Posted by Dubai Islamic Bank Personal Loan Limited: (DIBPL) is Pakistan’s first Islamic bank offering a “Personal Finance” facility to the people of Pakistan by Islam and Shariah which is based on the Islamic banking concept of “Masawmah”. This financing facility can be availed to meet the financial needs of people such as education, Marriage, medical expenses, settlement of credit card debts, settlement of conventional debts, or any emergencies and needs through the “Halal/Islamic” method. Can and can be used.
Dubai Islamic Bank Personal Limited | How Does It Work?
- A customer (with the need for funds for personal and emergency needs) will approach the bank to avail of a personal finance facility.
- After approval of the required amount, the bank will purchase certain essential commodities (eg cotton, meat) from a commodity supplier on a spot payment basis.
- The goods will be checked (i.e. location and warehouse details etc.) and bank matters will be explained by the broker.
- The bank, after obtaining the principal target and ownership of the goods, will sell the goods to the customer on a delayed return basis.
- Possession or ownership (construction) of the goods shall be given in favor of the customer by the DO/DC and with judgment.
Dubai Islamic Bank | Main And Salient Features:
- 100% according to religion and Shariah.
- Riba-free solution for your immediate cash needs for important and urgent needs like education, hospital expenses, marriage, etc.
- Avoid interest on your existing conventional loans through our product and commodity balance transfer facility.
- Low cost for BTF users.
- Financing ranges from PKR 50,000 to PKR 2 million (terms and conditions apply)
- Flexible tenure duration from 6 months to 60 months.
- Fast turnaround time and hassle-free entire process of your application.
- Affordable and easy to pay monthly installments.
Eligibility Criteria:
Dubai Islamic Bank Age Criteria:
- Minimum age = 21 years limit
- Maximum age = 60 years limit
Who Can Apply For Personal Finance Facility And Loan?
A salaried individual
Quality Of Income Amount:
- Salaried – Prime customers: PKR 250,000 gross per month
- Salary – Big & Reputed Company A & B Employees: PKR 30,000 gross per month
- Salaried – Unknown and Small Company Employees: PKR 35,000 gross per month
- Salaried – Government Servants and Employees: PKR 30,000 gross per month
- Salaries – Armed Forces employees: PKR 30,000 gross per month
- Salaried Employees – Contract (Reputed Company A & B Companies): PKR 40,000 gross per month.
Finance Limit:
- Minimum Finance Amount Limit – PKR 50,000
- Maximum finance amount limit – PKR 2,000,000
Important Documents Required for Dubai Islamic Bank:
Documents required at the time of Registration:
- Duly filled registration form.
- Money transfer undertaking (if the applicant wants to transfer his existing outstanding loan from another bank)
- Two recent passport-size photographs.
- Copy of CNIC.
All other relevant necessary documents (all income documents, bank statements, business proofs, etc. as per the constituency of the applicant)
This Facility Is Available In How Many Cities In Pakistan?
The following Pakistani cities are currently providing this Help and service: Karachi, Lahore, Islamabad, Rawalpindi, and Faisalabad.
| Central Punjab | North | South | South Punjab |
| Gujranwala | Abbottabad | Hyderabad | Multan |
| Sialkot | Jehlum | Nawabshah | Sahiwal |
| Okara | Muzaffarabad | Mirpurkhas | Sargodha |
| Sheikhupura | Peshawar | Sukkur | Bahawalpur |
| Gujrat | Haripur | Quetta | Rahim Yar Khan |
| Kasur | Mirpur | Tando Allahyar | Burewala |
| Pattoki | Dadyal | Jhang | |
| Muridke | Chakwal | Toba Tek Singh | |
| Attock |
Frequently Asked Questions About Shariah:
Q: What are the needs that can be fulfilled from DIPF?
Answer: DIPF facility is provided to people to meet their immediate financial needs like education, marriage, medical expenses, or all other conventional loans in an interest-free manner.
Q: How Does the DIPF Product Work?
Answer: The bank buys and procures specific and basic commodities (eg wheat, sugar, cloth, etc.) from a supplier either directly or through an undisclosed agent (broker and alliance partner) on a spot payment basis. After taking title and ownership of the assets, the bank sells them to the personal finance customer on a late repayment basis. After the customer has acquired constructive ownership of the goods, he can dispose of them and use the entire amount to meet all his personal needs.
Q: How Does DIPF Not Inherit The Element Of Buy Back?
Answer: A buyback transaction refers to the act of buying any item at a deferred price and selling it to the same party from whom the item was purchased at a lower and cheaper price. However, in personal finance, goods are first procured from a commodity supplier, then the same goods are sold to DIPF customers and the customer ends up selling the goods to the broker/alliance partner.
Q: What Will Be The Mode Of Payment Of Installment?
Answer: The customer can deposit the installment amount in the repayment account.
Q: What Are The Likely Dates Of Repayment?
Answer: In response, depending on the date of disbursal, the EMP (equal monthly payment) day may fall on the third, eleventh, fifteenth, twenty-first, or 27th of the month.