Aafaq Islamic Finance PJSC Auto Finance

Minimum Salary
5.000,00 د.إ

Flat Rate
3.69%

Reducing Rate
AED 4.99%

Maximum Term
5 Years

Monthly Payment
AED 17,000

Description

Aafaq Islamic Finance offers Sharia-compliant Murabaha auto finance with fixed profit rates from 2.10%–5.50% p.a. (equivalent reducing 3.84%–10.06% p.a.), financing up to 80% of the vehicle value, tenures up to 60 months, a 1.00% processing fee, flexible deferment, and comprehensive service features.

Features

Profit Rates & Financing Terms

Fixed Profit Rate Range:10%–5.50% p.a.*
Equivalent Reducing Rate:84%–10.06% p.a.*
Finance Amount: Up to 80% of vehicle value (minimum down payment 20%).
Tenure: Up to 60 months.
First-Instalment Deferment: Up to 3 instalments (subject to credit approval).

*Actual rate depends on customer profile, tenure, and vehicle type.

Eligibility Criteria

Age: 21–65 years at maturity.
Residency: UAE nationals, residents, and GCC nationals.
Employment:
- Salaried: Minimum 6 months’ tenure.
- Self-Employed: Minimum 2 years’ audited accounts.
- Companies: Minimum 2 years’ operation (fleet finance available).
Credit: Acceptable CBUAE credit history.

Schedule of Fees & Charges

Fee Type	Charge
Processing (Due Diligence & Documentation)	1.00% of finance amount – Min AED 525, Max AED 2,625 (exclusive of VAT)
Early/Partial Settlement (Retail)	1.00% of outstanding balance (exclusive of VAT)
Early/Partial Settlement (Fleet/Corporate)	2.00% of outstanding balance (exclusive of VAT)
Instalment Deferment	Processing fee applies; up to 3 instalments can be postponed over tenor
Post-dated Cheque Replacement	AED 100 per cheque (exclusive of VAT)
Cooling-Off Period	5 business days – full refund of processing fee if cancelled within period
Vehicle Valuation & Registration Fees	As per actual costs (if applicable)
Late-Payment Charity Contribution	AED 100 per missed instalment (or per client’s undertaking)

All fees and charges exclude 5% VAT.

Documents Required

General: Emirates ID; passport + UAE visa copy; vehicle quotation/invoice; completed application form; post-dated cheques (120% of EMIs).
Salaried: Salary certificate; latest 6 months’ personal bank statements.
Self-Employed/Corporate: Trade licence; Chamber of Commerce extract; MOA/POA; latest 6 months’ business statements; audited financials.
Additional: Liability letter (if applicable).

Additional Info

Transparent Murabaha: Full disclosure of cost and profit margin; fixed for tenor.
Flexible Tenure & Deferment: Up to 60 months; defer up to 3 instalments during tenor.
High Financing Limits: Suitable for individual, corporate fleet, and used-car financing.
Comprehensive Service Package:
- Liability certificate, mortgage release, registration services, guarantor management.
- Post-sales support including amendments and block/unblock services.
Digital & Branch Access: Application via branches, agents, or online; dedicated customer care.
Sharia Compliance: No compound profit; charity contributions directed per customer undertaking.
Broad Eligibility: Caters to salaried, self-employed, and corporate customers with tailored rates.