BIsB and KFI launch joint financing promotion for Toyota and Nissan

In a jointly issued press release given to the media today, the two partners announced that they planned to finance customer purchases of Camry and Corolla vehicles from the Toyota dealership and Altima and Tiida vehicles from the Nissan dealership at a rate of 3.9% and at soft term instalments for durations of up to five years without making any down-payment. No salary transfer will be required and even more a joint free life Takaful insurance is provided as part of the package.

Mr. Rashid Alolaiwi, BIsB Senior Manager Retail Banking said: "Providing this joint service by Bahrain Islamic Bank and Khaleej Finance & Investment comes after conducting a feasibility study taking into account all the customers' requirements on the one hand and ensuring full compliance with the principles of Islamic Sharia'a on the other hand."

Meanwhile, Mr. Yaser Abdul Qader, Sales and Car Showroom Manager of KFI highlighted the increased demand upon Islamic finance products and services in the region and said:

"KFI has consolidated its position as one of the leading Islamic banking institutions in the region, hence the new marketing campaign jointly launched with BIsB, which is the first Islamic bank in the Kingdom, is considered significant in every sense of the word as it ensures the continuation of GIF to further enhance its strong market position. The alliance contributes to further strengthening understanding and mutual benefits with one of the leading banking players in the local market."

The partnership agreement was signed between the two parties at a ceremony held at BIsB HQ last week and the event was attended by several officials in both institutions.

"The great success achieved by our campaign last year encouraged us to reconsider the launch of the campaign for the second time. This prompted us to enter into partnership with BIsB in the aftermath of the success of their campaign entitled 'You Choose it, We finance it',' Mr. Abdul Qader added.

Meanwhile, Mr. Rashid Al Olaiwi, BIsB Senior Manager Retail Banking said that through the joint marketing campaign BIsB will provide financing for the vehicles offered by KFI. On its part, KFI will display the vehicles at its Sitra showroom and will sell them on behalf of the Bank. All the necessary formalities for the sales will be undertaken by KFI.

It should also be noted the "Musawama Islamic Car Financing mode" offered by BIsB and KFI as part of this campaign has been designed according to the principles of Sharia'a and is considered as one of the fastest means of buying new cars on soft term and convenient credit facilities.

Mr. Al Olaiwai added: "This service is restricted to financing new car purchases only for the Camry and Corolla models from Toyota and Altima and Tiida from Nissan. He further said both the Bank and KFI are determined to do their best to meet the customers' requirements in terms of speedy processing of formalities to enable them to own and drive the cars of their choice as part of the available range in this promotion."

Mr. Al Olaiwai further said: "A customer will enjoy highly competitive rates of profits and repayment options extending for five years let alone the lowest profit rate of 3.9% only and his application will be processed within a maximum of 24 hours."

On the other hand, Abdul Qader said: "In addition to its compliance with the principles of Sharia'a, this product offers a total flexibility to the customers such as the customer's optional desire to transfer his salary to the Bank or not, his optional willingness to make a down-payment or even extend the period of repayment up to a maximum of 5 years."