| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Alizz Islamic Bank - Personal Finance (Goods)
|
Minimum Salary: OMR 350 | Salary Transfer: Yes | Islamic Finance: Yes | Maximum Term: 0 Years | Flat Rate: 0.0% | Reducing Rate: 0.0% |
We at Alizz Islamic Bank are proud to give you Shari'a compliant personal finance to help you reach your goals. It is designed to help you finance your goods, be it furniture, electronics, equipment or other household appliances. Using the Islamic principle of 'Murabaha' you can acquire a variety of goods from us at the most competitive prices.
Under the Goods Murabaha Product, the bank will at the customer's request purchase the goods from the authorised dealer and sell the same to the customer at an agreed price. The advantage is that you know the bank's profit mark-up and instalment at the time of signing the deal, and it never changes throughout the financing term. This arrangement allows for immediate possession & ownership of the goods
Features
- Open to Omanis & Expatriates.
- Easy processing & simple documentation.
- Attractive profit rates.
- 100% finance of service value.
- Available to employed and self-employed individuals.
- Minimum salary transfer of OMR 350 for Government employees and OMR 350 for employees of private companies.
Documents Required
- No Objection Letter
- Salary Transfer Letter to be addressed to Alizz Islamic Bank
- Salary Certificate (Gross Salary & Date of Joining)
- Salary Slip of 4 Months (If available)
- Stamped bank statement of last 6 months
- Quotation from the dealer addressed to Alizz Islamic Bank
- Finance Processing fees OMR 25
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
