2.80 Dinars |
|
Total |
30.48 Dinars |
Calculation Method
- First: Nominal annual return rate = 15.6%, so the nominal monthly return = 1.3%.
- Second: Cash flows at the start of financing: 1,000 Dinars.
- Third: Calculation of the cash flow schedule as per the following table:
|
Payment Number |
Payment Date |
Principal Payment |
Return Payment |
Costs |
Monthly Installment |
|
|
|
|
|
30.48 |
|
|
1 |
1 / 2 / 2022 |
73.03 |
22.97 |
- |
126.48 |
|
2 |
1 / 3 / 2022 |
74.71 |
21.29 |
- |
96 |
|
3 |
1 / 4 / 2022 |
76.42 |
19.58 |
- |
96 |
|
4 |
1 / 5 / 2022 |
78.18 |
17.82 |
- |
96 |
|
5 |
1 / 6 / 2022 |
79.97 |
16.03 |
- |
96 |
|
6 |
1 / 7 / 2022 |
81.81 |
14.19 |
- |
96 |
|
7 |
1 / 8 / 2022 |
83.69 |
12.31 |
- |
96 |
|
8 |
1 / 9 / 2022 |
85.61 |
10.39 |
- |
96 |
|
9 |
1 / 10 / 2022 |
87.58 |
8.42 |
- |
96 |
|
10 |
1 / 11 / 2022 |
89.59 |
6.41 |
- |
96 |
|
11 |
1 / 12 / 2022 |
91.65 |
4.35 |
- |
96 |
|
12 |
1 / 1 / 2023 |
97.76 |
2.24 |
- |
100 |
|
Total |
1,000 |
156 |
30.48 |
1,186.48 |
|
- Fractions of the monthly installment value are added to the last installment.
- Fourth: The Internal Rate of Return (IRR) is calculated using Excel by using the (IRR) equation as follows:-
- In the Value box: Enter all cash flows (negative and positive).
- In the Guess box: (represents the expected return) Enter " zero ".
The result = 0.027935
- Which in this case represents the monthly effective rate.
- Fifth: The Effective Interest Rate (EIR) is calculated by substituting the Internal Rate of Return (IRR) into the following equation:
- The result will be an Effective Interest Rate = 39.18%
List of Fees and Commissions
For administrative services provided by Namothjiah For Islamic Microfinance
|
Value (In Jordanian Dinars) |
Commissions |
|
1% of credit value: if credit value is less than 1,000 Dinars. 1% of credit value + 10 Dinars: if credit value is 1,000 - 10,000 Dinars. 1% of credit value + 20 Dinars: if credit value is more than 10,000 Dinars. |
Credit Granting Commission (One-time at granting) |
|
2.5 Dinars if the installment is less than 50 Dinars. 5 Dinars if the installment is 50 - 150 Dinars. 10 Dinars if the installment is more than 150 Dinars. |
Postponing the monthly installment |
|
5 Dinars |
Clearance Certificate |
|
5 Dinars |
Liability Certificate |
|
5 Dinars |
Request to modify financing terms or guarantees at the client's request |
|
5 Dinars + Bank Commission |
Stop payment of check / Withdrawal of check |
|
One Dinar per check |
Withdrawal of checks for collection in case of early repayment |
|
2 Dinars |
Check settlement letter |
|
5 Dinars |
Issuing a deduction letter to other parties |
|
1 Dinar |
Statement of account at the client's request |
|
5 Dinars |
Mortgage Discharge |