How you could use ICFAL’s car finance

Brand New Car

Drive the car of your dreams straight from the showroom.

Commercial vehicles and trucks

Whether it's your next home or an investment property, we'll guide you through the process.

Used Cars

Putting Shariah compliance first without any compromise on islamic principles.

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About ICFAL’s Car finance

Car finance with ICFAL allows you to acquire brand new or a used for your daily usage. You can also buy vehicles to improve your business. These options are complimented with competitive features that allow you to get a car by Halal means.

Eligibility

  • Australian permanent resident
  • One-off fee of $100 for lifetime membership
  • Pay no establishment or monthly fees

Murabaha finance

To finance the car of your choice, ICFAL uses Murabaha finance contract. This Islamic contract discloses the cost incurred and profit earned during the sale. Once you choose a car that you wish to own, ICFAL purchases the vehicle from the dealership and sells it to you in installment with a pre-agreed markup.

Buying the car in installment using a halal contract allows you to own a car at ease. Learn more about how our halal products finances you to a better living.

Find out more
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Applying is simple, get started online

Apply Online

Apply online to prequalify and see if you’re eligible for car finance with ICFAL.

Assessment & Approval

We will assess and provide you with a conditional approval.

Full Approval

You will be invited to ICFAL to discuss potential monthly payment and contract process.

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Your estimated monthly payment would be:

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  • Total repayments

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  • Total profits charged

    $

Frequently asked questions

Am I eligible for ICFAL’s Car Finance?

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.

What Islamic contract is used for ICFAL’s Car Finance?

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.

How are the payments made to ICFAL different from payments made to a Bank?

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.

How can I apply for ICFAL’s Car Finance?

After ensuring your eligibility, you can apply online through our online form.
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