MUSCAT – Alizz Islamic Bank is now offering an enhanced experience for its customers looking to finance their new car at any approved car dealership in the Sultanate. Auto Finance starts at a profit rate of just 4.75 percent with the possibility of completing the process in 10 minutes in some dealerships that have the IFIN Instant Financing service in place, which is becoming more popular due to its ease and flexibility and its compliance with Shari’a principles.
Customers that are interested in getting instant finance for their new cars in just 10 minutes can do so at the local dealerships of Nissan, Infiniti, Toyota, and Mazda. The car dealership uses a flexible fintech solution that will fetch the entire customer’s details, verify their eligibility for finance, and then initiate the process immediately.
Alizz Islamic Bank Auto Finance is based on the Sharia principle of Murabaha. Auto Murabaha is available for both Omanis and residents and the financing is up to 80 percent of the car value with competitive profit rates and a repayment period of up to 84 months. Additionally, Auto finance is available to everyone, including employees and private business owners, as it requires only simple documentation and approvals. Alizz Islamic Bank has set a minimum salary of 300 OMR for government sector employees and 350 OMR for private sector employees.
To apply, a customer will must obtain a quote issued by the dealership and addressed to Alizz Islamic Bank, and then he/she will undertake purchasing the car from the bank. The bank accordingly buys and collects the car from the seller, then sells the car to the customer under Murabaha with deferred installments.
Alizz Islamic Bank takes pride in helping customers by incorporating ease and flexibility across all its carefully tailored products and finance offers. The bank is always on a mission to better understand customer needs and priorities to continually improve its current offerings and innovate new ones. Alizz Islamic Bank continuously introduces a variety of finance offers, whether for personal, home, or commercial purposes, all of which are in line with the provisions of Shari’a.
Since inception in 2013, Alizz Islamic Bank has maintained a steady customer focused approach by adopting the latest technologies, offering innovative financial solutions and responsive digital platforms across multiple channels such as website, mobile banking, SMS, Call Center, ATMs, interactive teller machines, and branch banking services.