Car Financing Product

  1. The bank covers the costs of financing the purchase of cars to become accessible to customers with easy premiums and easy financing terms and conditions
  1. The Product Purpose:
    • Finding the appropriate financing within the provisions of Islamic Sharia for the costs of financing the purchase of cars to become accessible to everyone with easy premiums and easy terms and conditions.
    • Finding a competitive product among banks that would attract a large segment of society and through which the rest of our products shall be spread.
    • Disseminating and spreading the bank’s name.
    • Keeping up with the market to ensure competition within the banking products required in the Iraqi market.
  2. Target Groups:
  1. Employees or Retirees.
  2. Freelancers.
  1. Financing Percentage: 100% out of the car’s price, up to a maximum of 25 Million Dinars.
  2. Age of the Customer or Sponsor: From 18 Years to 63 Years
  3. Accredited Companies:
  • Alsadeq Trading Automotive Group
  • Noor Al Manqal Car Rental and General Trading Company
  1. Financing Ceiling:
  1. Minimum = 15 Million Iraqi Dinars
  2. Maximum = 25 Million Iraqi Dinars
  1. Financing Term: Maximum of 60 months
  2. Profit Rate: 6.5%
  3. Example:
Financing AmountProfit RateFinancing Term MonthTotal Financing Including ProfitMonthly PremiumTotal Financing Profit
20,000,0007%6026,500,000441,6676,500,000
Except for the administrative and operational commissions charged to the bank

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