Bahrain Islamic Bank new car financing offer

A press release issued by the Bank said the launch of the new service comes in line with the Bank's total commitment and striving to offer the best services to its customers by enabling them to finance any new car they wish to own.

The Morabaha Car Financing Scheme offered by Bahrain Islamic Bank has been designed according to the principles of Islamic Sharia'a and is considered as the fastest means of buying a new car by affordable installments and in full compliance with Sharia'a rules.

Tariq Mohammed Bucheeri, Senior Manager Business Development and Corporate Communications Dept at BIsB said:

"This service is limited to new car finance only and allows customers to enjoy the benefit of this Islamic finance with a repayment period of up to seven years and a highly flexible ceiling".

He added: "Although there are many banks that offer such service, ours has the advantage of competitive profits and longer repayment period. Unlike many other banks, we do not require having a salary transfer."

Meanwhile, Mr. Bucheeri emphasized that Bahrain Islamic Bank was doing everything it could to fulfill the ambitions of its customers in terms of speedy processing of their applications to enjoy owning and driving the car they wish to have as soon as possible.

In addition to speedy processing of finance transactions, customers will enjoy the benefits of competitive rates of profit, multiple term repayment options and various rates of profit as selected by the customer.

Bucheeri further said: "Features of this product have been developed to allow a customer to fix the rate of profit he wishes to have depending upon several criteria such as the customer's desire to transfer his salary to the Bank, willingness to make a down payment or the total repayment period."

"If you have been in your current job for one year or more and with a monthly salary of no less than BD250 and you wish to buy a new car, we, in Bahrain Islamic Bank, would be pleased to make your dream come true through our Morabaha Car Financing Scheme."

Explaining the advantages of Bahrain Islamic Morabaha Car Financing, Bucheeri said "the most important feature is that we do not require a salary transfer to the Bank although a customer who opts to do that will enjoy a more competitive rate of profit than others."

"To take advantage of this offer, a customer does not need any guarantor. For ensuring more peace of mind to customers, we provide a Sharia'a compatible insurance cover for such Morabaha through an Islamic insurance company offering a customer exemption from payment of the outstanding balance in case of natural death (May God forbid)."

Bahrain Islamic Bank has recently launched its "Ijara Muntahia Betamleek". enabling customers to buy their dream home through BD200,000 finance and repayment period of up to 20 years.