Osool, a Dubai financial institution, in response to market trends and customer needs, has introduced Murabaha Car and Vehicle Finance, a service which fully complies with Shariah tenets.
The new Murabaha Vehicle Finance product has been structured in consultation with Shariah advisor, Muhammad Imran Usmani, one of the foremost experts in the field of Islamic finance and son of Justice Muhammad Taqi Usmani, the world's foremost authority on Islamic finance.
With the finance structure, Osool first purchases and then sells a car to the intending buyer for an agreed upon profit margin. The purchaser repays the amount in equal installments over an agreed period.
The new Murabaha Vehicle Finance is available at an extensive car dealers network as well as Osool branches. Vehicles of up to nine years old can be purchased using Murabaha Vehicle Finance and the repayments can be structured over a period of up to 60 months. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
