Do you want to drive the car of your dreams? Do you need a hassle-free and Sharia compliant auto finance tool? Do you seek flexible payment plans at a competitive profit rate?
The Lebanese Islamic Bank S.A.L., the first licensed Islamic Bank in Lebanon, offers you different auto finance schemes in conformity with Islamic law (Sharia).
Based on the Islamic finance concept of Murabaha, and instead of lending you money and charging you with interest; LIB purchases the desired car from the dealer or owner, after receipt of an offer or pro-forma invoice, and then re-sells it at a predetermined and competitive price, which includes bank's profit. In return, you reimburse the selling price over suitable monthly installments.
Features & Benefits
- 100% Sharia compliant financing.
- Financing up to 80% for New Cars and up to 75% for Used Cars.
- Financing amount (including Profit) up to USD 50,000 for New Cars and up to USD 25,000 for Used Cars.
- Very competitive profit rates.
- Convenient and Flexible repayment periods up to 60 months for New Cars and up to 48 months for Used Cars.
- Speedy process and approval after submitting your application and full-related documentations.
- A fully transparent transaction. Low processing fees. No Interest. No additional charges. No hidden costs.
Eligibility & Required Documents
- Minimum 21 years old.
- Employed for at least 2 years, or self employed for at least 2 years with a monthly income exceeding USD 700 or C/V.
- Salary certificate or verified source of income.
- Copy of ID or passport.
- Salary domiciliation at LIB is required, or an irrevocable standing instruction to transfer the bill amount.
- For New Cars a pro-forma invoice from the dealer. For Used Cars, an offer to sell to the bank or a quotation from the current car owner.
How To Apply
To apply for Auto finance, kindly fill out the online application, or visit a branch of Lebanese Islamic Bank S.A.L., or call us at 01-755310/1/2/3