For eligibility, you will need to ensure you:
- Are an Australian Citizen or Permanent Resident of Australia
- Are aged 18 or over
- Have a regular, verifiable Australian taxable income
- Have a fixed, verifiable residential address in Australia
Other credit and approval criteria will apply depending on individual circumstances.
After ensuring your eligibility, you can apply online through our online form.
Our Car finance contracts are based on Murabaha (cost-plus financing). We share partnership with the member in purchasing the vehicle and sell our share to them over a period of time.
Over time, the member pays rent on ICFAL’s share of the car. This rent amount will reduce with each additional share purchase the member makes.
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The payments made to a bank in a conventional finance system is based on repayment of money with no relationship to the vehicle. The bank lends a customer a certain amount of money and expects a certain amount of money in return for the money they lent out.
The payments made to ICFAL are based on the concept of trading and reflects the real-world return on the investment. Payments are dependent on 3 components: Rent, Share Purchase, and Profit on Share Purchase.