Buying a car in installments from Al Baraka Bank in Algeria 2023

Buying a car in installments from Al Baraka Bank in Algeria 2023

Are you thinking of buying a car in installments in Algeria? And you wonder how can I buy a car in installments in Algeria and what is the best bank for car loans in Algeria? Then certainly the first and best option will be Al Baraka Bank Algeria, as many individuals want to buy a car in installments in Algeria, but do not know what is the most appropriate destination, so in this article we will learn how to Buying a car in installments in Algeria from Al Baraka Bank 2023 What are the conditions for a car loan from Al Baraka Bank?

Therefore, follow with us if you are interested in knowing the advantages of Al Baraka Bank for car financing, what are the papers and documents required to obtain a car in installments from Al Baraka Bank, and what is the interest for a car loan from Al Baraka Bank in Algeria 2023, so follow with us to learn the details.

Buying a car in installments from Al Baraka Bank in Algeria 2023

Buying a car in installments from Al Baraka Bank in Algeria is a frequently asked question among people wishing to own a car. The nature of the questions is about the car’s characteristics and features, and what are the papers required for its purchase by installment system from Al Baraka Bank, in addition to that the bank sets some conditions for those wishing to buy the car. In order for the bank to be fully aware of the person’s financial and social conditions, as it is known that a person cannot buy a car in installments, he cannot pay the first installment of the value of the car, or he cannot complete the rest of the monthly installments of the value of the car. Therefore, we have prepared this article from In order to discuss all the information and details about buying a car in installments from Al Baraka Bank in Algeria for the year 2022.

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How to buy a car in installments from Al Baraka Bank in Algeria for the year 2023

After the insane and unimportant rise in car prices in Algeria, it became difficult for the Algerian individual to acquire a car in order to fulfill his needs in moving with it. Therefore, Al Baraka Bank made a suitable proposal to many Algerian citizens, so that the bank carries out the financing process in order to purchase a car, whether it is new or used. Taking into account the provisions of Islamic law, that is, as the common people say (what pleases God and the citizen).

Many people have expressed their satisfaction and admiration for this proposal issued by Al Baraka Bank Algeria, and the bank has provided many advantages regarding the purchase of cars, which are as follows:

  1. The bank finances 80% of the car’s value if the car has 4 horsepower.
  2. The bank finances 60% of the car’s value if the car has 5 or 8 horsepower.
  3. The bank finances 30% of the car’s value if the car has 9 horsepower.
  4. The repayment period is up to 7 years.
  5. The bank automatically provides the appropriate financing amount based on the customer’s ability to complete the payment process.
  6. It is possible for the customer to collect his salary and the salary of his wife or any member of the family in order to obtain approval for the financing process.

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What are the procedures that the customer must take in order to obtain financing from Al Baraka Bank to own a car?

Al Baraka Bank provided all the details and information about the procedures that must be taken by the customer in order to purchase a used or new car through Al Baraka Bank, in addition to the papers and documents required from the customer:

  • Submit a copy of the national identification card (identity)
  • Submit a request for financing.
  • Submit all documents about the monthly salary or salary permit certificate for self-employment.
  • Extracting the last 3 payroll statements for employees in state departments and submitting them to Al Baraka Bank.
  • If the client is retired, a retirement grant document must be submitted.
  • Comprehensive car insurance documents.
  • Postal check.
  • A document documenting the provision of a promise to individuals to sell.
  • He must present the purchase document (invoice) that the customer obtained from the car dealership.
  • Submitting a certificate as a result of an inspection of the car that the customer purchased, as it is very necessary to carry out an inspection of the imported used or used car.
  • If the customer is a non-Algerian citizen, he must submit the residency, in addition to the fact that there must be a period of residency that exceeds three months.
  • In the event that the customer combines his salary and the salary of one of the family members, he will have to bring an identity card, a photocopy, and two postage stamps worth 20 dinars, in addition to a birth certificate.

What are the conditions required to obtain car financing from Al Baraka Bank?

Al Baraka Bank Algeria has provided all the conditions that must be met by the customer in order to obtain the financing process, as follows:

  1. The age of the applicant must not be less than 18 years and not more than 70 years.
  2. The customer’s wage must not be less than 4 million centimes.

What is the ruling on buying a car by installments through Al Baraka Bank?

The provisions and sayings differed in the process of buying the car by installment system from Al Baraka Bank of Algeria, but the person in charge of the Sharia Board in Al Baraka Bank stated that the basis of legality is through the method of dealing in order to buy the car, and that is regardless of the difference of the bank, whether it is the Islamic Bank or other banks, in terms of It is known that the process should not be tainted by any suspicion of haraam, which may be considered usury. Therefore, the official clarified more about the process of selling by installment system, which comes as follows:

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1. The first case

In the event that the bank gives the customer the full amount of financing in order to purchase the car in cash, the agreement in this case will be prohibited by Sharia and classified as usurious.

2. The second case

But in the event that the customer agrees with Al Baraka Bank in order to purchase the car by authorizing the bank, the bank is qualified to carry out the purchase process for the benefit of the bank, and then the bank sells the car to the customer by the agency method. In this case, the sale process has been completed correctly and away from suspicion, which is the correct method Which jurists authorized in the Islamic religion.

In conclusion, we have come to the end of our article today, after we presented to you the method of buying a car in installments from Al Baraka Bank for citizens and residents, in addition to presenting what are the most important required papers and documents that the customer must bring in order to conclude an agreement with Al Baraka Bank on all conditions.

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