Faysal Secured Islamic Personal Finance is a Riba Free, Shariah-compliant personal financing solution based on the Islamic Principle of “Tawarruq”. It is a limit-based facility that provides you easy & hassle free financing which you can avail by placing your vehicle as a collateral to fulfill needs such as education, wedding & hospitalization.

Tawarruq
‘Tawarruq’ means to sell a commodity at spot after its purchase on deferred basis.

Product Features

• Pricing: Fixed Rate
• Financing Amount: Up to 85% of collateral value
• Financing Limit: PKR 7 million cap
• Financing Tenure: 1 to 4 years
• Easy monthly installment plan
• The bank will arrange Takaful for the vehicle from a reputable Takaful company.

Eligibility Criteria

• Age Limit
  Salaried (Min 21 Years and Max 65 Years at the time maturity)
  SEB/SEP (Min 21 Year and Max 70 Years at the time of maturity)
• Minimum Income Requirement
  Salaried: Gross Income: PKR 50,000
  Self Employed Business / Professional (SEB/SEP): PKR 100,000 (Verified Income)

Vehicle Eligibility For Collateral

• Vehicle cannot be older than 7 years.
• Vehicle to be in customer’s ownership as per excise records for at least 3 months in order to be eligible for Secured IPF collateral.