Vehicle Financing
(Ijarah)
Vehicle Financing
“Ijarah” is an alternative to the conventional concept of leasing. It is an agreement, under which a certain asset is leased to the customer for an agreed rental, for the usage of the asset. Shabelle Bank will buy the vehicle from the seller based on the customer’s promise to arrive at a contract, with the Bank. Subsequently, the asset is leased to the customer for a specified rent amount & lease term. At the end of the lease term, the bank transfers the ownership of the vehicle to the customer.
Benefits
Financing available for new and used vehicles
Up to 60 months repayment period
Financing up to 80% of the vehicle value
Competitive financing rate
Relatively less documentation
Simplified procedures
Processing period of 3-5 business days
Option for automatic deduction from your current/savings account.
Requirements
Proof of residency and income.
Down Payment.
Minimum age of 21 at the date of application.
An active account with Shabelle Bank.