Al Baraka Bank
- Car finance up to R5,000,000
- Competitive Vehicle Finance
- Repayment up to 72 months
Table of Contents
[Accessed February 14, 2023]
About Al Baraka Bank
Al Baraka Bank was established in South Africa in 1989. Following Shari’ah banking guidelines, they provide South Africans with comprehensive banking solutions.
Based in Durban, Kwa-Zulu Natal, they boast a nationwide presence consisting of six retail branches, three corporate banking offices, and a regional office.
A leading international Islamic financial group
Al Baraka Group B.S.C is a leading international Islamic financial group with a worldwide presence in 16 countries. The group offers services in retail, corporate, treasury, and investment banking. Their more than 600 branches worldwide can be found in Jordan, Bahrain, South Africa, Lebanon, Morocco, Germany and a few others.
An alternative to traditional banking
Al Baraka is a leading commercial Islamic bank offering a wide variety of financial products and services. True to Shari’ah, Al Baraka operates on the idea of profit-sharing and prohibits the payment or acceptance of interest on any transaction. This has become a more appealing banking method for people reaching beyond the Islamic community.
Every transaction is valuable
Al Baraka values each client and strives to build lasting relationships by delivering outstanding, personalised service. Each transaction is seen as beneficial to both the client and the bank and as a result, each transaction is valuable.
Striving to make a positive social impact
Al Baraka has committed to being involved in the community and strives to bring positive change in various Corporate Social Investment initiatives and including participation in four key departments namely:
- Education
- Empowerment
- Poverty alleviation
- Healthcare
Al Baraka Bank Services
The service you can expect from Al Baraka is outstanding and individual.
Based on the values and method of operation, you can rest assured that your financial well-being is in good hands when obtaining car finance from them.
Fixed instalment vehicle finance:
- Fixed-rate for the duration of the contract up to 72 months
- No monthly fees and no early repayment penalties
- Vehicle purchased from a recognised dealer
- Finance is available for new and used cars not older than 6 years
- 10% deposit payable
- Maximum mileage of 120,000km
Variable instalment vehicle finance:
- Available for new or demo vehicles
- A repayment term of up to 60 months
- Fixed-rate for 12 months
- Annual rate review and option of lump sum payments
- No monthly fees and early repayment penalties
- Finance is available for new or demo vehicles not older than 6 months
- 10% deposit payable
- Maximum mileage of 10,000km
Fixed instalment new or demo vehicle finance:
- New or demo vehicles
- Fixed-rate for contract terms of up to 60 months
- No monthly fees or penalties for early repayment
- Demo vehicles not older than 6 months
- 10% deposit payable
- Maximum mileage of 10,000km
Vehicle finance calculator
On their website, they’ve made a vehicle finance calculator available that enables you to calculate what you’ll be repaying on your financing. Move the sliders to indicate desired amounts. Calculated into the total amount is an initiation fee of R1,207.50 which is a once-off payment.
Al Baraka Bank – Car finance
- Loan Type Car finance
- Loan Amount up to R5,000,000
- Repayment 12 months to 72 months
Benefits of Al Baraka Bank
- Flexible repayment terms
- Competitive vehicle finance
- Annual lump sum payment options
- Low deposit
Car finance calculator
Get into the driver seat of your dream car in no time
Before you get to the application form, there are documents that you’ll need to complete the process. These documents are:
- Proof of your current residence
- ID document/smartcard
- If you work for a salary, the last 3 month’s payslips
- If you’re self-employed, your last annual financial statements or Income Tax Return
- 3 month’s bank statements
- Signed personal income and expenditure statement
- Signed personal assets and liabilities statements
Al Baraka’s quick online application
On the Al Baraka homepage, there’s a tab on the top right that says ‘personal’. A list will appear underneath when you click on it. From there you’ll click on vehicle finance which is situated under the finance option.
When you’re on the vehicle finance page, you’ll find the finance calculator which you can use to get an approximation of what your borrowing power will be and what you’ll repay. If the approximation is within your financial ability you can click on the apply now button.
The next page will require you to enter your ID number and your cell phone number. Read the terms and conditions and tick the box if you agree and accept. You need to keep your cell phone close as you’ll receive an OTP or One-Time-Pin which you need to proceed with your application.
After you’ve entered your OTP you’ll be directed to the application form where you’re required to complete all the information and submit it along with supporting documents.
The values of Al Barakah
Each of the large, successful corporations operates by a strict set of values. These values tell you where they come from and what they aim to achieve. Values are the baseline of the business and at Al Barakah the values include the following:
- Partnership
- Driven
- Neighbourly
- Peace of mind
- Social contribution
Reasons to apply for vehicle finance from Al Baraka
- Low deposit
- No monthly admin fees for penalties for early repayment
- Flexible terms of up to 72 months
- Competitively priced
- Annual lump sum payment options
Choose Al Baraka for a different approach to financing
Outstanding service delivery is never negotiable at Al Baraka. Every transaction is a shared achievement and is always treated as such. They’re changing the way financing works to benefit you by not charging monthly fees.
Whether it’s a new or used car that you’ve had your eye on, let Al Baraka help you get the vehicle finance that will save you time and money.
Al Baraka Bank is a trusted & reliable provider of car finance
In our review, Al Baraka Bank adheres to the compliance criteria in accordance with the National Credit Act, where the granting the loan will not cause financial distress to the consumer.
✅ Al Baraka Bank is a registered credit provider in South Africa: NCRCP14
Customer Reviews & Testimonials
Al Baraka Bank Contact
Physical Address
- Klipfontein Rd, Silvertown Cape Town 7764 South Africa
- Get Directions
Opening Hours
- Monday 09:00 – 15:30
- Tuesday 09:00 – 15:30
- Wednesday 09:00 – 15:30
- Thursday 09:00 – 15:30
- Friday 09:00 – 12:00 – 14:30 – 15:30
- Saturday 08:30 – 11:00
- Sunday – Closed