Ajman Bank Murabaha Standard Personal Finance

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Incorporated in 2007, Ajman Bank is the first Islamic bank in the Emirates of Ajman. This bank, headquartered in Ajman, has the Government of the UAE holding 25% of the share in the bank. It is well known for its innovative and customised financial products and services, with a range of Sharia-compliant products in its set like personal and business bank accounts, deposit schemes, investment banking, loan and credit products, and so forth.

Ajman Bank Murabaha Standard Personal Finance is a type of Ajman Bank Personal Loan that lets you fulfil your fund requirements to purchase a commodity. The bank provides the finance based on the Islamic Law of Murabaha, where the bank purchases the commodity on your behalf and requires you to repay the amount in monthly instalments along with linked profits. 

Murabaha Standard Personal Finance

  • Minimum Salary AED 6500
  • Monthly Payment AED 2,221
  • Flat Rate AED 3.17%
  • Reducing Rate NA
  • No Salary Transfer

Features and Benefits of Ajman Bank Murabaha Standard Personal Finance

Besides equipping you with the required funds to help you meet your financial requirements, Ajman Bank also offers various features and benefits to render the loan more accessible and convenient to acquire. 

Here are the key features and benefits of Ajman Bank Murabaha Standard Personal Finance. 

  • High Financing Amount - With Ajman Bank Murabaha, you can acquire an amount of up to AED 3 million as a UAE national and AED 1 million as an expatriate. However, the approved amount depends on your financial status and repayment capabilities. 
  • Low-Profit Rates – To make the procurement of a loan plan affordable, the bank offers low and competitive profit rates on Ajman Bank Murabaha finance that keep the overall loan cost on the lower side. 
  • Flexible Repayment Tenures - As a borrower, you get flexible loan tenures between 1 and 4 years. You can decide your repayment tenure according to your financial planning and obligations. 
  • Pre-Approved Credit Card - The bank offers a globally accepted and pre-approved credit card that provides several lifestyle and shopping benefits. You can then avail of the benefit of additional funds with Ajman Bank credit cards
  • Easy Documentation and Approvals - With Ajman Bank, users can undergo an easy application process through various online and offline channels, with both the modes requiring minimal documentation for quick loan approvals.     
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Interest Rates for Ajman Bank Murabaha Standard Personal Finance

Ajman Bank offers low profit rates to enhance the affordability of its loan plans. The profit rates offered by Ajman Bank are: 

Nationality

Flat Rate

Reducing Rate

UAE Nationals

3.17%

5.75%

Expatriates

3.3%

5.99%

Eligibility Criteria to Apply for Murabaha Standard Personal Finance 

While applying for Ajman Bank Murabaha Standard Personal Finance, fulfilling the eligibility criteria mandated by the bank is a prerequisite. Keep in mind the following common eligibility criteria to be fulfilled for the Ajman Bank Murabaha finance. 

  • Age - You should be at least 21 years of age while applying for Ajman Bank Murabaha Standard Personal Finance. The bank also has an upper age limit of 65-70 years that varies as per your employment status and repayment capacity. 
  • Nationality - Whether you are a UAE national or an expatriate, you can apply for Ajman Bank Murabaha finance. However, the maximum approval amount depends on your nationality. 
  • Salary Requirement - To apply for Ajman Bank Murabaha, you need to have a monthly salary of at least AED 8,000 as an ex-pat resident and at least AED 6,500 as a UAE national. 
  • Employment Status - Whether you are a salaried individual or a self-employed one, you can apply for Ajman Bank Murabaha Standard Personal Finance.  

Documents Required for Ajman Bank Muharaba Standard Personal Finance

To prove that you fulfil the eligibility criteria regarding nationality, finances, and more, you will need to provide proof in the form of documents. Given below are the major documents required for Ajman Bank Muharaba Standard Personal Finance. 

Documents Required for Salaried Individuals 

  • Original Emirates ID and a copy
  • Original passport ID and its copy that has a valid resident visa page. If your old passport is stamped with the visa, that old passport will be required. 
  • Utility bills or rent or lease agreements for address proof 
  • The latest salary certificate addressed to Ajman Bank or the latest salary slips 
  • If you switched your job within the last 3 years, you will be solicited for proof regarding the previous company by the bank 
  • Last 6-month bank statement if you don’t have a salary transfer account in Ajman bank 

Documents Required for Self Employed Individuals

  • Original Emirates ID and a copy
  • Original passport ID and a valid copy with a valid resident visa page. You will be asked to present your old passport if it was stamped with a visa.
  • A valid copy of the trade license 
  • Memorandum of Association that includes all amendments 
  • Latest 6-month bank statement
  • At least 2 years of audited financial statements of the business

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How to Apply for Murabaha Standard Personal Finance In UAE?

Ajman Banks employs advanced digital facilities to simplify the online application process for its banking products and services. Nevertheless, you can always apply for Ajman Murabaha Standard Personal Finance offline if that’s your preferred mode. 

The specifics involved in each mode of application for Ajman Bank Murabaha are discussed below:

  • Online Application - To apply online, you can visit the official website of Ajman Bank and locate the ‘Personal Finance’ section. You will find the details of the Murabaha financing there along with an online application form. Fill it up with the required details and submit it. You will be contacted by the bank to facilitate the further application steps. 
  • Offline Application – If you find the offline mode more comfortable, you can also visit the bank in person and apply for Ajman Bank Murabaha Standard Personal Finance. Contact the bank representative there and obtain the application form from them. Subsequently, fill out the offline application form and submit it after attaching the required documents. The bank will examine your application and contact you for further steps after approval.
  • Visit the ‘Personal Loans in UAE’ page on policybazaar.ae to extensively compare the top personal loans in UAE and find the most adequate one for yourself.

Income Requirements for Ajman Bank Murabaha Standard Personal Finance 

As lending funds is always risky for the banks, they attempt to minimise the risk by offering loans only to individuals having the specified monthly salary. This ensures that the applicant will be able to repay the loan barring any adverse situation. 

To have Ajman Bank Murabaha Finance, you are required to have a minimum monthly salary as mentioned below

Nationality 

Monthly Income

UAE Nationals

AED 6,500

Expatriates 

AED 8,000

Frequently Asked Questions

What is the minimum age required to apply for Ajman Bank Murabaha Standard Personal Finance?

You need to be at least 21 years old to be considered eligible for applying for Ajman Bank Murabaha Standard Personal Finance.

What is the minimum salary required to apply for Ajman Bank Murabaha Finance?

The bank has lenient criteria to apply for Ajman Bank Murabaha Finance. As an ex-pat, you need to have a minimum salary of AED 8,000 per month, while a salary of AED 6,500 would suffice for UAE nationals.

What is the maximum tenure of Ajman Bank Murabaha Finance?

The bank offers flexible loan tenures ranging from 1 year to a maximum of 4 years. 

What is the maximum amount of loan offered by Ajman Bank Murabaha Finance?

The bank offers a maximum loan of AED 3 million to UAE nationals and AED 1 million to ex-pat individuals.

How can I apply for Ajman Bank Murabaha Finance?

You can apply for Ajman Bank Murabaha Finance by logging on to the official portal of Ajman Bank or visiting a nearby Ajman branch. In both the modes, you will be required to fill out an application form to complete the process. Besides these two modes, you can also apply for your preferred finance plan with us.

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