Frequently Asked Questions

Question 1

What kind of cars do you have?

Accepted Answer

Whether you want an electric, plug-in hybrid, or other fuel type, whether you want a 7-seater or an executive car, any type of vehicle used for PHV, PCO, or business purposes is eligible for financing from us. We don’t carry an inventory ourselves, which is better for you because you have the widest choice. Once we confirm the financing for you, you can choose a vehicle from any reputable dealership in the UK. You can negotiate the price directly with the dealership, knowing that you are in a position of strength with our financing behind you. And, since we don’t have to make upfront investments into the showrooms, the garages, the mechanics and the inventory, we don’t have all those overhead costs, and we pass those savings to you.

Question 2

Is the financing halal?

Accepted Answer

It is, indeed. Let’s look at the basics of this contract from the Shariah angle. We buy the car, own it, and rent it to you. Your payments are not interest payments; you are paying rent like you would rent your house. Once the contract ends, we will sell the vehicle to you under a separate contract. As noted previously, your rental payments are calculated so that with every rental payment, part of that goes towards your car ownership. For us, being halal is not a marketing gimmick. It is a matter of internal principles – we either do things in a Shariah-compliant way or do not operate at all. Our services are open to everyone, and we want our clients to come to us not just because we are halal but because we provide better service.

Question 3

Is this just a rent-to-buy agreement?

Accepted Answer

A rent-to-buy is reasonably close, but a Shariah-compliant rent-to-buy agreement needs to have some additional essential elements. Please read the AAOIFI Standards 9 for more details. AAOIFI standards are internationally recognised Islamic finance principles used by Islamic banks worldwide. We are also fully certified by Shariah scholars. Please see our certificate here

Question 4

How long will it take for me to be approved and get the car?

Accepted Answer

From the moment we receive a complete application, we target to make a final decision within 2 business days. If our client is approved, they usually quickly find the car they want us to purchase. When the client tells us what car they have chosen, we target to complete all the paperwork and hand over the keys to the client in another 1-2 business days. All in all, if the client has made up their mind about the car, the entire process should take no more than 3-4 business days.

Question 5

Will I keep gaining a No Claims Bonus (No Claims Discount) with your Insurance?

Accepted Answer

Yes, you will. Our approach isn't fleet insurance; instead, the insurance is fully tailored to you, and you will keep accumulating no claims bonuses as you drive. And you will save with us on your insurance. Ayan has negotiated wholesale prices for our clients, resulting in significant savings on insurance premiums. Give it a go and see for yourself.

Question 6

Can I use my insurance?

Accepted Answer

To ensure that the Ijara is entirely Shariah-compliant, we have to pay for the insurance on our side. We will pay for the insurance at the start of each year, and we adjust the weekly rental payments to include this amount and our cost of financing it. We include insurance coverage by partnering with one of the largest insurers in the PHV, PCO insurance industry. The insurance is tailored to you, and you will keep gaining a No Claims Bonus (No Claims Discount). As noted in the previous question, you will save with us on the insurance policy, and we encourage you to give it a go and compare the prices.

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