Al Hilal Bank puts your car buying plans into overdrive. If you are looking to buy a brand new vehicle from a franchised dealer, we can buy the vehicle under our New Vehicle Finance product and sell it to you at a cost including an agreed profit through the Shariah contract of Murabaha or on a specific sale price through Musawamah.
We follow two different Shariah structures for our vehicle finance Product.
Murabaha is a Shariah-compliant sale where the seller (in this case Al Hilal Bank) discloses the true cost incurred in acquiring the vehicle and then sells the same to the Murabaha buyer (in this case Al Hilal Bank customer) for an agreed profit. The buyer is aware of the cost and profit amount.
Musawamah is a general and common kind of sale in which price of the vehicle to be traded is bargained between the seller and the buyer. Unlike Murabaha, the seller in Musawamah is not bound by the Shari'a to disclose the cost incurred and the profit made out of such a transaction. Both the parties negotiate on the price. Musawamah can be used where the seller is not willing to disclose the exact cost of a vehicle the seller is offering to sell.
- Get up to 60 days grace period to start your first instalment
- Vehicle registration on the 3rd party name
- High financing limit
- Salary transfer is not mandatory
Eligibility & Required Documentation:
• Minimum salary requirement of AED 8,000
• Down payment requirement of 20%
• A valid passport
• Residence visa page (as applicable)
• Latest 3 months bank statements
• Quotation addressed to Al Hilal Bank
• Any other additional documentation which may be required thereafter according to the Al Hilal Bank policies and procedures