Frequently Asked Questions

Auto Finance is a Sharia compliant finance facility to facilitate purchase of a desired vehicle from the Bank where the customer can pay the sale price on deferred payment terms. Auto Finance is based on the structure of Murabaha

Murabaha is a contract for selling a specified vehicle (Asset) by the bank at a mutually agreed mark-up (profit) added to the costs. The payment of the sale price (costs + agreed mark-up) by the customer is deferred for future date or dates.

The Bank will buy a vehicle which is identified by the customer, as per his request/promise and then sell it to the customer at an agreed mark up.

This facility is offered to all UAE nationals, GCC nationals and expatriates holding a valid UAE residence visa. It is available for individuals as well as company purchases

This facility is made available by the Bank for the purchase of new and used vehicles and standard vehicles, namely saloon cars and 4 wheel drives (passenger vehicles) and non-standard vehicles, namely sports and commercial vehicles up to 4.5 tons and luxury cars.

Yes, the vehicle can be registered anywhere in the UAE subject to the approval of both RAKBANK and the Traffic Department

No, salary transfer to RAKBANK is not mandatory to obtain a finance facility on a desired vehicle.

The minimum gross monthly salary is AED 5,000 to apply for a finance facility.

Deposits are not required by customers, subject to certain profiles. Special approvals may be given with a specific percentage of deposit required from the customer and is at the discretion of the bank

Minimum age requirements are 18 years and six months for registration and 20 years and six months for customers who intend to repay by cheques.