FLOOSS BAHRAIN 14.56.3

FLOOSS has achieved Sharia compliance, providing customers with the ability to access instant financing around the clock. This development allows individuals to secure funds for various needs without delay.

The platform distinguishes itself as the first and fastest Islamic finance provider in the Kingdom of Bahrain. Residents aged 21 and older who are employed can take advantage of a streamlined application process, ensuring a more efficient financial experience.

Additional App Features:

• Buy Now Pay Later
• Device Financing in partnership with Batelco & Channels by STC

FLOOSS Bahrain B.S.C (Closed) and Payment International Enterprise B.S.C (Closed) are both licensed by the Central Bank of Bahrain, functioning as a Financing Company and an Ancillary Service Provider respectively. The service prides itself on expedited approvals, with funds available in either bank accounts or STC Pay wallets almost instantly. The process is entirely digital with minimal requirements, eliminating the need for physical branch visits.

Shari'ah Compliant Profit Specifications for Personal Financing:

• Murabaha Margin: 16%-18%
• Maximum Finance: 1,500 BHD
• Minimum Finance: 100 BHD
• Maximum Financing Duration: 18 Months
• Minimum Financing Duration: 2 Months
• Maximum Annual Percentage Rate (APR): 32%

Islamic Financing Eligibility Criteria:

• Employed or Retired
• Aged between 21 and 64
• Bahraini or Bahraini Resident

Finance Features:

• Licensed by the Central Bank of Bahrain as a Sharia Compliant Financing Company
• Fast Approvals
• Straightforward Application Process
• Instant Money Disbursement
• Repayment period up to 18 months
• Paperless Application
• No Hidden Charges
• Funds credited to bank accounts or STC Pay wallets within seconds

Required Documents for Application:

• A three-month bank statement detailing salary OR selection of open banking for immediate approval.

Fees and Charges:

• Murabaha Margin: 16%-18%
• Admin Fees: 6.5 BHD (fixed for all customers)
• VAT: 10% of Admin Fees
• Liability Letter Fee: 0 BHD
• Financial Statement: 0 BHD
• Early Settlement Fee: 1% of the outstanding credit facility amount or 100 BHD, whichever is lower.
• Late Payment Fee: 0 BHD
• Release Letter Fee: 0 BHD (No Obligation Letter)

An example illustrating the calculation of APRs and fees is as follows: A loan of 100 BHD taken for seven months at a 16.25% APR totals:

• Total loan charge: 100 BHD * 0.1625 (16.25% APR) = 16.25 BHD
• Total repayment amount: 100 BHD + 16.25 BHD = 116.25 BHD
• Total one-time VAT Payment = 0.65 BHD
• Monthly payment: 116.25 BHD / 7 months = approximately 16.60 BHD

The app has been recognized as a Stevie Gold Award Winner in the MENA Region by Deloitte and the STEVIE Awards, and is also a finalist in the Visa Everywhere Initiative for 2024.

The security of user data is paramount; FLOOSS ensures that information is not shared and will never request PINs from users.

Contact Us:

For inquiries or assistance, please reach out via email at [email protected] or call us at 13310055.