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Frequently Asked Questions
Service Finance
1. What is Service Finance?
Service finance is a finance facility based on the Sharia compliant Service i.e. Ijarah Contract. This product is designed for customers who require short term finances such as Education and Rent in a Shariah compliant manner
2. What is Service Ijarah?
It is an agreement to use services provided by a person/institution in return for an agreed compensation. It is a contract to lease the benefit of utilizing a service, at a fixed price, for a fixed tenor and the service has to be Intangible.
3. What are the Services which can be financed through Service Finance?
- Education Finance (School and University)
- House rent
4. Is salary transfer to RAKBANK mandatory?
No.
5. What is the minimum age requirement to apply for the finance?
The minimum age requirement for UAE nationals is 20 years and 6 months, and for expatriates is 21 years.
6. Is there a Takaful cover available on Service Finance?
On approval of your finance, a free Takaful cover up to the value of the acquired finance is provided. This is to protect your family in the event of any unforeseen circumstances such as death or permanent disability. Terms and conditions of the bank apply and will be shared with you at the time of signing your application
7. I have just joined my company. Am I eligible for Service Finance?
Yes, subject to a confirmation of your employment by your employer and subject to the bank’s approval for your finance request
8. I am self- employed, how old should my company be so I can apply?
The length of business for a company should be 1 year old
9. What is the Minimum Salary required?
Minimum salary is AED 15000/- for salaried individuals.
10. How can I apply for Service Finance?
Please visit your nearest RAKBANK branch or contact us on 600 54 0044 to apply.