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.
Interest Rate: No Interest
Maximum Loan Amount: Up to USD 50,000 for New Cars and up to USD 25,000 for Used Cars.
Minimum Monthly Income: USD 700
Career Status: Employed or self employed for at least 2 years.