Albaraka Bank Car Finance

Albaraka Bank Car Finance

Motor vehicles which were once considered a luxury are now a daily necessity. Financing a vehicle for either your family or business is an important decision. Once you’ve made that decision it’s comforting to know that there is a bank that understands your needs.

We, at Al Baraka, understand how important a motor vehicle can be and have developed a practical and effective package that’s customized to your needs.

Ijarah Financing

Al Baraka Bank presents a Shariah-compliant financing solution that allows for flexibility and peace of mind when it comes to purchasing a motor vehicle.

Ijarah allows for the vehicle to be leased to you over a pre-agreed period at a monthly rental with an option of fixed or variable payments, putting control in your hands.

Features:

• Shariah-compliant finance lease
• Quick and efficient processing
• Competitive profit rates
• No monthly admin fees
• Flexible term of 12 up to 60 months
• Minimal upfront lease payments (deposits) and no upfront lease payments for professionals and high net worth individuals

How it works:

1. You find the perfect vehicle* and contact Al Baraka for Motor Vehicle Finance, selecting the Ijarah option that has a variable pricing option
2. Al Baraka processes the application and purchases the vehicle, leasing it to you over an agreed-upon period of between 12 and 60 months
3. You have the option of a fixed or variable rental. The variable rental option allows for flexibility in your rental payments as you have the ability to place in lump sums annually, with annual re-pricing
4. At the end of the lease period, the motor vehicle is donated to you in terms of a separate agreement, subject to fulfilment of all contractual payment obligations

*Currently available to Individual applicants purchasing NEW Passenger and Light Commercial Vehicles

Eligible applicants must:

• Be a South African citizen and 18 years or older
• Have a valid South African driver’s licence

Documentation required:

Salaried individuals:

• Latest 3 months Bank statements
• Latest 3 month’s salary confirmation
• FICA documentation

Non-salaried individuals:

• Proof of income (latest Annual Financial statements / Income tax return)
• Latest 3 months Bank statements
• FICA documentation

Businesses:

• Latest original and signed Annual Financial statements
• Statement of Asset & Liabilities of Shareholders
• FICA documentation

How to apply:

Visit us at one of Branches nationwide or at our website on www.albaraka.co.za.