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Ijarah

  • Flexible
    Repayment Options
  • Simple
    Documentation
  • Fixed
    Variable Rental Rates
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Ijarah

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Look forward to the future with the finance plan that works alongside your business plan.

Terms Of Financing

  • Down Payment: Minimum 50% of the purchase price*
  • Financing Period: Up to 10 years
  • Mode of Payment: Quarterly, Semi-annual or Annual terms are available
  • Source of Payment: Rentals of the building in question

  • Variable Rate: Fixed throughout the financing period
  • Security: Post dated cheques covering installments
  • Qualified Assets: Residential, Office Buildings and Villa Complexes

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Documentation

With our team of skilled professionals, applying for the Ijarah finance product is simple and stress-free, with primary documents varying based on requirement. Note that requirements may be lowered in cases where additional security is provided.

Primary Documents for Individuals:

  1. Valid passport copy
  2. Completed finance application form
  3. Site plan copy
  4. Title deed copy
  5. Copy of lease contracts covering purchase of existing rental property

Primary Documents for Companies:

  1. Valid trade license copy
  2. Commercial Registry copy
  3. Partnership agreement copy (in case of partnerships)
  4. Valid passport copies of partners (in case of partnerships)
  5. Valid passport copy of authorized personnel and copy of Articles of Association defining their powers
  6. Site plan copy
  7. Title deed copy
  8. Last 3 years’ financials
  9. Copy of lease contracts covering purchase of existing rental property

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what-is-ijarah-390x220

What is Ijarah?

Ijarah is an effective and practical financing tool that allows businesses to acquire equipment and machinery through a financial lease instead of outright purchase, thus reducing the burden of capital expenditure.

How it works:
The bank purchases the property, based on a customer intent to enter into a financial lease. Lease rent is structured in a way that at the end of the lease period, the bank's purchasing cost and pricing is recovered through Ijarah rentals and the ownership is transferred to the customer for a nominal sale price under a separate sale at the end of the lease period pursuant to the relevant Sharia approved documention.

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