Personal Finance
| Islamic Finance | Yes |
| Minimum Salary | AED N/A |
| Minimum Age | N/A years |
| Maximum Age | N/A years |
| UAE Nationals Eligible | Yes |
| Expatriates Eligible | Yes |
| Salaried Eligible | Yes |
| Self-Employed Eligible | No |
| Salary Transfer Required | Yes |
| Employment Criteria | Salary transfer is required. Employment with an approved employer. |
| Minimum Loan Amount | AED N/A |
| Maximum Loan Amount | AED N/A |
| Minimum Loan Tenure | 12 months |
| Maximum Loan Tenure | 60 months |
| Flat Interest Rate: | 2.00% - Flat profit rate ranges from 2.00% up to 10.00% per annum. |
| Reducing Interest Rate: | 2.38% - Annual percentage rate (APR) ranges from 2.38% up to 10.38%. |
| Processing Fee: | 0.79% - Processing fee is 0.7875% of the finance amount (minimum AED 525 and maximum AED 2,625), inclusive of VAT. |
| Early Settlement Fee: | 1.05% - Early settlement fee is 1.05% of the principal outstanding, capped at AED 10,500. |
| Late Payment Fee: | 210.00% - Late payment fee of AED 210 applies if the monthly payment is not received on time. |
| Insurance Fee: | 0.71% - Takaful contribution of 0.71% applies. |
Required Documents
Emirates ID, Passport, Visa, Salary Certificate, Bank Statement, etc.
Features:
Fixed profit rate, flexible tenure up to 60 months, Shariah-compliant Murabaha financing.
General Notes
Personal Finance based on Murabaha, where the bank purchases an asset and sells it to the customer at a known profit margin.
