Based on the Islamic finance concept of Murabaha ("Buying and Selling") we purchase the desired product from the seller and re-sell it to you at a predetermined and competitive price which includes bank's profit. The Motorcycle will be registered under the customer's name and the bank will take the motorcycle as collateral. Financing period from 6 months to 36 months
-Takaful (Islamic insurance) coverage equivalent to the financing amount throughout the lease period
-Customers monthly rental must be below 34% of confirmed salary
100% Shari'ah compliant financing
Financing period from 6 months to 36 months.
A fully transparent transaction with no processing fees, no additional charges or hidden costs.
- Maldivian with valid resident identification card
- Age between 21 to 60 years
- Living and working in Maldives (Government Staff working in islands will be evaluated on case to case basis)
- Has been in employment for the last 12 consecutive months with MIB accepted employers
- Customer must provide 1 guarantor, preferably his/her relative,
- undertaking an employment for minimum period of two year
- Earning a minimum confirmed income of MVR4,000.00. Total average gross salary for the past six months should be a minimum of MVR6,000.00
- Monthly payment should not exceed 34% of Customer's six months average salary.
- Total deduction (including other banks) should not exceed 50% of the Customer's confirmed income excluding statutory deductions.
- Salary Deduction
- Completely Filled Application Form
- Copy of National Identity Card
- Employer Letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.
- Last 06 month's Bank Statement
- Last 06 month's Salary Slip
- Quotation from MIB authorized Dealers
The Guarantor for this facility must be;
- Maldivians with valid resident identification card
- Aged between 21 to 60 years
- Living and working in Maldives
- Has been in employment for the last consecutive 12 months with MIB accepted employers
- Guarantor preferably is related to Customer either by blood or marriage
And should provide the following documents
- Employer letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.
- Copy of national identity card
(This list may change from time to time)
- Alia Investments Pvt. Ltd.
- Auto Parts Galore
- Indian Ocean Charters (Maldives) Pvt Ltd (Expert Motors)
- Sheesha Pvt. Ltd.
- Litus Automobiles
- United Automobile Company Pvt. Ltd. (Auto Center)
- ZUM LLP, ZUM MOTORS