Questions You've Always Wanted to Ask Us..

How will this Shariah compliant product affect the property & myself?
The property will be bought by us and leased back to you for the term already stated. Once you have paid your finance in full, the title will then be transferred back to you.

Can I lease out the property to a third party?
Yes, you can lease out the property to a third party provided that you remain responsible for the performance of your obligations under the lease agreement.

Can I resell the property?
You can resell the property to a third party as long as you pay us back the finance provided to you in full.

What is the procedure for pre-payment or partial payment?
If you would like to pay the outstanding amount in full or just pay part of your monthly obligation, it is not a problem. Just send a fax to us stating the reason for your action. A liability letter will be issued and the payment must be made to our account.

Can my bank deal directly with Amlak Finance on settling the finance?
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.

If I want to fully settle my balance, what would I have to do?
For full payments you must request the balance in writing and state the reason. A liability letter will be issued and the payment must be made to Amlak’s account, either by you or your bank directly.

Will I have to pay any charges for full settlement?
Yes, please contact an Amlak representative for further details.

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 used as fixed rent paid to Amlak. in advance.

Will my lease agreement be automatically renewed?
Yes, the lease agreement will be automatically renewed every six months under your name. You will be informed of the change in writing.

Can my profit rate change? If so, how often?
Under Ijarah, the profit rate is variable depending on market conditions. It can change and be reviewed every 6 months. For murabaha it is fixed

Who bears the charges for maintenance charged by any developer?
The charges levied by any developer would have to be borne by you.

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

If I have life insurance to cover the outstanding balance of my finance with Amlak, will the property be passed on to my beneficiaries in the event of my bereavement and the balance is paid off in full?
In the unfortunate event of your bereavement, the property will be passed to your legitimate heir once the account has been cleared by the allocated life insurance.