Auto Finance

Our Auto Finance works based on a Murabaha contract, which is an Islamic type of financing assets with a predetermined profit and within a fixed term. Al Baraka buys the car you want, before selling it back to you at the buying price plus profit. bringing your dreams closer to reality.

Al Baraka Islamic Bank offers an Islamic complaint auto finance, which mean an agreed fixed price (principle + profit) for a specific period. This gives you peace of mind and security in our agreement.

Minimum Salary is BD400/-

Minimum Age is 21 Years & Maximum Age is 70 at maturity of finance subject to availability of life insurance.

Debt Service Ratio (DSR) is up to 50% for income below or equal to BD 3,000/- & up to 65% for income above BD3,000/-, & up to 70% for existing mortgage facility and customer income equal or above BD3,000/-

Maximum Tenure is 7 Years

Maximum Financing Amount BD100,000/-
To apply for Auto Finance, you must be 21 years old or above and complete an application at an Al Baraka branch with these documents:

2 valid IDs

Last pay slip/salary certificate

Bank statement for last 3 months/6 months if self-employed

Valid CR if self-employed

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