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.