Sharjah Islamic Bank Personal Loan
In 1975, Sharjah Islamic Bank opened its doors to the public, offering expert commercial banking solutions and services to residents of Sharjah and the UAE. However, at this point, the bank was still referred to as the National Bank of Sharjah. The Sharjah Islamic Bank personal loans and financial products would come into play soon thereafter.
In 2002, the National Bank of Sharjah underwent a drastic upheaval of its banking operations, converting into a completely Shariah-compliant Islamic Banking organization. The bank was then rebranded to the Sharjah Islamic Bank, offering Shariah-compliant personal loans in Sharjah and all other emirates of the UAE. The Sharjah Islamic Bank personal loan is available in two sub-categories, as Goods Murabaha and as Service Ijarah. These are both examples of Islamic Banking financing and will be further explained in the following section.
Features & Benefits of the Sharjah Islamic Bank Personal Loan
The Sharjah Islamic Bank personal loan offers Shariah-compliant financing options for a variety of purposes. From Goods Murabaha for electronics and vehicle purchases to the Service Ijarah for Hajj, Umrah, holiday costs and more, the Sharjah Islamic Bank personal loan features and benefits are catered for nearly every category of expense permitted under Islamic Banking.
First and foremost, the Sharjah Islamic Bank personal loan follows the concepts of Islamic Banking, This means that there are no Sharjah Islamic Bank personal loan interest rate charges and no other hidden charges either.
The concept of Murabaha is used exclusively in Islamic Banking, wherein customers are offered cost-plus financing to purchase goods and commodities. In this form of Sharjah Islamic Bank personal loan, the customer is given financing to purchase the desired goods. The Sharjah Islamic Bank personal loan profit rates charged are nominal.
Another Islamic Banking concept, Ijarah is used to finance the cost of availing services such as holiday packages, wedding costs and Hajj or Umrah expenses. The Service Ijarah Sharjah Islamic Bank personal loan is offered to cover the expenses associated with a plethora of services including but not limited to education, medical expenses, house rents and more.
Whether it’s the minimal paperwork requirement or the intuitive online SIB personal loan form, the entire Sharjah Islamic Bank personal loan disbursal process is extremely efficient – from application to approval.
One of the greatest benefits of an SIB personal loan is an enormous grace period of 3 months. This means that loan holders are allowed up to 90 days to pay their first Sharjah Islamic Bank personal loan monthly instalment. The loan’s tenor begins from the date of the first instalment payment.
Sharjah Islamic Bank Personal Loan Eligibility & Required Documents
Sharjah Islamic Bank personal loan eligibility criteria can be summed up into a few short steps as mentioned below:
The Sharjah Islamic Bank personal loan is only offered to employed applicants. SIB personal loan applicants can be salaried or self-employed. Furthermore, SIB may also impose a minimum monthly salary requirement on the basis of the requested loan amount.
In order to meet the Sharjah Islamic Bank personal loan eligibility, applicants will also be required to have an account with either of the following:
- Sharjah Islamic Financial Services (SIFS)
- Dubai Financial Market (DFM)
- Abu Dhabi Securities Exchange (ADX)
Sharjah Islamic Bank personal loan applicants must display proof of UAE residency. SIB personal loans are only offered to UAE residents only.
A very important Sharjah Islamic Bank personal loan eligibility criterion is the applicant’s credit score. Credit scores are direct indicators of an SIB personal loan applicant’s riskiness and ability to repay on time.
After meeting the Sharjah Islamic Bank personal loan eligibility criteria, the applicant will have to submit all of the following documents:
- A current Emirates ID.
- The applicant’s original passport.
- Expatriates will also have to show a valid UAE residence visa.
- The last 3 months of the applicant’s bank statement.
Sharjah Islamic Bank Personal Loan Profit Rates
As a Shariah-compliant financing product, there are no Sharjah Islamic Bank personal loan interest rates. Instead, the SIB personal loan carries minute profit charges which are set at the time of the application itself.
The Sharjah Islamic Bank personal loan profit rate is determined at the time of application by taking numerous factors into account, which include the loan amount, tenor and the applicant’s credit score. Further detail on the Sharjah Islamic Bank personal loan profit rates can be found at SIB branches across the UAE.
Q.1. What makes the SIB personal loan Shariah-compliant?
Ans: All of the Sharjah Islamic Bank personal loans and financial services are entirely Shariah-compliant. As an Islamic Banking finance product, the SIB personal loan does not charge any interest or ‘Riba’, as it is prohibited under Shariah law. The Sharjah Islamic Bank personal loan also offers 100%-transparent fees and charges to further incorporate the principles of Islamic Banking.
Q.2. What is the processing fee for a Sharjah Islamic Bank personal loan?
Ans: The SIB personal loan charges a processing fee of 1.05% of the total borrowed amount. The processing fee is a minimum of AED 525 and can reach up to AED 2.625 at most.
Q.3. What is the late payment penalty for an SIB personal loan?
Ans: SIB personal loan holders are expected to repay their borrowed amount in the form of monthly instalments. Missing any such monthly payment will cause the Sharjah Islamic Bank personal loan customer to incur a late payment fee of AED 200.
Q.4. Is there any way to calculate my Sharjah Islamic Bank personal loan monthly obligation amount?
Ans: Yes customers can use the Sharjah Islamic Bank personal loan calculator for free on the SIB site to estimate their monthly obligation. The only details required to make a calculation with the Sharjah Islamic Bank personal loan calculator are the SIB personal loan amount, tenor and profit rate.
Q.5. What is a no liability letter?
Ans: The Sharjah Islamic Bank personal loan offers a No-Liability Letter for AED 63. This letter is proof that the customer has cleared all their outstanding SIB personal loan payments and will be required when the customer applies for a new credit card or loan and on leaving the country.
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