Are you dreaming of owning a car but want to ensure your financing aligns with your Islamic values? Look no further than FAB’s Islamic Car Finance 2023. First Abu Dhabi Bank (FAB) offers a comprehensive and Shariah-compliant financing solution that enables you to drive the car of your dreams. Let’s explore the features, eligibility criteria, and required documents for FAB’s Islamic Car Finance 2023.

Features

• Shariah-Compliant Financing: FAB’s Islamic Car Finance 2023 is designed to adhere to the principles of Islamic finance, ensuring that your financing is free from interest (riba) and follows ethical guidelines. This makes it a suitable choice for individuals seeking Shariah-compliant financing options.
• Competitive Profit Rates: FAB offers competitive profit rates for their Islamic Car Finance, ensuring affordability for customers. These rates are designed to be competitive within the market, allowing you to secure financing that aligns with your budget.
• Flexible Repayment Options: FAB understands that every individual has different financial needs. With their Islamic Car Finance, you can enjoy flexible repayment options, tailoring the financing terms to your specific requirements. Whether you prefer a shorter repayment period with higher installments or a longer tenure with lower payments, FAB has options to suit your financial capabilities.
• High Financing Limits: Depending on your eligibility and the value of the car, FAB provides high financing limits for their Islamic Car Finance. This allows you to finance a significant portion of the car’s cost, reducing the initial payment required and giving you more flexibility in choosing your desired vehicle.
• Quick Approval Process: FAB values your time and ensures a quick approval process for their Islamic Car Finance. By simplifying the application process and expediting the evaluation, you can expect a prompt response from FAB, allowing you to move forward with your car purchase smoothly.
• Convenient Repayment Options: FAB offers convenient repayment options for their Islamic Car Finance. You can easily make your monthly payments through various channels, including online banking, mobile banking, or automatic payments. This flexibility ensures a hassle-free financing experience throughout the repayment period.

Eligibility Criteria

• Age Requirement: Applicants must meet the minimum age requirement set by FAB at the time of application.
• Employment Status: FAB requires applicants to have a stable source of income. Salaried individuals should have a minimum employment period, while self-employed individuals need to provide proof of business stability.
• Creditworthiness: FAB evaluates applicants based on their creditworthiness, including credit score, repayment history, and existing debts. A good credit history increases the chances of financing approval.
• Residency: Islamic Car Finance is available to both UAE nationals and expatriates residing in the UAE. Applicants must provide proof of residency, such as a valid residence visa or Emirates ID.

Required Documents

• Identification Documents: Valid passport, Emirates ID (for UAE nationals and residents), and visa for expatriates.
• Proof of Income: Salaried employees should provide salary certificates for the past few months, while self-employed individuals need to submit audited financial statements or bank statements reflecting their income.
• Bank Statements: Recent bank statements that show your financial transactions, including salary deposits and any other sources of income.
• Vehicle Quotation/Invoice: A quotation or invoice from the car dealership specifying the make, model, and price of the vehicle you intend to purchase.
• Other Supporting Documents: Additional documents may be required, such as trade licenses, company documents, or property-related documents, depending on your individual circumstances.