Bahrain Islamic Bank : Apply For Auto Finance

Name of the Organization : Bahrain Islamic Bank
Type of Facility : Apply For Auto Finance
Country : Bahrain

Website : https://www.bisb.com/en

Apply For Auto Finance :

BisB facilitates the path of acquiring a Sharia’a compliant finance to possess the car that you desire. Whether a new or a used vehicle, BisB’s flexible Auto Finance helps you stay in the lead.

Related : Bahrain Islamic Bank Apply For Property Finance : www.statusin.org/5996.html

What are the features of BisB’s Auto Finance?:
Maximum Tenor: 7 Years
Maximum Finance Amount: BD100,000
Salary Transfer: Optional
Processing Fees: BD100

Minimum down payment:
New Cars: 10% for finance tenors of 6 and 7 years without salary transfer, otherwise optional.
Second-hand Cars: 10% with or without salary transfer.

What can I use BisB Auto Finance for?:
BisB’s Auto Finance can be used to facilitate new or used vehicles.

What is the Islamic structure of the product?:
Murabaha, which is an Islamic financing instrument where the bank purchases the vehicle. After obtaining ownership of the vehicle, it is sold to the end user on a monthly installment basis. The selling price will be the total cost of the vehicle plus a profit margin that is declared to the customer by the Bank.

Eligibility:
Auto Finance is available to Bahraini and non Bahraini nationals.

The general criteria of obtaining an Auto Finance from BisB is detailed below:
Age of the Applicant: Above 21 years at the time of application and less than 60 at the maturity of the finance.
Minimum Monthly Income: BD200.
Minimum Work Experience: 4 months (employed), 1 year of business (self-employed).
Maximum DSR (Debt Service Ratio): The total debts of the customer including all installments, new installment and 5% of the credit card and over draft limits, should not
exceed 50% of the monthly income for individuals with salaries of BD3,000 per month or less.
exceed 60% of the monthly income for individuals with salaries above BD3,000 per month.

Required Document :
To apply for Auto Finance, applicants must provide the following documents:

Employed:
If you are an employee of an organization or institution, you will require the following documents:
** Two valid Identifications.
** Latest 3 months Pay Slip.
** Latest 3 months Bank Statement.
** Latest Salary Certificate.
** Employment Contract (non Bahraini individuals).
** Residence Permits (non Bahraini individuals).
** Indemnity Letter (non Bahraini individuals).
** Original quotation under the name of BisB.

Self-Employed:
If you are self employed, you will require the following documents:
** Two valid Identifications.
** The Commercial Registration (CR).
** Latest 6 months Business Bank Statement.
** Subject Property Title Deed.

For partnership (W.L.L):
** Board of Resolution.
** Article of Association.

About Us :
Bahrain Islamic Bank (BisB) was established in 1979 as the first Islamic commercial bank in the Kingdom of Bahrain; the authorized capital is BD 200 million and paid up capital is BD 97.4 million. Since its inception, BisB has recorded a steady growth. At the end of 2015, the shareholders’ funds reached nearly BD 110 million Bahraini Dinars, with assets in excess of BD 976 million.

Contact Us :
Bahrain Islamic Bank (BisB)
Headquarters
Road 1708
Block 317
Building 722
Al Salam Tower, Diplomatic Area
P.O. Box 5240
Manama, Kingdom of Bahrain