Halal Loans Worth DZD 32 Million To Buy Algerian Manufactured Hyundai Car

Administrative Commissioner and General Manager of Al Baraka Bank, Mohamed Seddik Hadef, spoke about launching loans of up 320 million centimes (3 Million DZD) for citizens who wish to buy the Algerian manufactured Hyundai car with its eight types, through the consumer loan formula.

“Customers who submit complete files, are liable to get a Halal loan within a week at most, and the value of the first tranche is equivalent to 20% of the car’s price”.

He added, on the sidelines of the ceremony of signing a partnership agreement, on Wednesday, with the group “Cima Motors”, that the bank raised its loan this time from 150 to 320 million centimes in order to enable its customers from the acquisition of Hyundai cars and it comes to Hundai’s Tucson and Sonta Fe, at the time he reassured that the margin’s profit that is suggested by Al Baraka bank is considered the most competitive in the market, which ranges between 8 and 10%, and the funding reaches up to 80% of the car’s cost, but the repayment should not exceed 60 months.

“One of the objectives of this agreement is to improve the quality of services that are provided to customers and the consolidation of the commercial relationship with them, and providing funding formulas that are approved by the Islamic sharia (law) under the name of ” leasing”, and to encourage the local production and enhance the purchasing power of the Algerian families, knowing that the conditions of the benefit from the loan are the residence in homeland and the steady income”.

Representative of Cima Motors and its General Manager’s Assistant Secretary, Bilal Tahkout, asserted that receiving a high percentage of applications during the Cars Exhibition in Oran (western Algeria) by Al Baraka Bank customers, for the acquisition of Hyundai cars that are manufactured in Algeria, encourages the group to sign quickly a partnership agreement with Hundai.

“Sale process will be in conformity with the Sharia, and it will include Hyundai’s 8 types. Tiaret factory (western Algeria) will produce 60.000 cars during the current year, and it will raise its production in a matter of a year to 100.000 cars”.

“At the beginning of last November, the group’s agencies received large number of applications for the marketing of Hyundai cars that are produced locally. Rate of integration is today equivalent to 15%, and it will rise gradually to reach locally 100%. Tiaret factory is assisted by local firms for handling and Iranian companies as well, which supports the local products. There will be no problems with delivery because the vehicles will be available in sufficient quantities”.