Al Salam Bank launches Islamic auto finance program in Sudan
Sept 13, 2005 (DUBAI) — Al Salam Bank – Sudan, started “Waseela”, the most competitive auto finance program in Sudan. Sudanese will now have an access to it at a predetermined fixed profit rate of 8.5%.
Waseela is an Islamic finance program which comes under the Murabaha services in Shariah law.
In a press statement al-Salam Bank indicated that Waseela will cover all types of new cars to ensure that the applicant can own a car of his choice.
In addition, the program will facilitate easy documentation and fast procedure which will give the applicants a hassle free experience without any extra loss of time and money.
The Al Salam Bank’s Vice Chairman, Hussein Mohd. Al Meeza said, “In today’s modern world to own a car is every man’s dream, and now that dream can be fulfilled without struggling with finances.
These programs will not only serve the basic purpose of providing financial support but will also encourage number of automobile companies to venture here adding to the modernization process.”
This program is designed to give maximum benefits to the applicant. In addition to the low rate of profit Waseela also specifies reasonably low first installment, which is around 10% to 20% depending upon various factors such as, the cost of the car, the guarantee, the income, etc.
Waseela will also provide a long installment plan that extends to 48 months and this is very crucial as it will facilitate nominal cut down in the monthly income.
Investors from the United Arab Emirates and Islamic financial institutions seted up at the end of last year Al Salam Bank in Sudan with capital of US$100 million. Mohammed Khalfan bin Kharbash, chairman of Dubai Islamic Bank (DISB.DU), heads the founders’ committee. Kharbash is also UAE’s minister of state for finance and industry.
Its Islamic products include: Murabaha, Istisna’a, Ijara, Mudaraba, real estate and land purchases, sales, and leases, creation of Shariah-compliant joint ventures, and the establishment and funding of insurance vehicles and companies.
(ST)