Looking for a Halal Car Loan? Hejaz Islamic Auto Finance Has You Covered

Owning a car opens doors to new possibilities, from weekend getaways to comfortable commutes. But let's face it, saving up enough cash to buy a car outright can be a challenge. That's where car loans come in as they offer a convenient way to spread the cost of a car over time, making car ownership more achievable.

For many Muslims, a conventional car loan presents a significant hurdle. It often relies on interest (Riba), which is strictly prohibited in Islam.

Is a Car Loan Allowed in Islam?

Islam encourages responsible financial practices, including owning assets like a car. However, conventional car loans often include interest on the borrowed amount, which goes against Islamic principles. This interest, known as Riba is forbidden in Islam.  

Luckily, there are ways to finance a car that comply with Shariah law. Islamic financial institutions can be a solution. Instead of lending money, they act as a seller, offering financing options that follow Islamic guidelines. This is the approach behind Hejaz Islamic Auto Finance, a product from Hejaz.

Meet Hejaz Islamic Auto Finance

Hejaz recognises the importance of financial well-being for Australian Muslims. That's why we offer innovative Shariah-compliant solutions like Hejaz Islamic Auto Finance. This product empowers you to achieve your dream of car ownership while staying true to your faith. 

Enjoy the flexibility you need with Hejaz Islamic Auto Finance. Choose between variable and fixed financing rates to fit your budget. Plus, our streamlined application process aims to provide timely responses to your financing needs. Ready to get started? Before you apply, be sure to review these important details:

Assets

We offer financing for a variety of passenger vehicles, including new and used cars from dealerships, vehicles purchased from private sellers, and even refinancing of an existing secured car loan.

However, the vehicle must be registered, roadworthy, and not reported stolen or written off. Additionally, the car's maximum age is 8 years at the beginning of the loan term or 15 years at the loan's end.

Loans

We offer financing options to fit your budget. Loans range from $10,000 to $100,000 and can cover the cost of the car, any warranties you choose, and dealer fees. This allows you to bundle everything into one convenient monthly payment. Plus, you can choose a repayment term that works for you, from 3 to 7 years.

Islamic Finance Model

To be Shariah-compliant, we use Murabaha financing as our method. Murabaha is an Islamic financing concept similar to a rent-to-own agreement. Hejaz acts as a facilitator, purchasing the car you desire and then selling it to you at a pre-agreed price with a profit margin included. 

The profit margin is pre-agreed upon and depends on factors such as the car's value, repayment term, and market conditions. This ensures transparency and fairness in all transactions.

Looking for a Halal car loan? Rest assured, Hejaz Islamic Auto Finance offers a convenient and Shariah-compliant solution to own your next car. Let's turn your dream car into reality, contact us today to learn more and apply!

Disclaimer:
This information is provided by Hejaz Islamic Credit Solutions Pty Ltd, Australian Credit Licence 480542. The information provided is of a general information nature which doesn’t take into account your personal circumstances. The information does not constitute an offer to lend or imply the product is suitable for you. You should consider whether it is appropriate to your circumstance, and if necessary, seek appropriate independent professional advice. T&Cs, fees, charges, eligibility & lending criteria apply. See our website for more information.