Ijarah

Ijarah

It is a contract agreement between the lessor and the lessee that gives the lessee the right to use specific assets owned by the lessor for a specific period in exchange for monthly installments for a period to be agreed upon.

 

Advantages of the program for individuals:

  1. Complies with the provisions and principles of Islamic Law.

  2. The possibility of financing any new or used car desired by the client according to the credit limit available to him.

  3. Convenient terms commensurate with the customer's monthly income for a period of up to 60 months.

  4. Competitive profit margin starting from 5.5%.

  5. Available to all nationalities.

  6. No salary transfer needed.

  7. Ability to travel outside the Kingdom.

 

Advantages of the program to finance companies and establishments

  1. Approved by Islamic Sharia Committee.

  2. Competitive profit margin rates.

  3. Ability to obtain finance for new or used vehicles.

  4. The repayment period is up to 60 months.