Consumer Banking Finance – Al Masraf

Consumer Banking Finance

Consumer Banking Finance

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Murabaha Vehicle Finance is a Shari’a compliant scheme from Al Masraf operating under the Shari’a principle of “Murabaha”.

By this principle, Al Masraf will purchase the vehicle at your request, and then sells it to you at an agreed fixed profit rate. This allows you to own the car and pay for it in easy installment.

This Scheme is available for both used and new vehicles, to individuals and business owners.

Features and Benefits

  • Quick approval process
  • Financing of up to 60 months for new Vehicles
  • Competitive profit rate
  • Available to salaried, self-employed and corporate companies.
  • Minimum 20% down payment.
  • Insurance and service finance .
  • Finance available for new and used cars
  • Offering very competitive Islamic Insurance rates on vehicles
  • Postponement option

Eligibility

  • Minimum salary requirement is AED 20,000/-
  • Age 21 years and above
  • Valid UAE Driving License

Documentation

  • Application form with Promise to Purchase
  • Copy of valid passport with valid UAE residence visa for expatriates (original required for verification)
  • Emirates ID copy
  • Valid Passport with residence visa page for Expatriates
  • Salary Certificate (Issued in last 30 days)
  • Driving License copy.
  • Trade License copy (if self-employed)
  • Power Of Attorney (POA), In case of LLC
  • Memorandum of Association (MOA) or Article of Association, Partnership agreement.
  • Latest 3 months bank statement.
  • Ownership Document &Evaluation certificate for used cars purchased from Non approved dealership or Individual.

Bored of the same old furniture? Need to buy the latest electronics? Want a change in your lifestyle? We will purchase the goods and sell them to you! Through Al Masraf Goods Finance by way of Islamic banking Sharia principle of Murabaha, we will purchase your goods at your request, and then sells it to you at an agreed fixed profit rate. This allows you to own the goods and pay for it in easy installment.

This Scheme is available for both individuals and business owners
Goods Supported by Finance:

  • Furniture
  • Electronics
  • Boats
  • Personal Computers
  • Building Materials
  • Machinery
  • Mortgage Free Automobile
  • Equipment and Tools
  • Motorcycles & Jet skies * and any Other Shariah Compliant Goods

Features and Benefits

  • Flexible repayment periods up to 48 months
  • Convenient monthly installments
  • Competitive profit rates
  • Simple documentation
  • Quick processing
  • Finance limit: Up to 20 multiples of monthly salary for UAE Nationals
  • Finance Limit: Up to AED 1,000,000 finance for Expatriates
  • 1% Processing Fees (Min AED 500 and Max AED 2,500)
  • Up to Two deferments per year

Eligibility

  • Employer should be Govt. /Semi-government Company, or approved private company with Al Masraf.
  • Minimum salary requirement is AED 20,000/-
  • Minimum length of service at current employer should be more than 3 months.
  • Age 21 years and above

Documentation

  • Quotation for the required Goods addressed to Al Masraf Islamic Banking
  • Copy of Passport (with Residence visa for expatriates)
  • Salary and the End of Service Benefit Transfer Letter/Certificate from the employer
  • Statement of Account for minimum 3 months if the salary is transferred to another bank (6 months for self-employed professionals/ businessmen)
  • Copy of valid trade license (for self-employed professionals/businessmen)
  • Security Cheque equivalent to total Murabaha amount.

At Al Masraf we understand that one of the greatest joys is to own or build your dream home. Al Masraf Islamic Banking Home Finance offers you a range of options to suit your specific needs. We offer financing for ready residential properties. We also offer refinancing options for customers who may already own a property or are availing of a mortgage with another institution.

Al Masraf Islamic Banking is proud to offer a range of shari’a compliant and cost-effective Ijara home products which suits your requirements.

Al Masraf Islamic Banking home finance products have been prepared based on simplifying our end to end process using Ijara Contract structure.

Ijara structure: Al Masraf purchase the property base on Customer’s request, and then lease it to customer on a rental payment for a specified leasing period. Through this deal the bank is the lessor and the customer is lessee. The Bank promises to transfer the title of the property to the customer at the end of the lease period if all payments have been made.

Our well trained Home Advisors would be happy to assist you over the phone or visit you at your convenience and take you through the steps towards owning your dream home.

Features and Benefits

  • Varieties of Ijara Home Finance offerings on Ready Properties
    • Owner to Owner : finance a ready property which previously owned by an individual
    • Purchase from a Developer directly: We’ve partnered with all the leading developers in UAE and offer their properties in a special arrangement
    • Refinance:
      Refinance can be extended only on completed properties against current market value of the property and it helps our customers to lighten their load with a better financing rate and more convenient tenures, giving you peace-of-mind to enjoy your home even more
  • Variable Rent installments: Profit Rates linked with EIBOR
  • Comprehensive Islamic Insurance for all property types
  • Financing of up to 80% of property value for everyone (for Salary Transfer customers)
  • Salary transfer is not mandatory
  • Financing available for self-employed applicants
  • Financing of up to AED 15 million for UAE Nationals & expatriates
  • Finance tenure up to 25 years
  • Easy documentation and quick processing

Eligibility

  • Employer should be Govt. /Semi-government Company, or approved private company with Al Masraf.
  • Minimum salary requirement is AED 20,000/-
  • Age 21 years and above

Documentation

Salaried

  • Application Form and Promise to Lease
  • Valid Passport & Visa copy
  • Salary certificate (Previous employment certificate if less than a year)
  • Bank statements – 6 months
  • Liability letter (if any)
  • Property documents – Sale Agreement
  • Proof of down payments

Self Employed

  • Application Form
  • Valid Passport & Visa copy
  • Trade License
  • Copy of Chamber of Commerce Registration
  • Memorandum & Articles of Association
  • Financial statements audited of last two years
  • Profile of the business on company letter head
  • Bank statements – Company & Personal for 6 months
  • Liability letter (if any)
  • Property documents – Sale Agreement
  • Proof of down payments
  • Letter indicating intent for use of property for rental or Investment purpose as per banks format

If the customer is looking to Trade in Sharia Complaint Commodities? Al Masraf can now help you realize your dreams of owning an investment business by financing the commodities you want to buy from Shari’a compliant companies listed on the Dubai Multi Commodities Center DMCC.

With Al Masraf Personal Finance, you can buy and acquire a variety of sharia complaint commodities from us or get upfront cash price when you need it, at the most competitive profit rates available in the market.

Al Masraf offer personal finance product to meet your expenses and financial needs to fulfill your financial requirements in a Shari’a compliant manner.

Eligibility

  • Age criteria- 21 Years
  • Length of Service – Confirmed or 6 months
  • Employer should be Govt. /Semi-government Company, or approved private company with Al Masraf.
  • Minimum salary requirement is AED 20,000/-
  • Minimum length of service at current employer should be more than 3 months.
  • Age 21 years and above
  • Salary needs to be transferred to Al Masraf

Features and Benefits

  • Freedom of trading with the commodities at your will (after purchasing them from Al Masraf)
  • Speedy process and approval
  • Flexible repayment periods up to 48 months
  • Convenient monthly installments
  • Competitive profit rates
  • Upfront cash payment to the customer
  • Simple documentation
  • Quick processing
  • Finance limit: Up to 20 multiples of monthly salary for UAE Nationals
  • Finance Limit: Up to AED 1,000,000 finance for Expatriates
  • Repayment period of up to 48 months
  • 1% Processing Fees (Min AED 500 and Max AED 2,500)
  • Competitive Takaful Plan for Life from Islamic Insurance Companies
  • Up to Two deferments per year

Documentation

  • Completed Application Form
  • Copy of Passport (with Residence visa for expatriates)
  • Salary and the End of Service Benefit Transfer Letter/Certificate from the employer
  • Statement of Account for minimum 3 months if the salary is transferred to another bank (6 months for self-employed professionals/ businessmen)
  • Copy of valid trade license (for self-employed professionals/businessmen)

Security Notice

  1. Please do not share your user ID and Passwords with anybody. Keep it totally Confidential
  2. Please Keep your Passwords Complex and change them regularly
  3. Please do not share your Debit/ATM card or Credit card password with anybody. Keep it totally Confidential
  4. Never respond to any Email or SMS asking for your User ID, Passwords, Credit / ATM Card information or any other information. If you receive any, report to us
  5. For using Al Masraf Online Banking, Ensure you type www.almasraf.ae and avoid following any links received via e-mail, SMS, etc.
  6. Ensure your personal, identification and contact details are up to date in our bank records
  7. Ensure to log off immediately once you have finished using your online banking.

إشعار امني

  1. يرجى عدم مشاركة معرف المستخدم وكلمات المرور مع أي شخص. ابقها سرية تماماً
  2. يرجى أن تختار كلمات مرور معقدة مع الحرص على تغييرها بانتظام
  3. يرجى عدم مشاركة كلمة المرور لبطاقة الايداع / بطاقة الصراف الآلي أو بطاقة الائتمان الخاصة بك مع أي شخص. ابقها سرية تماماً
  4. لا ترد أبدا على أي رسالة بريد إلكتروني أو رسالة قصيرة تطلب منك الإفصاح عن هوية المستخدم الخاص بك أو كلمات المرور أو معلومات بطاقة الائتمان/الصراف الآلي أو أي معلومات أخرى. إذا تلقيت أي من الرسائل المشار إليها أعلاه، يرجى منك أن تبلغنا بذلك
  5. لاستخدام خدمات " المصرف " عبر الإنترنت، تأكد www.almasraf.ae و تجنب اتباع أي روابط ترِدُك عبر البريد الإلكتروني أو الرسائل القصيرة أو غيرها
  6. تأكد من أن معلوماتك الشخصية والتعريفية وتفاصيل الاتصال بك المصرح بها في سجلاتنا المصرفية محدثة
  7. تأكد من تسجيل خروجك فورا بعد الانتهاء من استخدام الخدمات المصرفية عبر الإنترنت.

نصائح أمنية لاستخدام الخدمات المصرفية عبر الإنترنت

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