Questions you've always wanted to ask us

1.

What are the various home finance schemes?

Amlak Ijarah is our flagship home finance product. Please refer to our products and services section for the available home finance schemes and offers.

2.

How will this Shari'a Compliant product affect the property & me?

The property will be bought by us and leased back to you for the term already stated. Once you have paid all your obligations under the lease, the property will be yours pursuant to the relevant documentation.

3.

Can I lease out the property to a third party?

Yes, you can lease out the property to a third party provided that you inform Amlak of your intention to lease in writing in advance and remain fully responsible for the performance of your obligations under the lease agreement. Amlak reserves the right to seek further information, before agreeing to a sub-lease. 

4.

Can I resell the property?

You can resell the property to a third party as long as you complete your obligations towards Amlak in accordance with the terms of the relevant documentation.

5.

Stating that Amlak Finance owns 100% of my property, what happens to the down payment I've made to Developer?

Your down payment will be treated as fixed rent paid to Amlak in advance.

6.

Will my lease agreement be automatically renewed?

Your entire lease term is divided into lease periods of 6 months each. The lease agreement will be automatically renewed on each lease period (every six months) and you will be informed accordingly.

7.

Can my rate used to calculate the variable rental change? If so, how often?

Under Ijarah, the rate used by Amlak to calculate the ‘variable rental’ is variable and may be changed in accordance with the terms of the relevant documentation. However, the change in installments will be communicated through the lease notice and it will be effective from the start of your next lease period. 

8.

Who bears the charges for service and maintenance of the property charged by the developer?

The service and maintenance charges levied by the developer would have to be borne by you.

9.

What will the property takaful (insurance) cover?

It will cover all damages arising out of fire accidents, natural perils and harm caused by third parties.

10.

If I have life takaful (insurance) to cover my outstanding obligations with Amlak, will the property be passed on to my beneficiaries in the event of my bereavement if the obligations are settled in full?

In the unfortunate event of your bereavement, the property will be passed to your legitimate heir once the obligations under the lease and/or other relevant documents are cleared by the allocated life takaful.

11.

Can I pre pay/part settle any amount during the term of the finance?

Yes, you may partly or fully settle your obligations with Amlak under the relevant documents any time during the term of the finance subject to terms and conditions. 

12.

What is the procedure for pre-payment or partial payment?

If you would like to pay in full your obligation towards Amlak as per the documentation or just make part payment, it is not a problem. Just approach us with your intention, obtain a liability letter and pay the amount to our account, you may be required to complete certain documentation.

13.

Will I have to pay any charges for full or partial settlement?

Yes, please refer to relevant terms of documentation along with our standard tariff of charges for further details. 

14.

Can my bank deal directly with Amlak Finance to settle my obligations?

Yes, your bank can settle directly with us. However, all financial information such as balances will only be given to you on a written request.