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Al Wifaq offers Murabaha i.e. personal finance to both UAE nationals as well as expats who are looking for additional funds to fulfill their immediate commitments. In addition to this, the Al Wifaq personal loan can be availed for renovating a home, child’s education, planning for an international trip, or any other personal reasons.
Al Wifaq personal loan is fully Shariah Compliant products that are designed to meet all the basic personal financial needs. Al Wifaq Personal Finance depends on a Murabaha arrangement through the trading of Shariah compliant commodities. The borrower can avail the loan amount credited immediately in his/her account by selling the commodities in the market.
Below specified are the key features & benefits of the Al Wifaq Personal Finance:
Minimum Income Required
10,000 AED (per month)
*Note: Please keep in mind that minimum monthly salaries range from 10,000 AED to 20,000 AED, depending on the employer of an applicant.
For consolidation of all debts, the minimum length of service is one year.
Q.1. Who can avail the Al Wifaq Personal Finance?
Ans: UAE nationals & expatriates with valid documents are eligible to avail Al Wifaq Personal Finance.
Q.2 Can I postpone any loan installment payment?
Ans: Yes, you can postpone up to four loan installment payments in one calendar year.
Q.3. Is the personal finance offered by Al Wifaq based on the Shariah compliant laws?
Ans: Yes, Al Wifaq Personal Finance is based on Shariah compliant laws.
Q.4. Can I clear my finance amount before the tenor?
Ans: Yes, you can clear the finance amount before the tenor but please note that 1 percent of the outstanding loan amount will be charged as early settlement charges.
Q.5. Is there any late payment fee charged?
Ans: Yes, 2 percent of the delayed amount (min 50 AED – max 200 AED) will be charged as the late payment fee.
Q.6. Will my personal finance application get rejected if I don’t meet the income eligible criteria mentioned for the Al Wifaq Personal Finance?
Ans: Yes, your monthly income should meet the requirement specified by the Al Wifaq in order to get your personal finance application approved.
Q.7. Is there any rescheduling personal finance facility available? If yes, what are the charges applied to this facility?
Ans: Yes, the personal finance rescheduling facility is available with charges of 250 AED.
Q.8. Do I need to pay any processing fee?
Ans: Yes, you need to pay 1 percent of the loan amount as a processing fee while applying for Al Wifaq personal loan.
Q.9. What is the minimum length of service required to be eligible for the Al Wifaq personal finance?
Ans: Minimum three months length of service is required in order to be eligible for the Al Wifaq personal finance. However, a minimum one year length of service is required for consolidation of your debt.
Q.10. How can I get good a credit history in Al Wifaq?
Ans: In order to get good credit history, just pay your monthly installments on time or before the time.