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Terms and Conditions



These terms and conditions are applied:

-     In addition to these terms, the Personal Banking General Terms and Conditions shall also apply to any Car Finance granted by Sharjah Islamic Bank. In the event of a conflict, the provisions in these Car Finance terms and conditions shall prevail.


General Terms and Conditions:

-     Any application or processing fees or approval re-validation fee or car evaluation fee that have been paid to Sharjah Islamic Bank are non-refundable

-     Any Fees and Charges (whether demanded or not) will be collected from any of customer account with the Bank

-     Details of our Fees and Charges are set out on the Schedule of Services and Tariffs which is available on our website: (www.sib.ae)  and we will also inform customers of any charge we make if they request any service

-     We  can change the amount of our Fees and Charges and introduce new or different Fees and Charges to reflect the cost of the work or service involved or for any other reason whatsoever. Customer will therefore need to ensure they refer to the latest Schedule of Services and Tariffs. Where we change the amount of our Fees and Charges, we will provide customers with notice as required by law and regulation

-     The Finance to Value (FTV), profit rate, fees and other finance terms will vary depending on individual and or applicant’s profile and subject to Bank approval

-     The applicant is responsible for providing the bank with accurate and legitimate documentations

-     The Bank further has the right to cancel the offer at any time during its validity period without any prior notice 

-     Down payment is to be made prior to disbursal of any funds by the Bank

-     Down payment on the car is to be made from the applicant’s own fund

-     If the Finance is granted to more than one applicant (joint financing), the applicants hereby agree and undertake to be jointly liable 

-     Sharjah Islamic Bank fees and charges are inclusive of the Value Added Tax (VAT)

-     In line with the UAE’s Value Added Tax (VAT) implementation from 1st January 2018, VAT at the rate of 5% will be levied on SIB’s fees and charges specified herein, wherever applicable and as per UAE law



-     Duly registered Mortgage over the car for the full amount of the Murabaha to be executed by the customer in favor of the Bank and to be formally registered with the concerned government department 

-     Fully insure the car with an insurance company throughout the duration of the finance period until payment of the last installment; provided that the Bank shall be the first beneficiary in the insurance policy

-     Any other tangible or intangible securities requested by the Bank from time to time to secure the Finance 

-     Customer to provide security cheque from repayment account prior to disbursal where the total amount of which shall be for the 120% of the Principal Amount. On settlement and closure of the subject finance, the security cheque will be cancelled and destroyed by the Bank

-     The customer hereby acknowledges and agrees that the Securities provided pursuant to the Agreement shall be a security for the repayment of the Finance, profit, Fees, commission and charges owed by the customer to the Bank pursuant to the Agreement, as well as a security for the repayment of any and all amounts owed by the customer to the Bank at any time pursuant to any facilities and/or finances granted by the Bank to the customer at any time after the execution of Agreement


Life Takaful:

-     The customer agrees that the Bank may obtain, but not obliged to do so, a life Takaful policy and disability Takaful policy. The proceeds of such policy shall be used only to settle the remaining finance amount, if any, in addition to the profit and any other amounts due shall be paid by the customer or his/her heir(s), as the case may be

-     After conclusion of the deal, all Takaful policy premiums shall be paid by the Bank on behalf of the Customer to the appointed insurance company and the same shall be debited to customer’s any account with the Bank when it’s due, without any prior permission or notice

-     Comprehensive “Life Takaful” terms are available on our website (www.sib.ae) which outlines details pertaining to Life Takaful Scope Cover, sum insured and other Life Takaful policy conditions 




Notices and Correspondence:

-     All notices and correspondence  whatsoever their subject  shall be exchanged between the parties in writing at the addresses provided by the customer or through SMS or email at the customer’s registered mobile number or email address, available in Bank’s record or any other notification medium Bank may deem  appropriate. Customer shall notify to the Bank of any change of its address, contact number or email address and the Bank shall act accordingly immediately after being notified thereof.

-     We may at our absolute discretion vary any of the terms and conditions of the Agreement at any time by giving you 30 days prior notice. We may give notice of variation of the Agreement by any means available,   including but not limited to email and secure emessage service and by publication on our website (www.sib.ae)


-     Continued use by you of any product offered to you under the Agreement after the date upon which any amendment to these Car Finance Terms and Conditions comes into effect (as specified by us) will constitute acceptance without reservation by you of such amendment


Customer information:

-     Customer agrees that we may disclose their information to any third party in order to verify the information that they have provided to us, including contacting their employer to verify their employment status and any other information in connection with their employment

-     Customer agrees that we can share information with credit reference agencies/bureaus and use information available from public sources to verify their identity and suitability for a finance

-     Customer agrees that when they apply for a Finance facility (or any other credit facility with us) then as part of the application and during the term of the Finance, we may, on an ongoing basis, request reports from credit reference agencies/bureaus to assess their ability to meet financial commitments without further consent from them

-     Customer understands that to request multiple reports from credit reference agencies/bureaus may negatively impact their credit score which may make it difficult for them to obtain credit in the future

-     Customer understands and agrees that we may disclose their information to the respective Emirate’s Vehicle Registration Department or any other relevant authorities, in relation to the Finance and the Agreement for any purpose we believe is necessary and customer agree that any information shared will be publicly available as a result. This may include disclosure relating to registration of the car or Security, or enforcement of the Security

-     Customer understands and agrees to provide it’s express consent to Bank whereby, Bank, in future, may send messages or material, related to Bank’s product/service promotions, marketing material or any other notice on the change in the product/service related changes without obtaining any prior written confirmation from customer. Bank may use any means available, including but not limited to email and secure emessage service, Telephone or post in this regards

 By signing this document, I/We acknowledge that I/We have read, understand, and agree to all of the above mentioned terms and conditions which have been explained to me/us


First Applicant:Second Applicant:

Name:  ____________________________

Name: ____________________________

Account No: ________________________

Account No: _______________________

Signature: __________________________

Signature: ________________________
Date: ______________________________Date: _____________________________







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