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Tuesday, 11 March 2008

QNB Al Islami launches vehicle lease product

QNB Al Islami has launched Ijarah Al Markabat, a vehicle lease product, thus becoming the first regional bank to offer it. The product approved by QNB Al Islami’s Sharia board will allow the bank to finance both new and used vehicles at “very competitive” profit rates, considered the lowest in the Islamic and commercial banking market in Qatar. To comply with Islamic Sharia principles, the bank will first buy the vehicle and then lease it out to the client. At the end of the lease period the vehicle will either be sold or given away to the client.The product is available to both Qataris and expatriates. QNB Al Islami customers can avail of finance of up to 96 months for Qataris and 72 months for expatriates besides the grace period. Non-customers can avail of finance of up to 84 months for Qataris and 60 months for expatriates. The vehicle lease product is available to all salaried customers. However salary transfer is not a prerequisite. Applicants do not need to make a down payment to avail of the finance. A guarantor is also not required. QNB Al Islami also finance construction sector projects on a similar pattern. Last year the bank developed the “lease ending in ownership” which allows customers to have their various construction projects financed at “competitive” prices.

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