How it Works?
Enjoy a hassle-free shopping experience with IFIN, the Instant Islamic
Finance Solution in your hands. With IFIN, you can obtain Instant
Financing in just 10 minutes while you are at the store:
- Choose the items you desire.
- Ask the store’s staff to help you submit the application to your
preferred bank. - Receive the Bank’s decision instantly within 20 seconds.
- Sign the finance agreement and enjoy your items.
What is IFIN?
A digital platform that helps customers submit their finance applications
to their bank online without leaving the store. They can know the bank’s
decision about the application instantly (within 20 seconds).
Is it Shariah compliant?
Yes, all products and processes offered through IFIN follow Shariah
principles and are Shariah-compliant
How long does the process take?
The process usually takes about 10 minutes (from application
submission to signing the legal agreement subject to meeting the credit
requirements specified by your chosen bank). The bank’s decision
however is usually received within 20 seconds.
If the application is referred, the process will take about 1-3 days
(depending on the information required by the bank).
I’m not Omani, can I still apply?
Most participating banks are offering to finance both Omani’s and nonOmani’s through IFIN.
How can I use IFIN?
Visit any of the participating retailers’ stores and ask the sales staff to
help you submit your finance application through IFIN.
What documents do I need at the time of application?
All you need is your ID Card (National or Residential) and your phone
number that is registered with your bank.
Do I need a Debit or Credit Card to use IFIN?
No. You do not need to use any debit or credit card
Do I have to pay any fees when applying through IFIN?
You will need to pay the bank’s specified fees (administrative fees, life
Takaful admin fee…etc.) which are the same fees you would pay at the
bank’s branch (and sometimes they are less than what is in the
branches). All fees are made available to you before applying.
What is Life Takaful? And why do I need it?
Takaful is an Islamic insurance. It’s a mandatory requirement for the
regulators to have life Takaful/insurance for all customers obtaining
finance (conventional or Islamic).
Why do I have to pay Life Takaful Admin fee?
This fee is charged by some banks as they arrange for your life
Takaful/insurance cover with the relevant Takaful company on your
behalf (it is a service fee).
Is it more costly to apply through IFIN?
No. In many cases, when you apply through IFIN you will pay less than
what you pay through the banks’ branches as the bank’s application
processing fees are usually less. As for the profit rates specified in IFIN,
they are the same ones specified in the banks’ branches.
How much do I have to pay to IFIN to use this service?
You do not need to pay any fees to IFIN. The only fees you need to pay
are the bank’s fees.
Is it 0% finance?
No. IFIN facilitates Islamic personal and auto finance products, which
naturally include certain profit amount specified by the bank.
When are the bank’s fees deducted?
When you sing the finance agreement, and the finance is completed in
the bank’s core banking system.
What are the financing terms (finance amount/ tenor/ down payment, profit rate…etc)?
Financing terms vary from one bank to another. You will be able to see
the exact detail of the financing when you start the application. It is
worth mentioning that banks will charge a certain amount of profit on
the items’ price (it is not 0% finance).
Can I choose the finance tenor while applying?
Sure. You can select the finance tenor that suits you best for you while
applying. Please note that if you increase the finance tenor, your
monthly instalment will decrease and vice versa. You should the
relevant tenor prior to submitting the application to the bank.
Is the approval guaranteed?
Each bank has its own business and credit criteria. If you meet all of the
criteria specified by the bank you selected, the application will be
approved. Otherwise, it will be referred to the Bank’s staff to review the
application and decide on it manually.
What do I do if my application is Referred?
If your application is referred, please contact the bank to know reason
of referral and take necessary actions as requested by the Bank. Once
the application is approved, you will need to come back to the store to
sign the finance documents and conclude the finance process
How do I find out which Retailers offer IFIN’s Instant Finance Solution?
You can download IFIN App and view all retailers there. Furthermore,
retailers offering this service usually display IFIN logo in their stores. If
you are not sure, please check with the retailer’s staff, contact your
bank or IFIN.
What type of products can I finance through IFIN?
Depending on the products offered by your bank, you can use IFIN to
finance cars, electronics, furniture, building materials, education, travel
etc.
Can I cancel the finance application any time?
You can cancel the application at any time before you sign the finance
contract. Once the finance contract is signed and finance is completed,
you cannot cancel.
In case I’m unable to pay my instalments on the due date, what will happen?
The bank that you obtained the finance from will take relevant
procedures as per its own policy. Make sure to check with your bank
regarding this.
How can I contact IFIN?
You can contact IFIN on WhatsApp (+968 9398 4971) and email
[email protected]
