Alizz Islamic Bank launches 2017 Ramadhan auto finance scheme

Source: Alizz Islamic Bank. Poster for
the Ramadhan auto finance scheme.

With the aim to help fulfill the dreams of the bank's customers to own a car during Ramadhan, Alizz Islamic Bank has announced the launch of its 2017 Ramadhan auto finance scheme, Sharing the Blessings of Ramadan.

The auto finance scheme features competitive profit rates and deferred payment of installments for two months after the purchase of the car. The shari'ah-compliant finance scheme is available for purchasing both new and used cars.

The scheme is based on the shari'ah principle of murabahah and offers an easy settlement period of up to 84 months and the availability of auto finance for both employees and business owners. In addition to this, financing is open to both Omanis and resident expatriates with up to 80% of the value of the car being financed.


Moosa Al Jadidi, COO, Alizz Islamic bank said, "We are proud to have an integrated and efficient team that has developed an efficient auto finance scheme where customers only need to visit the nearest branch to complete the procedures. Our products and services are not based on competition, but on being exclusive when compared to products from other banks. Our top priority is to make the dream of owning a car for our customer come true through a smooth and hassle-free process.

"Alizz Islamic bank is the only bank that offers 35 sharia'ah compliant products that meet the needs of individuals and companies. They are designed to meet requirements of the different segments of society. In addition, we launch outstanding products that add value to customers' lives and enhances their confidence moving forward. All customers can benefit from the products and services provided by Alizz Islamic bank during Ramadhan and throughout the year."

Interested?

Eligible individuals include public sector employees who earn a minimum salary of OMR300 and private sector employees who have a minimum salary of OMR350. Customers can apply for the finance scheme car by providing a quotation from the retailer on the chosen car. The application is addressed to Alizz Islamic Bank and the customer pledges to purchase the car from the bank after the due process is completed. Consequently, the bank buys the car from the retailer and takes possession, and later resells the car to the customer via 'murabahah' once the payment of installments is completed.

The bank has also dedicated its Wattayah branch as an Auto Finance hub during Ramadhan. The branch will be open from 9am to 1pm and from 8pm to 11pm.