Jaiz Auto Finance is the car product of Nigeria's oldest and largest non-interest bank, and it does exactly one thing: sell a car to a salaried employee at a fixed cost-plus price repaid from salary over up to four years. No frills, no published numbers beyond the tenor, and a structure as clean as retail Murabaha gets. All details below come from Jaiz's own pages, verified August 4, 2026.
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How it works
You select the vehicle, new or used. Jaiz buys it, takes ownership, and resells it to you at cost plus a disclosed profit margin, payable monthly from your salary over 3 to 4 years, with a hard maximum of 48 months. Because the price is fixed at signing, no interest accrues, nothing compounds if you are late, and your instalment is the same in month one and month forty-eight. The contract's validity rests on the bank genuinely owning the vehicle before resale and on full price transparency to you, both of which Jaiz describes on its pages. Oversight comes from the bank's Advisory Committee of Experts, chaired since September 2023 by Prof. Abdulazeem Abozaid of Hamad Bin Khalifa University, one of the more heavyweight scholar benches in Nigerian banking.
The published terms
| Term | Detail |
|---|---|
| Structure | Murabaha (cost-plus vehicle sale) |
| Vehicles | New and used automobiles |
| Tenor | 3-4 years; maximum 48 months |
| Repayment | Monthly, from salary |
| Eligibility | Salaried staff of public and reputable private organizations |
| Salary domiciliation | Required |
| Profit margin | Not published |
| Down payment | Not published |
| Maximum amount | Not published |
The bottom three rows are the review. Jaiz publishes no margin, no down payment and no cap, so you cannot compare this product against anything, halal or conventional, without applying. The only pricing signal on Jaiz's entire retail shelf is EnerJaiz solar finance at a published 28-30% per annum markup; that is a different product, but it tells you where this bank prices consumer risk in this economy. Walk in expecting car finance in that neighborhood and negotiate from there.
Where it fits, and where it does not
Fits: an employee of a ministry, agency or established company who banks (or will bank) their salary with Jaiz, wants a fixed, predictable instalment, and is buying a car whose cost sits comfortably inside a four-year repayment. The fixed price is genuinely valuable in a volatile economy: whatever inflation does, your obligation is frozen in naira at signing. Does not fit: the self-employed, traders and informal earners, who are simply outside the product's design; anyone who needs longer than 48 months to make the payment livable; and comparison shoppers who want pricing before committing time to an application. For the self-employed, Lotus Rides admits business owners with three years' experience, and TAJBank's asset finance offers repayment scheduling flexible enough for irregular income.
Strengths and weaknesses
- Strength: fixed total price with no accrual; late payment cannot grow the debt.
- Strength: covers used cars as well as new, unusual clarity for a Nigerian bank page.
- Strength: the institutional weight of a N1.08 trillion bank with 51 branches and a named, credentialed scholar board.
- Weakness: margin, down payment and maximum amount all unpublished; cost is invisible until application.
- Weakness: salaried-only, with salary domiciliation effectively tying your income to Jaiz for the term.
- Weakness: 48 months is the shortest headline tenor among the major products (Lotus offers 60 for new cars; Summit publishes up to 60).
Verdict
As a structure, Jaiz Auto Finance is beyond reproach: a real Murabaha from the bank that has run them in Nigeria longest. As a purchase, it is a blind negotiation, and your protection is paperwork. Get the total repayment figure and the down payment in writing, quote the same car at Lotus, and let the two invisible prices fight. The market-wide comparison is in our complete halal car financing guide, and the affordability arithmetic in what a N20 million car really costs.
How the application actually runs
Jaiz markets an easy application process, and the requirements follow from the product's design: evidence of salaried employment with a public or reputable private organization, salary domiciliation into a Jaiz account, and the vehicle's details for the bank's purchase leg. The practical sequence: open the account and move your salary first, since domiciliation is not optional; select the car and obtain its invoice or quotation; then demand the offer letter with the four numbers Jaiz does not publish: the total Murabaha price, the margin, the required down payment, and the monthly instalment. The gap between the car's cash price and the total Murabaha price, divided by the years, is your effective annual cost; compute it before signing, because nobody will compute it for you.
The fixed price in an inflationary economy
One genuinely underrated feature deserves its own weighing. A Murabaha freezes your obligation in naira on signing day: if inflation and salary adjustments continue, the real burden of your month-40 instalment can be meaningfully lighter than your month-1 instalment. Conventional variable-rate loans move the other way, repricing upward with the monetary cycle. That asymmetry is worth something real to a salaried buyer, and it costs the bank real risk, which is one honest reason margins in this market run high. It also cuts the other way on early settlement: the whole fixed price is your debt from day one, and any early-payment relief is bank policy you must extract in writing.
Frequently asked questions
Does Jaiz finance used cars from private sellers?
The page covers new and used automobiles but does not publish sourcing rules. Structurally, the bank must buy the car before selling it to you, which pushes purchases toward dealers and verifiable sellers with clean documentation; expect a private-sale request to face heavier scrutiny or refusal. If your car is coming from the open market, ask the branch directly before committing to a seller, and see our new vs tokunbo guide for how the whole market treats used stock.
What down payment should I expect?
Jaiz does not publish one, and we will not guess on its behalf. The market context: Lotus publishes 20% equity on its auto product, and AltBank's SME lease requires 30% down. Walk in budgeting for something in that range, and treat any lower demand as a pleasant surprise rather than a plan. Remember that a larger voluntary down payment directly shrinks the margin-bearing balance, which in an unpublished-margin product is the one cost lever fully in your control.
Can I keep my salary at another bank and still qualify?
The published requirement is salary domiciliation, so no, not as the product is designed. That requirement is the bank's security (repayment deducts from income it can see) and its commercial hook (your banking relationship moves to Jaiz for four years). Price that into your comparison: if Lotus or TAJ would finance you without moving your primary banking, the convenience difference is worth actual money, and if all your quotes require domiciliation, choose the bank whose accounts you can live with daily.
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Does the product cover motorcycles or commercial vehicles?
The published page frames the product around automobiles for salaried customers, and its salary-domiciliation design points at personal cars rather than income-generating fleets. Commercial and two-wheeler needs route better through the SME structures: Jaiz's own MSME shelf, AltBank's published AltLease terms, or the association channels our commercial vehicle guide maps. Declare the intended use honestly whichever door you use; a personal-use contract on a working vehicle is a takaful claim waiting to fail.