Dubai Islamic Bank has innovative Shariah compliant financial solutions. Al Salam Finance is based on Shariah principles which is a sale contract wherby the purchaser (DIB) pays the price in advance and the seller (customer) delivers goods with certain specifications and certain quantity on agreed future dates.
- Upfront cash payment to the customer
- Low salary requirement
- Simple documentation
- Quick processing
- Copy of Passport (with Residence visa for expatriates)
- Salary and the End of Service Benefit Transfer Letter/Certificate from the employer
- Statement of Account for minimum 3 months if the salary is transferred to another bank (6 months for self employed professionals/ businessmen)
- Copy of valid trade license (for self employed professionals/businessmen)
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The calculated Annual Percentage Rate(APR) is determined using the annual interest rate on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.