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About Ijarah
Our Ijarah facility is used to transfer the usufruct of a property by its owner or lessor to another party, in exchange for a rent claimed from the lessee or the user. The Ijarah Lease can be offered for unregistered and registered vehicles, machineries and equipment, and it also offers flexible repayment plans subject to a minimum period of 1 year. There is also the added advantage of being able to customize your monthly rental and the period as per the lessee’s requirement. Insurance can either be added to the rental (capitalized) or paid upfront.
Main terms and conditions
- For the validity of Ijarah, the subject asset of the lease must have a usable value. Therefore, things with no usufruct cannot be leased.
Eligibility
Individuals: Applicant should be a Sri Lankan citizen of age above 18
I. Identification proof–National Identity Card (NIC)/ Driving License (DL)/ Passport (PP)
II.Address proof –NIC/ Utility bill/ Grama Sewaka Certificate
III.Income proof –Salary Slips/ Bank Documents/ other income proof documents
IV.Guarantor details –NIC/DL/PP, Billing proof/ Income proof
Sole Proprietorship:
I.Identification proof–Business Registration (BR)
II.Income proof –Bank statements, financial statements
Partnership:
I.Identification proof–BR, Consent of all partners
II.Income proof –Bank Statements, Financial Statements
Corporate Customers:
I.Identification proof–BR/ Form 41 or Form 1/20/ Memorandum of Articles and Board Resolution certified by Director or Secretary of the Company
II.Address proof–Form 13
III.Income proof–Financial Statements/ Bank Statements/ other income proof documents
IV.Guarantor details –ID proof/ Address confirmation/ Income proof
Other requirements
- Duly completed and executed application form and Shariah documents
The following details of the vehicles are required for all types of aforementioned clients
- Supplier Invoice
- Revenue License & Tax receipts
- Duplicate Key
- Vehicle Valuation Report
- Certificate of Registration
Legal Provision
- Finance Leasing Act No.56 of 2000
Pricing / Late Fee
- A fixed rental is charged during the tenure of the ‘Ijarah' product, based on the credit risk of the client.
- Absence of rental payments on due date are liable to an Administration Fee of 2.75% p.m and a Charity Contribution of 1% p.m. which will only be applicable after 3 days of grace period.
Charges/Fees/ Commissions
Following charges are applicable for ‘Ijarah’ facilities.
- CRIB Charges
- Vehicle Valuation
- Postage
- Stamp Duty
- RMV Charges
- Insurance Premiums
- Documentation Charges
- Processing Fees
LB Al Salamah
Hotline
0773377819
Sri Lanka Deposit Insurance Scheme (SLDIS) Information: SLDIS's web
For more information, please visit the following link: SLDIS's FAQs
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