Attractive credit facilities are on offer to buy new 2007 Nissan, Renaults and Ford vehicles.

As part of its strategic partnership principle to achieve the highest level of customer satisfaction, Bahrain Islamic Bank (BIsB) announced offering credit facilities to people wishing to buy new 2007 Nissan, Renaults and Ford cars sold through Majestic Cars Centre (Majestic Cars), an authorised Nissan dealership in Bahrain.
 
The announcement was made at BIsB’s head office at Al Salam Tower, Diplomatic Area, where a Memorandum of Understanding was signed between the bank and Majestic Cars.

The two partners will finance customers’ purchases of new 2007 Nissan, Renaults and Ford vehicles offered against competitively low rate, and soft-term monthly instalments to be repaid over periods of up to seven years without down payment. 

A salary transfer condition is not required from customers.
 
Rashid Alolaiwi, BIsB director Retail Banking, said: “This joint service offered by BIsB and Majestic Cars has come after an extensive study of customers; requirements and in full compliance with the principles of Islamic Sharia’a.” 

Commenting on the increased demand for Islamic finance products and services, Majestic Cars chief executive Ebrahim Al Sinan said:

“We, Majestic Cars Centre, are pleased as we strongly spearhead the local market to co-operate with Bahrain Islamic Bank, one of the pillars of Islamic banking in the Kingdom.” 

He added: “We have been present in the local market for almost seven years during which we gained a good reputation and won the trust of our esteemed customers enabling us to shift from the sale of used cars to become authorized brand new car distributor of the most prestigious cars, of which are Nissan, Renaults and Fords of all models including the Infinity.”
 
Meanwhile, Rashid Alolaiwi said: 'Through the joint marketing promotion BIsB will operate as financier of cars offered by Majestic Cars while the latter will display the Nissan, Renaults and Ford vehicles in their showroom.

“The cars will be sold on behalf of the Bank that will undertake all the procedures involved in such transactions.” 

The Musawama Car Finance Scheme offered jointly by BIsB and Majestic Cars has been designed according to the principles of Islamic Sharia’a and is considered as the fastest method of buying new cars at easy term instalments and in compliance with principles of Islamic Sharia’a.
 
Alolaiwi said BIsB and Majestic Cars are determined to do their utmost to meet the expectations of the esteemed customers in terms of fast processing of applications to ensure owning and driving the cars of their choice offered through this campaign.
 
“This is proved by the fact that the beneficiary will pay a competitive rate of profit will have a wide range of repayment choices extending to seven years. Applications will be processed within a maximum of 24 hours.” he added.
 
On the other hand, Al Sinan said:

“In addition to its compliance with the principles of Islamic Sharia’a, this offer is flexible in many respects as no salary transfer is required by the Bank nor making a down payment.

“Other benefits to be provided include a free comprehensive insurance and a car trade-in service for used cars from any model of any car.”

Any customer who wishes to benefit from this unique offer may visit Majestic Cars Showroom in Hidd Avenue, opposite to Metrology Building. Inquiries about the offer may be made by calling BIsB Call Centre on Tel: 17515151 or Majestic Cars Centre on Tel: 17466663 or 17673667. 

The vehicles can also be seen at the centre website majesticcarcentre.com TradeArabia News Service