Valuable Information on Credit Cards and Islamic Personal Loan in Bahrain
There are several Islamic banks in Bahrain that offer Shariah-compliant products to residents and institutions in Bahrain. Most middle class families may be in want of additional funds for various purposes such as a marriage in the family, purchasing a car or a home. Keeping these requirements in mind, banks offer personal loans in Bahrain for both nationals and expatriates.
Islamic Banking and Loans
Islamic banking follows the rules of Shariah or Islamic law. The difference between this and conventional banking lies in the interest levied; Islamic banks offer finance based on Shariah principles. Hence, depositors are rewarded from the profits made from banking activities; however, the profits are divided between the depositor and the bank. Islamic personal loan in Bahrain is available for nationals and expatriates of at least 21 years of age and a maximum of 60 years. There are several other conditions that the applicant has to fulfill. The salary certificate should be submitted and a minimum salary is required to avail of the loan. Nevertheless, loans in Bahrain can be availed of easily for your personal use such as travel, buying home furniture, education etc.
Credit and Debit Cards
In Bahrain debit cards are given to all customers and you can use them at a branch convenient for you; however, the cards can be used in other banks only if there has been an arrangement between the two banks. A credit card in Bahrain is also available to all; but you can get credit amounts only up to a certain limit. An interest is charged on the amount and this depends on the repayment terms. Master and Visa cards are the popular credit cards used in the country. The annual credit card charge varies from one bank to the other. Some banks offer credit cards with benefits such as life or travel insurance; others give points for the number of purchases made on the card, the points can be redeemed for buying consumer goods from specific stores.
Auto Loans
Most nationals and expats in Bahrain opt to buy a car rather than use cab services on a daily basis. Several banks offer car finance in Bahrain; so, buying a vehicle is not difficult in this country. In fact, banks offer great benefits for the loan; the processing is simple and you can obtain the loan within 24 hours or lesser. One great advantage is that you can drive off your new car even without making a down payment. The interest rates are competitive and the financing period by most banks is up to a 7-year limit. Hence, with flexible and quick financing, who will not want this offer?
Islamic Banking and Loans
Islamic banking follows the rules of Shariah or Islamic law. The difference between this and conventional banking lies in the interest levied; Islamic banks offer finance based on Shariah principles. Hence, depositors are rewarded from the profits made from banking activities; however, the profits are divided between the depositor and the bank. Islamic personal loan in Bahrain is available for nationals and expatriates of at least 21 years of age and a maximum of 60 years. There are several other conditions that the applicant has to fulfill. The salary certificate should be submitted and a minimum salary is required to avail of the loan. Nevertheless, loans in Bahrain can be availed of easily for your personal use such as travel, buying home furniture, education etc.
Credit and Debit Cards
In Bahrain debit cards are given to all customers and you can use them at a branch convenient for you; however, the cards can be used in other banks only if there has been an arrangement between the two banks. A credit card in Bahrain is also available to all; but you can get credit amounts only up to a certain limit. An interest is charged on the amount and this depends on the repayment terms. Master and Visa cards are the popular credit cards used in the country. The annual credit card charge varies from one bank to the other. Some banks offer credit cards with benefits such as life or travel insurance; others give points for the number of purchases made on the card, the points can be redeemed for buying consumer goods from specific stores.
Auto Loans
Most nationals and expats in Bahrain opt to buy a car rather than use cab services on a daily basis. Several banks offer car finance in Bahrain; so, buying a vehicle is not difficult in this country. In fact, banks offer great benefits for the loan; the processing is simple and you can obtain the loan within 24 hours or lesser. One great advantage is that you can drive off your new car even without making a down payment. The interest rates are competitive and the financing period by most banks is up to a 7-year limit. Hence, with flexible and quick financing, who will not want this offer?
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