Ajman Bank Goods Murabaha UAE Nationals/Expats

Ajman Bank, founded in 2007, is a leading Islamic financial institution in the UAE offering a wide range of Shariah-compliant banking products and services to individuals and businesses. One of the most popular offerings among Ajman personal loans is its Good Murabaha program, which is a type of Islamic financing that enables customers to purchase goods and assets without interest charges.

Let’s explore Ajman Bank Goods Murabaha finance in detail and understand its key features, functioning, and so forth.

What is the Goods Murabaha?

Goods Murabaha is a type of Islamic financing primarily used to buy goods. It is based on the concept of Murabaha, where the bank purchases the required goods or assets on behalf of the customer and sells them to the same customer at a pre-agreed cost plus a profit margin.

As a customer here, you would be required to pay the cost of the goods or assets to the bank in instalments, which makes it a convenient and flexible financing option. Moreover, Ajman Bank Goods Murabaha is widely recognised for its competitive pricing, flexible repayment terms, and more. Overall, this product is a great financing option for those who want to purchase goods or assets while adhering to Islamic financial principles.

Features and Benefits of Ajman Bank Goods Murabaha

Listed below are the major benefits and features that you can enjoy with this Ajman bank personal loan in the UAE -

• High finance amount up to  
  • AED 3 million for UAE nationals 
  • AED 1 million for expatriates 
• Swift processing 
• Minimal documentation
• Credit card offered with pre-approval

Top Ajman Personal Loans with Eligibility

Apart from the Goods Murabaha loan, Ajman Bank provides various other personal finance options that we will discuss in the table below:

Loan Type	Good Murabaha	Service Ijarah (Education Finance)	Service Ijarah (Hajj & Umrah Finance)
Purpose	To purchase goods or assets	For financing educational expenses	To complete Umrah or Hajj
Minimum Monthly Salary Required	AED 6,500 for expats and AED 8,000 for UAE nationals	AED 6,500 for expats and AED 8,000 for UAE nationals	AED 6,500 for expats and AED 8,000 for UAE nationals
Maximum Finance Amount	AED 3 million for UAE nationals & AED 1 million for expats	AED 750,000	AED 300,000
Profit Rate	Fixed	Fixed	Fixed
Tenure	Up to 48 months or 4 years	Up to 48 months	Up to 48 months

Ajman Bank Goods Murabaha UAE Nationals/Expatriates Eligibility Criteria

As mentioned earlier, the Goods Murabaha product from Ajman Bank is available for both UAE nationals and expats. You should be drawing a minimum monthly salary of AED 6,500 if you are an expat or AED 8,000 if you are a UAE national to qualify for this Ajman Bank personal finance product.

Fees & Charges Applicable to Ajman Bank Goods Murabaha

Here are a few fees and charges related to Ajman Bank Goods Murabaha -

Charges	Fee
Processing fee	1% of the finance amount (at least AED 500 and up to AED 2,500)
Takaful Charges	1% of the finance amount
Early Settlement Fee	1% of the outstanding amount (maximum AED 10,000)
Late Payment Fees (Force Donation)	2% of the delayed amount (up to AED 200)
Final settlement from other sources/End of service benefits	1% of the outstanding amount or AED 10,000

Documents Required for Ajman Bank Goods Murabaha UAE Nationals/Expatriates

Listed below are the documents to be provided when applying for Ajman Bank Goods Murabaha UAE Nationals/Expatriates -

1. Copy of your Emirates ID
2. Passport copy (for expatriates, a residence visa would also be required)
3. Salary certificate or letter of salary transfer from your employer
4. Bank statements for the last three to six months
5. Quotation from the supplier for the goods or assets that you wish to purchase
6. Completed application form

Note that the bank may ask for additional documents at its discretion.

Terms and Conditions of Ajman Bank Goods Murabaha UAE Nationals/Expatriates

When applying for Ajman Bank Goods Murabaha UAE nationals/expatriates, make sure you check the terms and conditions to avoid any surprises -

• In case you fail to pay off your monthly instalments, your bank account will incur arrears and a late payment fee will be levied. 
• If you miss a repayment, your credit score would get adversely affected, which would limit your ability to apply for other loans in the UAE. 
• All the fees mentioned above are exclusive of Value Added Tax (VAT). A VAT of 5% shall be applicable on all the fees. 

How to Apply for Ajman Bank Goods Murabaha Loan?

You can easily apply for the Ajman Bank Goods Murabaha product through the official website of Ajman Bank. Once you are on the site, place your cursor on ‘Consumer Banking’ and move to ‘Consumer Finance’. You can then click on ‘Personal Finance’ and hit the ‘Apply Now’ button. Fill out the lead form next as per the instructions to complete your application.

You can also tap on the ‘forms’ tab on the website and select the ‘personal finance’ option. This will direct you to the lead details page, where you will be asked for information like your salary and country of citizenship. Fill out the form with the necessary information and submit it at your nearest branch of Ajman Bank.

Factors Affecting Ajman Bank Personal Loan Eligibility

Several factors affect your chances of approval for Ajman Bank personal loans in UAE.

Let’s discuss the major ones below in detail -

• Age: Generally, leading banks in the UAE like Ajman Bank offer finance to people above the age of 21 and below the age of 60 years. This is because as a minor or an elderly person, one may not be able to have a stable source of income, which can hurt their finances when repaying the loan and increase the risk for the bank as well.
• Salary: The role of your salary goes beyond simply clearing the minimum salary requirement. With a higher income, you can demonstrate to the bank that you would be able to easily pay back the loan without compromising your budget. So the higher your income, the better chances you have at securing an Ajman Bank personal loan in UAE. 
• Employment Status: Your employment status is a crucial factor considered by the bank when gauging whether you’ll be able to repay the loan in the specified period of time. Additionally, the length for which you have been employed can serve as proof of your stability, which is another factor considered when processing your loan application. As a general rule, the longer the period for which you have been employed and the more stable your employment history, the better your chances of securing a loan from the bank.
• Existing Debts: Banks also consider your current debts and how they fare up against your total monthly income. Following the guidelines of the UAE Central Bank, your debt-to-income ratio should not exceed 50%. For seamless approvals, however, you should try to keep it below 30%.
• Credit Score and History: Your credit history and credit score are among the crucial factors affecting your personal loan eligibility. With personal loans being unsecured (without any collateral) in nature, it becomes more important for the bank to assess your creditworthiness. With a higher credit score and good credit history, you can easily have your loan approved and at lower interest rates as well.

How to Improve Your Chances of Getting Ajman Personal Loan in UAE?

To ensure that your Ajman Bank personal loan application is not rejected, you should keep certain tips in mind -

• Maintain a high credit score, as this would let the bank know that you are a low risk applicant and are likely to repay the loan on time. 
• Don’t send out multiple applications at once, as this can harm your credit score and also indicate that you are credit-hungry and require credit to keep up your basic expenses.
• Clear out your existing debts and bring down your debt-to-income ratio. This can show the bank that you have enough room to accommodate the new loan along with your existing liabilities in your budget.
• Avoid seeking a loan amount near the maximum limit. You can instead go for an amount that you can easily repay as per your income, debts, obligations, and other factors.

FAQ's