Halal Loans To Buy Hyundai, Volkswagen Cars

Algerians can buy Hyundai cars, which will be marketed within a few days, and “Sovak” or “Volkswagen” cars that are manufactured in Algeria since early next June, through the consumer loan, although there no agreement was signed with any of these dealers, but the sale will be at the request of customers and without a formal agreement, with the payment of 20% of the value of vehicles as a first part, Al Baraka Bank’s Marketing and Financing Director, Said Karim, told Echorouk.

“Marketing of Hyundai’s eight cars’ types will be produced at the level of Tiaret factory (western Algeria), without any interest similar to what is done for the Renault Symbol that is manufactured in Oran, with the calculation of the margin that is equivalent to 9%, and the payment of the first installment which is not less than 20% of the car’s price, which will be determined by the manufacturer Tahkout plant.”

“Signing of a partnership between Tahkout group and a number of banks does not mean that the sale with installment will be in accordance with the consumer loan formula that is forbidden to other banks, otherwise the process will fall into the trap of “hegemony” and ” monopoly” which is fought by law.”

“An agreement is signed between Renault Algeria factory and “BNP Paribas” bank, which, despite exclusivity that it enjoyed, but all the banks were able to market the car that was manufactured locally, and this is due to the desire of the customer and the way he/she chooses to finance the acquisition of this car. Al Baraka bank will market all vehicles that are manufactured in Algeria, without exception”.

Al Baraka Bank official said: “Good news for customers is a bouquet of variety of electronic services that are added to the consumer loan by the end of the year, which includes 5 Services, 4 of them about a new increase on the e-card for payment online, which will enable Algerians to pay phone bills via Internet, water, gas and electricity, and Air Algérie travel tickets, while the second service is the baking SMS in case of pumping amounts in their accounts or withdrawing them if they will use them in services, a process that was launched by the bank, while the third service, is the “E-banking”, as the customer will be able to do all the banking operations online. 

“Fourth service is mobile banking for all banking transactions via mobile, a procedure which will be appied by the beginning of 2017”.