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Motorbike Financing Facility


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

 

Features & Benefits

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.

 

Eligibility

-         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.

 

Customer Payment Options

-         Salary Deduction

REQUIRED DOCUMENTS:

-         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

 

Guarantor's Requirement

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

 

Accepted Suppliers:

 (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