Al Baraka Vehicle Finance: find the fixed-Ijarah fit for your car and deposit

A fixed-Ijarah lease starts with the car's age and mileage. Match those limits and your deposit to a term of up to 60 months.

Al Baraka Vehicle Finance (Albaraka Bank Limited)

For Al Baraka’s fixed Ijarah, your new or demo vehicle must be no more than 6 months old. It must also have no more than 10 000 km.

Match the fixed-Ijarah deposit and term to the car you want to finance

Fixed Ijarah offers up to 60 months for new or demo vehicles with a 10% deposit. Murabaha requires a recognised dealer; neither it nor variable Ijarah finances private sales.

On a R268 000 demo, 10% is R26 800: R30 000 covers that deposit. Approval requires full credit assessment and meeting the bank’s finance terms.

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What your instalments and insurance choice cost

Albaraka Bank’s fixed Ijarah rate stays unchanged throughout your term. The bank’s calculator estimates monthly instalments, but its result is only indicative.

If you do not arrange insurance, your profit mark-up increases. There is no monthly admin fee, but that does not remove the insurance-related cost.

Your income, expense, asset and liability statements

If married in community of property, submit a joint balance sheet.

  • Murabaha and fixed Ijarah need a 10% deposit.
  • Provide your ID and proof of address.
  • Give income proof, three months’ bank statements and form details.
  • Submit signed statements for full credit assessment.

Start your vehicle finance application online

  1. Open the vehicle finance application online.
  2. Add personal, job, bank, seller and car details.
  3. If approved, sign and meet all contract conditions.

FAQ

Which used vehicles qualify for Murabaha or variable Ijarah?

Murabaha allows cars up to 6 years old and 120 000 km. Variable Ijarah caps used cars and light commercials at 4 years, 80 000 km and 60 months.

Do I need prior written bank approval to exceed my Ijarah agency limit?

Yes. As the bank’s Ijarah agent, you must stay within the approved amount. Exceeding it requires prior written bank approval.

Which identity and address documents must I provide?

Provide your Green Bar-coded Identity Document or Smart ID. Your proof of residential address must be no older than 3 months.

What income documents help me start my application?

If salaried, give 3 months’ salary confirmations. Otherwise, give your latest annual financial statements or income tax return.

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