Muscat: Alizz Islamic Bank now offers an enhanced experience to its customers looking to finance their new car at any authorized car dealership in the Sultanate. Auto Finance starts with a profit rate of just 4.75% with the possibility of completing the process in 10 minutes at some dealers that have the IFIN instant finance service, which is increasingly popular for its ease and flexibility and their compliance with Shari. ‘a principles
Customers interested in getting instant financing for their new cars in as little as 10 minutes can do so at local Nissan, Infiniti, Toyota and Mazda dealerships. The car dealership uses a flexible fintech solution that will retrieve all the customer’s details, verify their eligibility for financing, and then start the process immediately.
Alizz Islamic Bank Auto Finance is based on the Sharia principle of Murabaha. Auto Murabaha is available to both Omanis and residents and financing is up to 80% of the car’s value with competitive interest rates and a repayment period of up to 84 months. Plus, auto financing is available to everyone, including employees and private business owners, as it only requires simple paperwork and approvals. Alizz Islamic Bank has set a minimum salary of OMR 300 for public sector employees and OMR 350 for private sector employees.
To apply, the customer will need to obtain a quote issued by the dealer and addressed to Alizz Islamic Bank, and then take care of purchasing the car from the bank. Accordingly, the bank buys and collects the car from the seller, and then sells the car to the customer under Murabaha with deferred installments.
Alizz Islamic Bank prides itself on helping customers by incorporating ease and flexibility into all of its carefully tailored financial products and offerings. The bank is always on a mission to better understand customer needs and priorities in order to continuously improve its current offerings and innovate new ones. Alizz Islamic Bank continuously introduces a variety of financial offers, whether for personal, domestic or commercial purposes, all of which are in accordance with the provisions of Shari’a.
Since its inception in 2013, Alizz Islamic Bank has maintained a consistent customer-centric approach by adopting the latest technologies, offering innovative financial solutions and responsive digital platforms across multiple channels such as websites, mobile banking, SMS, Call Center, ATMs ATMs, interactive tellers, and branch banking services.
