The personal loans offered by Sharjah Islamic Bank are compliant with the rules of Islamic banking and provide customers with finances that they might need to help pay for things like furniture, electronics, building material, etc. These loans feature competitive profit rates and flexible repayment periods. They are also available to both UAE nationals and expatriates working in the UAE with valid residency permits.
Benefits of Sharjah Islamic Bank Personal Loan
The benefits that this personal loan offers are:
- Loans that are compliant with the Murabaha principals of Islamic banking.
- Convenience to pay the loan back in monthly installments.
- The first installment towards the loan can be paid after a grace period of 3 months from taking the loan.
- These loans also feature some very competitive rates.
Eligibility Criteria of Sharjah Islamic Bank Personal Loan
To meet the eligibility criteria for this loan, customers are required to submit the following documents.
- The originals of their UAE national ID or the passport.
- Valid residency visa for the UAE in case the applicant is an expat.
- The last 3 months bank statement.
- Letter of salary transfer.
- A letter from the service provider for which the loan is being taken.
About Sharjah Islamic Bank
The Sharjah Islamic Bank is a bank that has been operating ever since 1975. It came into existence as a result of the royal decree by His Highness Dr. Sheikh Sultan Bin Mohamed Al Qassimi. The products offered by the bank are completely compliant with the Sharia rules of Islamic banking and range from personal finance to car loans, home loans and banking solutions for businesses. Among the many accolades that the bank boasts of, are awards like the People’s Choice Award at CUSTOMER360ME won in 2012, named the Compliance Innovator in Islamic Banking in 2011 and the Accounting & Auditors Association Award for Training & Emiratization won in 2009.
Sharjah Islamic Bank Personal Loan FAQs
- Is the personal loan offered by Sharjah Islamic Bank Sharia compliant?
- For what purpose can a personal loan from Sharjah Islamic Bank be used?
- Does Sharjah Islamic Bank offer personal loans to expats?
- Are expats expected to provide any permits in order to take this loan?
- How can a borrower repay a Sharjah Islamic Bank personal loan?
- Is an applicant expected to provide proof of employment?
- Does this loan come with any additional benefits?
Yes, the personal loan offered by Sharjah Islamic Bank complies with Sharia Law, with it strictly following Islamic banking principles. The bank relies on Murabaha principles while offering this loan.
A personal loan from the bank can be used to meet any personal financial requirement, be it to purchase electronics, buy furniture, take a vacation, etc. There is no limit on the use of this loan as long as it stays within legal boundaries.
Yes, expats can avail a personal loan from Sharjah Islamic Bank, subject to them meeting a few basic criteria.
Yes, expats need to show a valid residency permit in order to be eligible for this loan.
A borrower can repay the loan through EMIs spread over a specific time period.
Yes, an applicant is expected to provide proof of employment in the form of salary slips and the bank statements for the previous 3 months.
Yes, the bank provides a grace period of 3 months to borrowers to pay their first instalment, providing them adequate time to sort out their finances.
News About Sharjah Islamic Bank Personal Loan
Sharjah Islamic Bank receives Award from AECB
Sharjah Islamic Bank (SIB) was awarded yet another accolade from AECB. It was awarded by the Al Etihad Credit Bureau for successful implementation of the AECB processes. These processes are to ensure quicker and more accurate decisions whilst providing credit. This serves to provide better risk management and debt management.
The award comes after SIB won the “Best Islamic Bank in UAE” award in 2016 at the World Finance Awards. The “First Successful Data Submission Award” was awarded to SIB on 13th June 2016. SIB was one among 12 banks nominated for the working group and were able to implement the required data successfully.
28th June 2016
The 5th Visions to Reality Conference to be held in Dubai
The Department of Economic Development (DEB) in association with Sharjah Islamic Bank Academy (SIBA) is almost set to organize the Visions to Reality Conference for the 5th time at the World Trade Centre, Dubai. The conference is scheduled on 24th May, 2016. This time, the theme chosen for the conference is “Success Stories”. The conference would provide a platform to the attendees to meet and interact with the best senior national leaders in the government as well as private sector, Marketing, HR, Emiratisation and Business Development Departments in the Dubai Government, and senior executives from the Business Excellence Department of DEB. It is expected that such interactions with the best minds would highly benefit the attendees of the conference. The conference will also provide a scope for the young attendees to network and share their experiences with their contemporaries in areas like Education, Support, Communication and Participation.
The conference also aims to celebrate the “National Policy for Reading, 2016-2026” and the ‘Year of Reading 2016’ initiatives initiated by the federal government, UAE. These initiatives are organized to encourage reading habits among the local communities, generate self-awareness and create more progressive readers in the UAE. According to His Excellency Sami Al Qamzi, the Director-General of DED, the remarkable response received by the Visions to Reality conference in the UAE in the past four years has boosted their enthusiasm to organize this conference this year also with an aim to promote reading habit among the youngsters.
20th May 2016
Sharjah Islamic Bank Clocks High Growth in Q1: Records 23% Profit
Sharjah Islamic Bank (SIB) posted a healthy profit growth of 23% at the end of Q1 which has a net profit of Dh 131.4 Million attained in the first 3 months of 2016. Compared to the same period in 2015, the profits were up by 22.9 percent
The operating income of SIB recorded even higher growth with the net operating income for Q1 2016 being Dh 219.2 Million as compared to last year’s Dh 141.5 Million which is an increase of almost 55%
Sharjah Islamic bank has had a successful year so far with total assets growing by 1% as compared to last year. Q1 of 2015 showed net assets to be Dh 29.9 Billion whereas total assets for Q1 2016 stood at Dh 30.2 Billion
18th April 2016
Proposed 10% cash dividend, after Sharjah Islamic Bank has 9% net profit rise
Sharjah Islamic Bank has increased their net profit by 9% from AED 377.2 million in 2014 to AED 409.9 million in 2015. The bank’s board of directors have proposed a 10% cash dividend. The bank’s deposits have increased by 16.2% for the same year and has reached a whopping AED 17.0 billion. The bank provides finance to many large organizations, and even SMEs in different sectors, keeping in mind market volatilities, instability and other effects on banking operations.
08th February 2016
A net profit of Dh 298 million for the Sharjah Islamic Bank (SIB)
The Sharjah Islamic Bank (SIB) announced a net profit of Dh 298 million for the year 2015, in the previous year for the same period of 9 months the net profit announced by them was Dh 295 million, which increased by 1.2% hike. Their total assets were Dh 2.6 billion at the end of the 3rd quarter of 2014 and has now grown by 8.3% and now stands at Dh 28.2 billion. Sharjah Islamic Bank (SIB) deposits as well have grown from Dh 14.6 billion at the end of the 3rd quarter of 2014 the end of quarter three of 2015 saw a deposits reaching Dh 15.9 billion and still growing.
29th October 2015