 What Vehicle finance products do you offer?
We offer Shari'a Compliant Murabaha Vehicle Finance product for new and used vehicles.
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What is the meaning of Shari'a Complaint product?
Its means that a product is designed and developed under the Islamic laws, which is approved by Shari'a Advisory Board.
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Is Attijari Al Islami Vehicle Finance approved by CBD Shari'a Board?
Yes, it is approved by Shari'a Board and issued the certificate which confirms that the product is in accordance with Islamic laws "Murabaha principles".
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How Murabaha Vehicle finance works?
By this principle, CBD-Attijari Al Islami purchase the Vehicle at customer's request, and then sell it to the same customer at an agreed fixed profit rate. This allows customer to own the Vehicle and pay for it in easy installments.
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What makes CBD Attijari Al Islami Vehicle Finance a Shari'a compliant product?
Commercial Bank of Dubai – Attijari Al Islami's Shari'a Advisory Board, an independent Board of qualified scholars of international repute. The members of this Board are:
Dr. Hussain Hamed Hassan – Chairman
Dr. Augail Al Nashmi – Vice Chairman
Dr. Mohammad Abdul Rahim Sultan Al Olama – Board Member
The Shari'a Supervisory Board reviews the products' documentation including all related contracts, operating procedure, charges, and associated processes, and after making all required amendments:
Shari'a Supervisory Board has approved and issued the Certificate to offer the Murabaha Vehicle Finance product to customers.
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Who are the eligible to apply for Vehicle Finance from CBD-Attijari Al Islami?
. UAE National and Expatriate with Valid visa.
ii. Minimum age 21 years up to 55Years (Expats) & 60 Years (UAE Nationals) at the time of final installment
iii. Minimum monthly salary AED 10,000
iv. Minimum length of Service UAE National must be confirmed employee & Expatriates minimum 3 months must be confirmed with present employer with Salary > AED 30K and 2-Years Business Proof for self-Employees.
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What is the profit rate for Vehicle Finance?
For CBD Customer:
New Vehicle: 4.50% p.a. Murabaha Profit Rate,
Used Vehicle: 5.5% p.a. Murabaha Profit Rate.
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How do I calculate the price of Attijari Al Islami Vehicle Finance? Are the payments similar to a conventional Vehicle loan? If so, is this acceptable under the Shari'a (Islamic law)?
Commercial Bank of Dubai determines the rates on Attijari Al Islami Vehicle Finance using a fixed payment scheme that is competitive with conventional Vehicle loans available in the market. As determined by our Shari'a Supervisory Board, Shari'a permits using the conventional market as a benchmark.
According to the Shari'a, the profit rate in a Murabahah transaction can be set at any value agreed between the buyer and seller. Also remember that under Murabahah financing, Commercial Bank of Dubai is acting as a Vehicle seller and not a moneylender. There is no particular reason why a Vehicle financed Islamically should be any more or less expensive than a Vehicle financed using a conventional Vehicle loan. The criterion for acceptability by the Shari'a is that the transaction be compliant with Shari'a, regardless of the price of the good or how that price is determined.
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How can I apply for Attijari Al Islami Murabaha Vehicle Finance?
You can visit our ''Attijari Al Islami'' Centres at the Main Branch in Deira, Dubai or Al Khalidiya Branch, Abu Dhabi; where you can find out our coordinators will assist you on our comprehensive Islamic banking products details and services. Also you may call our 24 hours phone banking services on 800847
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How old a Vehicle could be financed?
You can choose any Vehicle to get financing which should not be older than 2 years. i.e year of manufacturing should not be older than 2 years.
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Do I need to have an account with CBD to apply for Murabaha Vehicle Finance?
No, you can apply for Vehicle Murabaha Finance even if you do not have an account with CBD, but only we open for you Murabaha Account for the purpose to recover the monthly installments and all applicable charges .
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Is there any application processing fee?
Yes, there is application processing fee of AED 500 will be charged to customer
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Are there any hidden fees/charges?
No. All fees/charges are communicated and shared upfront at the time of signing the agreement
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What is the minimum and maximum amount of financing I can apply for?
You can apply financing amount minimum AED 20,000 up to Maximum AED 500,000
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What is the minimum and maximum tenure of financing?
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i. New Vehicle: Minimum 12 months Up to 60 months.
ii. Used Vehicle: Minimum 12 months Up to 36 months.
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Do I require a Salary Transfer?
Yes you need salary transfer.
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In which Emirates Vehicle finance is available?
Vehicle finance is available in our branches located in all Attijari Al Islami Centres. Please visit our designated Branches or call us 0800-847 for more assistance
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How soon will I know if my Vehicle finance application is approved?
After submitting your application and documents, you will get a response for Approval within 4 working days.
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How do I check the status of my application?
The Branch and the sales staff from where the Vehicle finance application is made will communicate to you the decision on your application.
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When will my first installment be due after getting the Vehicle?
Your 1st installment will become due after 45 days from the date of financing.
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How long the approval of finance remains valid?
Your approval is valid for 30 days from the date of issuance of offer letter.
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From which dealer may I purchase my Vehicle?
You can get the Vehicle from any authorized dealer approved by CBD-Attijari Al Islami, however the list is available with our designated sales staff.
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Are there any vehicles CBD-Attijari Al Islami does not finance?
Yes. CBD-Attijari Al Islami does not provide financing for the following vehicles: Heavy Commercial vehicles (Trucks, Buses), custom built motorcycles etc.
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Is insurance mandatory?
Yes, it is mandatory to get Islamic Insurance (Takaful).
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Can I get financing for my Vehicle insurance?
Yes, you can get financing for your Vehicle insurance for the first year .
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Do I have to pay any thing extra for this insurance?
No, the bank does not charge anything extra to you for this insurance.
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Who is the insurance provider and what is the insurance coverage?
AMAN is our insurance provider and the policy offers Emirates wide insurance coverage.
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Do I have to use AMAN to insure my Vehicle or can I use any other insurance company?
AMAN is our insurance provider, but you can also get insurance from any Islamic Insurance company who satisfy the terms and conditions of CBD-Attijari Al Islami.
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Can I avail any deferment facility?
Yes, you can avail 2-times deferment facility in a year to ease out your payment plans.
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Are there any prepayment or early payoff penalties on your Vehicle finance products?
You will get the reward for early pay off rather you penalized if it is being done from Own resources: A reward of 65 % of accrued profit will be given to you for early pay off. By Other Banks: A reward off 35% of accrued profit will be given in case of buy-out by other banks.
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Is there any late payment fee?
A late payment fee will be levied on every delayed payment. This payment will be dispensed in full to Charity, in keeping with our Shari'a Supervisory Board's guidelines.
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Can I make a partial payment to my due installment?
Yes, but you will be charged a late payment fee. Please call our Customer Care number 800-847 and they will advice you on the actions.
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What is the mode of payment available for monthly installment and applicable charges?
You can use only your current account with CBD-Attijari Al Islami by depositing the payments in it and by signing a Direct Debit Mandate form, authorizing CBD-Attijari Al Islami to directly debit your monthly installment and applicable charges from your account.
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Do I need to maintain minimum balance in my account with CBD- Attijari Al Islami?
No, you are not need to maintain minimum balance in your account with CBD-Attijari Al Islami, specifically opened for Murabaha Vehicle Finance.
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Who will hold the title of ownership of the Vehicle?
The ownership of the Vehicle will be in the name of customer with mortgage assigned to CBD-Attijari Al Islami.
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What will be the procedure for Vehicle registration?
The registration will be done through the authorized dealer where you get the Vehicle from.
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My Finance is paid in full and I need NOC to remove the mortgage. When can I expect to receive it?
You can get the NOC immediately after settlement of your outstanding.
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I have recently moved; what do I need to do to update my address information?
Please call us at 800-847 and we can update your address. Or, send your change of address notifications to:
Commercial Bank of Dubai-Attijari Al Islami Attn:
Customer Service
P.O. Box 2668, Dubai.
We will update your account within two business days. Be sure to include your account number on the request.
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What should I do in event of a Vehicle theft?
You need to call police and insurance company to inform about the incident.
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When can I talk to CBD-Attijari Al Islami representative to discuss my finance information?
Our Customer Service Representatives are available 24hours to assist you Sunday through Thursday. To reach us, please call 800-847.
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How do I request a payment history, authority to drive, or other documentation?
Please contact Customer Service at 800-847. Keep in mind that all requests take a minimum of 1-2 business days to process.
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Is there any condition to maintain my monthly salary/income up to certain level after payment of my other regular liabilities?
Yes, to become eligible for Vehicle finance it is compulsory that you should have 50% net disposable income after payments of your other financial commitments.
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Can I view my Murabaha Account Statements?
Yes, you can view your Murabaha account statements by using our online service through internet.
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