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 customised to your needs.
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 a fixed or variable payments, putting control in your hands.
How it works:
*Currently available to Individual applicants purchasing NEW Passenger and Light Commercial Vehicles
Eligible applicants must:
How to apply:
Visit us at one of Branches nationwide or at our website on www.albaraka.co.za.
The Bank will purchase the motor vehicle of your choice and sell it to you on a Murabaha basis at a price which includes a profit. The price is repaid in instalments over an agreed period.
No changes can be made to the terms of the contract over the stated period. Ownership of the motor vehicle passes onto the client upon conclusion of the Murabaha transaction.
Your choice of the payment period can suit your budget and stretch over a period of up to 72 months. Of course, the shorter the period the higher your repayments.
Although a minimum deposit against the purchase price is required you may increase your initial deposit by as much as you like, thereby reducing your fixed monthly repayment.
Dealing with Al Baraka Bank will not only give you peace of mind but the knowledge that your vehicle is financed in an Islamically permissible way.