How does Al Jazira Bank's car lease financing (Ijara) work in Saudi Arabia?

Al Jazira Bank's car lease financing (Ijara) offers Shariah-compliant auto financing with flexible down payments (0-10%), competitive profit margins starting from 1.75%, and financing periods up to 60 months. The annual percentage rate (APR) starts from 5.50%, with administrative fees of 1% of the financing amount or SAR 5,000, whichever is lower.

What are the minimum requirements for car financing at Al Jazira Bank?

To qualify for car financing, you need to be a Saudi national or resident aged 18 or above, have a minimum monthly income of SAR 3,000, maintain a good credit history with SIMAH, and provide valid identification, income proof, and other standard documentation as required by the bank.

What Islamic financing options does Al Jazira Bank offer?

Al Jazira Bank offers various Shariah-compliant financing options including Ijara (lease financing), Murabaha (cost-plus financing), and Tawarruq (personal financing). For auto financing specifically, the bank offers Ijara with profit margins starting from 1.75% and flexible terms up to 60 months.

How can I calculate my monthly car lease payments with Al Jazira Bank?

Monthly payments depend on factors like down payment, financing period, and profit margin. For example, on a car valued at SAR 148,888 with 0% down payment and 60-month tenure, the monthly payment would be approximately SAR 1,832 with an APR of 5.50%. Different down payment options (5% or 10%) will result in lower monthly payments.

What insurance coverage is included in Al Jazira Bank's car financing?

Al Jazira Bank's car financing includes comprehensive insurance coverage with rates starting from 2.50%. The exact insurance premium depends on factors such as the customer's driving record, car type, and previous claims history. Insurance is mandatory throughout the financing period.

How can I apply for car financing through Al Jazira Bank's digital channels?

You can apply for car financing through Al Jazira Bank's mobile app, online banking portal, or by visiting www.bankaljazira.com. Digital applications allow you to submit required documents, check eligibility, and track your application status. You can also call 800 244 2424 for assistance with digital applications.

Examples of Auto Lease

Asset Type	Vehicle
Vehicle Price	133,320.88
Down payment	0%
Loan term in months	60 Months
Profit rate	1.90% ( profit rate differ based on customer segment)
Insurance rate	2.50% (Insurance rate is based on customer record, vehicle type and in case of claims.
Annual percentage rate (APR)	5.52%
Administrative fees	1% of loan amount or 5,000 whichever is lower.

* The above are only examples, as the prices are subject to change if there are influencing factors such as the customer's credit history. - Last Updated: 01/11/2025

Example of monthly installment based on down payment

Down payment	0%	5%	10%
Loan terms in months	60	60	60
Loan type	Ijara	Ijara	Ijara
Profit rate	1.90%	1.90%	1.90%
Loan amount	133,320.88	126,655	119,989
Monthly installment	1,545.69	1,287.77	1,302.38
Annual percentage rate (APR)	5.52%	5.57%	5.63%

* The above are only examples, as the prices are subject to change if there are influencing factors such as the customer's credit history. - Last Updated: 01/11/2025

Pricing

Product	Profit rate type	Minimum profit rate	Annual percentage rate (APR)
Auto Lease	Ijara	0% 5Y	5.52%
Auto Lease	Ijara	5% 5Y	10.51%

* The above are only examples, as the prices are subject to change if there are influencing factors such as the customer's credit history. - Last Updated: 01/11/2025

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Examples of Auto Lease

Example of monthly installment based on down payment

Pricing