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Faysal Secured
Islamic Personal Finance

Invest in your future, backed by your vehicle

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Category

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.

Features

  • Islamic Mode of Financing: Tawarruq
  • 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.

Tawarruq

‘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.

Eligibility Criteria

  • Citizenship: Pakistani
  • Salaried Employee:
    • Income
      • Permanent: Minimum PKR 50,000/- per month
      • Contractual: Minimum PKR 100,000 /- per month
    • Age: Minimum 18 Years and Maximum 70 Years at the time of maturity.
    • Employment Tenure: 06 months in current position OR 03 months in current & 12 months of continuous employment.
  • Self Employed Businessman /Professional:
    • Income: Minimum PKR. 100,000 per month (Verified Income)
    • Age: Minimum 18 Years and Maximum 70 Years at the time of maturity
    • Business Tenure: Min 01-year continuous business tenure
  • Other income sources:
    • Rental Income*, foreign Remittance, Sukuk, term deposit (only lien based), pension income (consideration based on documentary evidence

* Property rental Income can be considered as primary income or additional to the basic income

Eligibility for Collateral

  • Vehicle cannot be older than 7 years.
  • Vehicle to be in customer’s ownership as per excise records for at least 03 months in order to be eligible for collateral.

Pricing

SEGMENT

PRICING

Standard Rate

K + 6%

Deviations

K + 6.25%

History Based Deviations

K + 6.75%

Documents Required

  • Salaried
    • Clear & Visible Copy of CNIC
    • Copy of latest utility bills
    • 06 months’ bank statement
    • Salary Slip
    • Copy of vehicle ownership documents
    • Vehicle documents required for Hypothecation
  • Self Employed Business / Professional
    • Clear & Visible Copy of CNIC
    • One-year Business Proof (Copy of NTN or Any Authentic Business proof)
    • Partnership Deed
    • Bank Certificate / Letter
    • NTN Certificate
    • Company Memorandum / Article of Association
    • Certificate of incorporation
    • Form A10 / Form 29
    • Reg. rent deed of office
    • Any other valid business documents verifiable from authority fulfilling minimum business tenor requirement

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