Islamic Car Financing in FCT (Abuja)

Vehicle finance for salaried customers in public and reputable private organisations, structured on Murabaha (cost-plus sale). Jaiz Bank buys the vehicle the customer selects and resells it to them at a disclosed cost-plus-profit price on deferred terms. Repayment is monthly from the customer's salary over 3 to 4 years, with a maximum tenor of 48 months, and salary domiciliation is required. Marketed on an easy application process. Aimed at employed buyers who want to spread the cost of a car without an interest-bearing auto loan.

LOTUS Rides finances new and used vehicles for personal and commercial use. The bank funds up to 80% of the car's value with a 20% equity contribution, over tenors up to 5 years for new cars and 4 years for used, with used vehicles accepted up to 5 years old on the main financing page (up to 10 years old from verified dealers on the retail page). Monthly payments are capped around 33% of net salary, applicants must be 24 to 50 years old, salaried or business owners with 3 years' experience, and takaful motor cover comes at what the bank calls low rates. New-car customers get free vehicle servicing for 6 months.

Summit Lease to Own Finance (SLOF) is the bank's Ijara product for long-term asset ownership across homes, cars and equipment. Tenors 'typically range from 12 to 60 months' with customizable monthly or quarterly schedules, full ownership transfers to the client at the end of the lease term, and a detailed Ijara contract sets out rights, responsibilities and costs, with the bank committing to no hidden fees or interest-based clauses. Takaful coverage through approved operators protects the leased asset. Requirements: completed application, valid ID, proof of stable income, a proforma invoice for the leased asset, and a case-dependent collateral or security deposit. Eligibility covers salaried employees, business owners and professionals.

TAJBank's retail asset and vehicle finance, built on Murabahah (cost-plus). The customer identifies the asset, the bank buys it and resells it to the customer at cost plus a fully disclosed profit, repayable on a monthly, quarterly or annual plan tailored to the customer's cash flow. The bank markets it for acquiring assets, including vehicles, with flexible repayment. A related Lease (Ijara) Finance covers the hiring of services and assets at a service fee plus mark-up, paid as a deferred lump sum or in instalments. Aimed at individuals who want to acquire a car or other asset on a fixed halal plan rather than an interest loan.

Alternative Asset Finance is AltBank's Ijarah lease line for personal asset acquisition: cars, household equipment, machinery and even homes, financed 'without the hefty upfront costs' so customers can 'conserve capital for other lucrative ventures'. The bank purchases the asset and leases it to the customer, who uses it while paying rentals. It is the retail sibling of the SME-focused AltLease facility, which for business assets carries published terms of up to NGN 20,000,000 per obligor over 24 months. Retail-side rates and tenors are quoted individually through the app or a relationship manager.