| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Alizz Islamic Bank - Personal Finance (Services)
|
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 meet your needs. Whether it is for an unexpected medical condition, finance for your child's education or wedding, we will help you take care of the services. Using the Islamic principle of 'Ijarah' you can acquire a variety of services from us at the most competitive prices. Our Personal Finance (Service Ijarah) is based on the Islamic financing principle of 'Ijarah' for the services. In 'Service Ijarah', the bank will have 'agreements' with various service providers, whereby the bank leases the services required by the customer directly from the provider and sub-leases it to the customer on the basis of 'Ijarah'.
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 Process 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
