MCB Islamic Bank Introduces JAECOO J7 Financing
MCB Islamic Bank has announced a new Shariah-compliant vehicle financing option for the JAECOO J7 under its Micar consumer financing program. This initiative is aimed at customers who want to purchase a modern vehicle while ensuring full compliance with Islamic banking principles.
The inclusion of the JAECOO J7 in the Micar program reflects the bank’s effort to expand its Islamic auto financing portfolio. The offer provides customers with a structured and transparent way to acquire vehicle ownership over an agreed financing period.
- Shariah-compliant vehicle financing
- JAECOO J7 added to Micar program
- Designed for Islamic banking customers
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Shariah-Compliant Financing Structure
The financing for the JAECOO J7 is based on a diminishing Musharakah model. Under this structure, the bank and the customer jointly own the vehicle, and the customer gradually purchases the bank’s share through scheduled payments.
With each installment, the customer’s ownership stake increases until full ownership is transferred. This model ensures transparency, shared risk, and compliance with Islamic financial principles throughout the financing term.
- Financing based on diminishing Musharakah
- Gradual transfer of vehicle ownership
- Fully aligned with Shariah principles
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Financing Terms for JAECOO J7
MCB Islamic Bank has set the rental rate for the JAECOO J7 at one-year KIBOR plus 2 percent. This rate structure allows customers to clearly understand the cost of financing over the agreed period.
In addition to the rental rate, the Takaful contribution has been fixed at 1 percent only. This provides coverage while maintaining affordability and adherence to Islamic insurance practices.
| Financing Component | Details |
|---|---|
| Rental Rate | 1-year KIBOR + 2% |
| Takaful Contribution | 1% only |
| Financing Structure | Diminishing Musharakah |
Micar Program Benefits and Coverage
The Micar vehicle financing program is designed to offer convenience and flexibility to customers. By adding the JAECOO J7, MCB Islamic Bank has expanded the range of vehicles available under its Islamic financing solutions.
The program also includes a priority delivery option for eligible customers. This benefit allows qualified applicants to receive their vehicle sooner, enhancing the overall customer experience.
- Vehicle financing under Micar program
- Priority delivery for eligible customers
- Customer-focused financing features
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Offer Validity Period
MCB Islamic Bank has confirmed that the JAECOO J7 financing offer will remain valid until March 31, 2026. This extended validity period gives customers ample time to plan and apply for the financing option.
However, customers are encouraged to apply early to benefit from the offer and avoid potential changes in terms or availability closer to the expiry date.
- Offer valid until March 31, 2026
- Limited-time financing opportunity
- Early application recommended
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How to Access Financing Details?
Customers interested in financing the JAECOO J7 can access complete details through MCB Islamic Bank’s official Micar consumer finance page. The platform provides information on eligibility, documentation, and application steps.
The bank also offers customer support to guide applicants through the process, ensuring clarity and ease at every stage of vehicle financing.
| Access Method | Details |
|---|---|
| Information Source | Official Micar consumer finance page |
| Application Support | Available through bank channels |
| Customer Guidance | Provided during application process |
Conclusion
The introduction of Shariah-compliant financing for the JAECOO J7 under the Micar program highlights MCB Islamic Bank’s commitment to ethical and customer-focused banking solutions. The use of diminishing Musharakah ensures transparency and gradual ownership for customers.
With competitive rental rates, low Takaful contribution, and added benefits like priority delivery, this financing option provides a balanced and accessible way to own the JAECOO J7 through Islamic banking principles.
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FAQs
What type of financing is offered for the JAECOO J7 by MCB Islamic Bank?
The financing is based on a Shariah-compliant diminishing Musharakah structure under the Micar program.
What is the rental rate for JAECOO J7 financing?
The rental rate is set at one-year KIBOR plus 2 percent.
Is Takaful included in the financing plan?
Yes, the Takaful contribution is included at a rate of 1 percent only.
Until when is the financing offer valid?
The offer is valid until March 31, 2026.
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