Faysal Islami introduces a Riba free, Shariah-compliant personal financing solution based on the Islamic Principle of “Tawarruq”. A limit-based facility that would provide you a comprehensive, affordable and hassle-free financing option to fulfill needs such as education, wedding and hospitalization.
Financing Amount: Min PKR 50,000 & Max PKR 4,000,000
Financing Tenure: 12 months to 48 months
Early Settlement/Termination Charges: No early settlement/termination profit will be charged; however, the customer will have to pay the complete outstanding amount (Principal + Profit) to settle/close the facility
Fee and Charges
Processing Fee: PKR 7,000 + FED
Charity Amount: PKR 500, incase delay in instalment
Eligible Customer
Age: Min 18 years and Max 70 years*
*70 years at the time of maturity of financing
Income Requirement
Salaried Individual: Min PKR 50,000
Self Employed Individual: Min PKR 100,000
How to avail this facility
You can apply by submitting below attach form and also you can apply via below mentioned channels:
By visiting any Faysal Bank Branch
Call Customer Care at 021 111 06 06 06
SMS <IPF> space <city name> space <cnic> at 9181
Frequently Asked Questions (FAQ's)
‘Tawarruq’ means to sell a commodity at spot after its purchase on deferred basis. In other words, ‘Tawarruq’ is an arrangement in which one party sells a commodity to the other party on deferred payment at cost plus profit. The other party, namely, the buyer then sells the commodity to a third party on cash with a purpose of having access to liquidity. As in Musawammah, in Tawarruq, the buyer and seller come into agreement through signing of a Musawammah contract as a result of which the seller (Bank) purchases the commodity and sells it to the buyer (customer) on deferred basis.
Applying for the Faysal Islami Personal Finance involves a Musawamah Agreement. Musawamah is a general kind of sale in which price of the commodity to be traded is stipulated between seller and the buyer without any reference to the price paid or cost incurred by the former.
Purchase assets (e.g. Islamic Mutual Funds Units) at a deferred payment based on an agreed price (Musawamah Price) through the Musawamah contract resulting in the transfer of ownership (sale).
Once the assets are under your ownership you authorize your appointed agent to sell them to a third party (Mutual Fund Company) on your behalf.
The sale proceeds (funds) are deposited into your beneficiary Bank account provided by you.
You can apply by submitting below attached form and also you can apply via below mentioned channels:
By visiting any Faysal Bank Branch
Call Customer Care at 021 111 06 06 06
SMS <IPF> space <City Name> space <CNIC> at 9181
You can avail a financing limit amount from minimum PKR 50,000 up to PKR 4,000,000 (subject to your income and Repayment Burden Ratio (RBR).
Considering the Islamic nature of the facility, it is extended to customers for multiple purposes such as:
Education
Medical
Wedding
Conversion of FBL’s conventional loan facility
Profit rates are fixed for the entire financing tenure, installment amount will remain the same during the entire facility tenure. And depends whether you are a salaried person, self-employed professional or business person.
Yes, facility can be paid off in a single payment. However, you will have to repay the complete outstanding amount (Principal + Profit) to close the facility.
No, there are no early payment charges on early pay-off. However, you will have to repay the complete outstanding amount (Principal + Profit) to close the facility.
Yes, processing fee of PKR 7,000 + FED is applicable.
Minimum 12 months (1 year) to Maximum 48 months (4 years)
Following options are available for the repayment of the facility:
You can deposit amount into the designated repayment account through any Banking App or ATM
Make over-the-counter payment by walking in a Faysal Bank Branch
Dropping a cheque in Drop Box at a Faysal Bank Branch
To settle the outstanding facility amount before maturity, it is essential to deposit funds into your designated repayment account. Simultaneously, please submit a facility closure request by handing it over to our Service Officer in designated branches or by calling Customer Care at 021 111 06 06 06.
Not submitting the facility closure request will lead to the remaining amount in the account not being utilized or settle the facility.
You will receive the Repayment Schedule, which includes all the relevant details related to your facility, in a Welcome Pack after the financing is completed. You can also contact Customer Care at 021 111 06 06 06 to get more details.
There are two options for the monthly installment payments which you can select in the application form.
1st of every month
15th of every month
You can lodge your complaint by:
Visiting branch and submit a written complaint
Use the complaint box placed in the Faysal branches