Muscat: ahli Islamic has been building on the success of its innovative product offerings and has announced the launch of a new Shari’a compliant auto finance facility under its it’s Islamic finance umbrella.

ahli Islamic’s new offer allows customers to opt for auto finance without having to mortgage the vehicle, therefore giving customers the flexibility to sell or transfer Mulkiya of the vehicle as per their convenience. By opting for mortgage-free auto finance, customers reserve the liberty to use the vehicle as per their discretion.

“At ahli Islamic, we believe in making finances hassle-free and convenient for customers. While our auto financing product has always been well-received in the market, we wanted to enhance the convenience for our customers by putting more power in their hands. By removing the mortgage requirement, we give our customers the freedom to manage the sale of their vehicle without any restriction, thereby giving them more control over how they choose to handle their assets,” said Yousuf Al Rawahi – DGM, Head of ahli Islamic.

The mortgage-free auto finance is offered exclusively to those customers who transfer their salaries to ahli Islamic and who fall under ahli Islamic’s approved employer list at the public sector and the private sector as well as expatriate employees. Auto finance is offered for a maximum period of 10 years.

Under ahli Islamic mortgage-free Auto Finance customers are assured of Sharia-compliant auto financing facilities that allow them to procure their desired car instantly. Based on the product, customers need to submit an application for auto finance for their desired vehicle which the bank purchases from a third party on a spot payment basis. The bank then sells it to the customer through Murabaha sale contract that is on a cost-plus profit basis where the customers can repay the amount in comfortable instalments. With the new auto finance being free of mortgage, customers will find it easier to honour the instalments even if they need to sell the car. 

ahli Islamic has been a popular choice amongst customers owing to its flexible policies, innovative and diverse product portfolio and excellent levels of customer service.