Ijarah offers its customers Sharia-compliant integrated financial leasing services
When it comes to car rental leading to ownership, Ijarah is the best solution as it fulfills the needs and aspirations of all clients, in a flexible timeframe that perfectly fits your needs.800 1111 800
Latest Update Date - 27 Oct 2022
The Annual Percentage Rate (APR):
It is the discount rate at which the present value of all payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower.
APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
The contract stipulates the amount of financing you will receive in addition to the period of repayment of the installments, stating their value and the maturity date of these installments. The data also include the cost of obtaining funding in terms of knowing the fixed term cost rate and management fees.
Maturity in Years:
The duration of the contract agreed upon between the parties, which shall indicate the date and expiry of the contract with the parties' with the terms of the contract
Monthly repayment amount:
These payments are recognized in the contract, and the lessee is obliged to pay them on the due dates. The contract shall also include a schedule of repayment installments, in which the value of the asset's rent and the value of the right of ownership shall be shown separately, provided that the premium for any period shall not be less than the principal's rent for that period in the contract.
The last payment is usually 0 % to 35% of the car price which you decide to pay at the end of the lease. It makes the monthly rentals that you pay less, but you have to be ready to make a large payment at the end of the lease.