12:58 PM
Friday 07 August 2020
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I wrote – Manal Al-Masry:
Abu Dhabi Islamic Bank provides financing for the purchase of used angel cars under the name (Murabaha Automobile), which is in compliance with the provisions of Islamic Sharia.
The bank provides financing to all clients, whether employees in the government or the private sector, by guaranteeing the job, or to self-employed persons by guaranteeing the commercial registry.
The terms of the loan vary in the amount of financing according to the term of payment and the total monthly income of the customer, as well as the type of company in which he works.
Abu Dhabi Islamic Bank Used Car Finance Details:
The value of the loan: 600 thousand pounds as a maximum.
Loan term: 5 years maximum.
Financing ratio from the bank: Maximum 75% of the total car value.
Administrative expenses: 2% of the total loan amount.
Interest rate: 9% to 11% depending on the type of job.
Age: 21 to 60 years when the last installment of the loan is paid.
Monthly income: between a minimum of 1500 pounds for the public sector and 2,500 pounds for the private sector.
Required Documents:
A car finance request submitted to the bank.
A copy of the national ID card (valid) for the Egyptians, or a valid passport copy and a valid residence permit (for foreigners).
A quote for the car from the bank’s authorized car distributors.
An evaluation report of the car from the insurance company accredited to the bank.
An accredited certificate of monthly salary statement or an approved letter from the employer to transfer the salary or installment.
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