Mawarid Finance Personal Loan

Overview

Mawarid Finance set up shop in 2006, officially licenses by the UAE central bank authority. As an Islamic Banking institution, Mawarid Finance aims to promote its creative banking solutions for both corporate and personal customers alike. The Mawarid Finance personal loan comes without a salary transfer requirement and carries one of the best profit rate charges in the market, making it an extremely attractive Shariah-compliant financing option for UAE residents.

The professionalism and dedication to customer service that the Mawarid Finance personal loans in the UAE present have marked them as one of the most reliable financial services in the market. Mawarid Finance has been recognized numerous times for its contributions to the field of Islamic Banking in the Middle East and North African (MENA) region. Mawarid Finance personal loans offer the absolute best standards in Islamic financing, as proven by the ISO 9001:2008 the company previously obtained.

Features & Benefits of the Mawarid Finance Personal Loan

Known for their ability to combine Islamic Finance with modern innovation, some of the best Mawarid Finance personal loan features and benefits are as follows:

Big Ticket Loans

Applicants can avail of a maximum loan amount of AED 100,000 via the Mawarid Finance personal loan in the UAE. What makes a Mawarid Finance personal loan even more enticing, however, is the lack of a salary transfer requirement.

Intuitive Applications

Unlike many organizations, Mawarid Finance does not confine its applicants within a fixed profit rate. Instead, profit rates are determined when a person applies for a Mawarid Finance personal loan. The Mawarid Finance personal loan profit rate is determined by assessing the applicant’s credit history and taking the requested loan amount and tenor into consideration.

Short Processing Time

Mawarid Finance personal loans in the UAE boast of a miniscule turnaround time of 3 working days. This means applicants can expect to receive their full Mawarid Finance personal loan disbursement within as little as 3 working days from the date of approval.

Grace Period

Customers do not need to worry about making payments for their Mawarid Finance personal loan Owners of a Mawarid Finance personal loam in the UAE are granted up to a month of grace period to make their first instalment.

Benefits

One of the best Mawarid Finance personal loan features is the unwavering customer support that loan holders are offered. In fact, Mawarid Finance personal loan holders are provided around the clock access to a dedicated relationship manager. Yet another benefit of applying for a Mawarid Finance personal loan is that loan holders are not charged any early settlement fees. This allows the customer to close their Mawarid Finance personal loan without incurring any extra charges, giving true significance to the term ‘flexible tenor’.

Mawarid Finance Personal Loan Eligibility & Required Documentation

The Mawarid Finance personal loan offers a variable set of eligibility criteria, which can be summarized as follows:

Work Experience

Even though Mawarid Finance personal loans in the UAE do not require a salary transfer, applicants are required to be employed with any organization on Mawarid Finance’s list of approved companies.

Minimum Salary

In order to apply for a Mawarid Finance personal loan, applicants will be required to meet a minimum monthly income criterion. The minimum monthly income requirement is set after considering the applicant’s credit score.

Credit Score

The Mawarid Finance personal loan applicant’s credit score plays the most important role in determining eligibility, loan amount and even the applicable profit rate. A high credit score will allow applicants to avail of the best Mawarid Finance personal loan amount and the lowest profit rates.

UAE Residency

Mawarid Finance personal loans in the UAE are only offered to UAE residents.

Mawarid Finance personal loan eligibility criteria are determined individually as per the applicant’s credit score. Other eligibility parameters such as age restrictions may also be imposed at Mawarid Finance’s sole discretion.

The documents required to apply for a Mawarid Finance personal loan are further split into two categories:

a. For UAE nationals & Expats both:

  1. Emirates ID
  2. Passport
  3. Latest 6 months of bank statements
  4. Salary slip/salary certificate

b. For Expatriates Only:

  1. UAE residence visa

Mawarid Finance Personal Loan Profit Rate

By not setting a fixed range on their profit rates, Mawarid Finance personal loans in the UAE are able to offer uniquely personalized profit rates and Shariah-compliant financing to their customers.

The Mawarid Finance personal loan amount and the profit rate are determined solely on the basis of an applicant’s credit history. Applicants with a good credit score and strong earning potential will undoubtedly be able to access the best Mawarid Finance personal loan profit rates and higher loan amounts and tenors as well.

FAQs

Q.1. What is ‘Floosi’?

Ans: The Mawarid Finance personal loan refers to its flexible and short term financing product as ‘Floosi’. The terms ‘Floosi’ and ‘Mawarid Finance personal loan’ refer to the same financial product and may be used interchangeably.

Q.2. What is the Mawarid Finance personal loan customer care number?

Ans: One of the best Mawarid Finance personal loan features is its readily--available customer support. Mawarid Finance personal loans in the UAE offer loan holders 24/7 access to a relationship manager. Mawarid Finance personal loan contact number is (+971)4- 304-0888.

Q.3. What is Islamic Finance?

Ans: Islamic Finance is based on the concepts of Shariah-compliant banking, under which interest or ‘Riba’ is not forbidden. As such, the Mawarid Finance personal loan does not charge any interest rate. Mawarid Finance personal loans in the UAE also offer the utmost level of professionalism and do not charge any hidden fees.

Q.4. What is a salary transfer?

Ans: Most personal loans in the UAE are unsecured in nature, i.e. they ask for no collateral from the applicant. Because of this, loan issuers usually try to offset their lending risk by asking customers to transfer their monthly salary into a current account provided by the lender itself. However, the Mawarid Finance personal loan does not mandate any such salary transfer from its customers.

Q.5. What other forms of loans does Mawarid Finance provide?

Ans: Applicants can avail of two major categories of loans, namely the Mawarid Finance personal loans and Mawarid Finance SME loans. Mawarid Finance personal loans in the UAE are further available in three variants - Mawarid Finance Personal Loans, Mawarid Finance Auto Loans and Finance Against National Bonds.

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