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DIBPL is the first Islamic bank in Pakistan to offer a Shari’a compliant “Personal Finance”facility based on the Islamic Finance concept of “Musawamah”. The financing facility can be availed and utilized for financial needs such as education, marriage, medical expenses, credit card loans settlements, conventional loans settlements or meeting any other emergency needs in “HALAL/ISLAMIC” way.
How It Works
- The Customer (with requirement of funds for personal needs) will approach the Bank to avail Personal Finance Facility.
- After the required credit approvals, the Bank will purchase specified goods (e.g. cotton, meat) from a commodity supplier on spot payment basis.
- The goods will be identified (i.e. the location and warehouse details) & disclosed to the bank by the broker.
- The Bank, after getting the title to and possession of the goods, will sell the goods to Customer on deferred payment basis.
- The possession (constructive) of goods will be given through a DO/DC in favor of Customer.
- The DO/DC issued will give absolute right to the beneficiary to possess the goods or to liquidate the same by selling it to the ultimate buyer.
- Special Sharia Controls have been added to ensure Sharia compliance of the product at various stages, so there’s no possibility /chance of returning goods to the original seller (directly or indirectly) and it will be strictly monitored on continuous basis.
Fatwa
Features
- 100% Shari’a Compliant.
- Riba Free solution to your immediate cash needs like education, hospitalization, marriage etc.
- Avoiding Riba on your existing conventional loans through our product’s balance transfer facility.
- Lower rates for BTF customers.
- Financing limit from PKR 50,000 to PKR 4 Million (Terms & Conditions apply)
- Flexible tenor from 6 months to 48 months.
- Swift turnaround time and hassle free processing of your application.
- Affordable and competitive equal monthly installments.
Eligibility
Age Criteria
- Minimum Age = 23 years
- Maximum Age = 60 years>
Who can apply for Personal Finance Facility?
- Salaried Individual
In how many cities is this Facility Available?
- Currently the product is being offered in Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad along with following cities.
| Central Punjab | North | South | South Punjab |
| Gujranwala | Abbotabad | Hyderabad | Multan |
| Sialkot | Jehlum | Nawabshah | Sahiwal |
| Okara | Muzaffarabad | Mirpurkhas | Sargodha |
| Sheikhupura | Peshawar | Sukkur | Bahawalpur |
| Gujrat | Haripur | Quetta | Rahim Yar Khan |
| Kasur | Mirpur | Tando Allahyar | Burewala |
| Pattoki | Dadyal | Jhang | |
| Muridke | Chakwal | Toba Tek Singh | |
| Attock |
Income Criteria
- Salaried – Prime Customers : PKR 250,000 Gross / month
- Salaried – Known Company A & B Employees : PKR 30,000 Gross / month
- Salaried – Unknown Company Employees : PKR 35,000 Gross / month
- Salaried – Government Employees : PKR 30,000 Gross / month
- Salaried – Armed Forces Employees : PKR 30,000 Gross / month
- Salaried – Contractual (Known Company A & B Companies): PKR 40,000 Gross / month
Finance Limit
- Minimum Finance Amount – PKR 50,000
- Maximum Finance Amount – PKR 4,000,000
Documents
Documents required at the time of application:
- Dully filled Application form.
- Balance transfer undertaking ( In case customer wants to transfer his existing outstanding loan from another bank)
- Two recent passport size photographs.
- Copy of CNIC.
- All other relevant documents ( Income documents, Bank Statement, Profession proof etc. as per customer category)
Shari’ah related FAQs
What are the needs that can be fulfilled from DIPF?
DIPF facility is granted to Customers for meeting their immediate cash needs such as Education, Marriage, Medical Expenses or Settling of outstanding Conventional Loans in a Riba Free manner.
How does DIPF product work?
The Bank purchases specified goods (e.g. wheat, sugar, fabric etc.) from a supplier, directly or through an un-disclosed agent (Broker & Alliance Partner) on spot payment basis. After taking the title to and possession of the assets, the Bank sells the same to the Personal Finance Customer on deferred payment basis. The Customer after taking the constructive possession of the goods, may liquidate the same and fulfill personal need from these proceeds.
How does DIPF not inherit the element of Buy Back ?
A Buy Back transaction refers to the process of purchasing the commodity for a deferred price, and selling it for a lower spot price to the same party from whom the commodity was purchased. However, in Personal Finance, the goods are purchased from a commodity supplier first, then the same goods are sold to DIPF Customer(s) and the Customer liquidates these goods by selling it to the Broker/ Alliance partner.
What will be the mode of payment of installment?
The customer can deposit the installment amount in repayment account.
What is the eligibility criteria for DIPF Facility?
- Pakistani national and permanent resident of Pakistan.
- For Salaried Segment: Minimum 23 years and Maximum 60 years of age at the time of maturity.
- For Salaried segment: Minimum gross income of PKR. 37,000 (Net)
Who can apply for DIBPF?
- Existing DIB customers
- New to Bank salaried
What are the documents required for DIPF Facility?
a. Personal Information:
- Application form duly signed
- 2 recent Passport-size photographs of the applicant
- Copy of Applicant’s Current CNIC
- Relevant Income Documents (as per customer category)
b. Income Information
Salaried Individuals:
- Original / Certified copy of Bank Statement showing Salary Credit
- Original / Certified copy of Pay Slip
- Employer’s certificate including Tenor /Designation /Salary
What are the likely dates for repayments?
The EMP date can be 3rd, 11th, 15th, 21st and 27th of the month depending on the date of disbursal.
Product related FAQs
Can co-applicant’s income be clubbed for the approval of financing limit?
Co-applicant’s income is not required to be clubbed for enhancement of the financing limit. Only applicant’s income will be considered for the approval of financing limit.
How much time does the Bank take to approve the case?
Generally cases are processed and approved within 2-3 weeks, subject to submission of complete documentation / information.
What are the costs associated with availing the DIPF facility?
The customer will need to pay Processing Fee:
- Up to PKR 5,000/-
The fee is charged subject to approval of facility. This fee will be inclusive of all legal documentations, verification and other charges etc.
Is the processing fee refundable to the Customer in case his application is rejected?
Processing fee is charged after the case is approved. Therefore if the application is rejected there is no need for refunding the same.
What is the maximum limit of DIPF facility?
We offer this facility ranging from PKR 50,000 to PKR 4,000,000. The facility amount and the tenure for individual cases are based on the sole discretion of the Bank.
What is the minimum and maximum tenure for DIPF?
The minimum tenure for DIPF is 6 months and the maximum tenure is 48 months. We offer this facility in the multiples of 6 months. You can choose a tenure ranging from 6, 12, 18, 24, 30, 36, 42 or 48 months).
What is the eligibility criteria for DIPF Facility?
- Pakistani national and permanent resident of Pakistan.
- For Salaried Segment: Minimum 23 years and Maximum 60 years of age at the time of maturity.
- For Salaried segment: Minimum gross income of PKR. 37,000 (Net)
Who can apply for DIBPF?
-
- Existing DIB customers
- New to Bank salaried
What are documents required for DIPF facility?
a. Personal Information:
- Application form duly signed
- 2 recent Passport-size photographs of the applicant
- Copy of Applicant’s Current CNIC
- Relevant documents (Income Documents etc.. as per customer category)
b. Income Information
Salaried Individuals:
- Original / Certified copy of Bank Statement showing Salary Credit for last 06 months OR
- Original / Certified copy of Pay Slip for last 03 months
- Employer’s certificate including Tenor /Designation /Salary
Business Individuals:
- Original / Certified copy of Bank Statement (last 12 months)
- 2 years Proof of Business (e.g. Tax return / Bank Certificate/ NTN Certificate / any other document)
c. Employment and Business Tenure:
Salaried
- Permanent job with minimum 2 year continuous working history in a same company.
- Direct company contract valid till maturity date of financing (Total 1 year previous working experience is mandatory). SEP & Business Individuals:
- Permanent job with minimum 1 year continuous working history in a same industry.
- Direct company contract valid till maturity date of financing (Total 1 year previous working experience is mandatory).
What is EMP?
EMP stands for Equal Monthly Payments. This Payment comprises both principal and Profit components. Please use the EMP Calculator to find out the EMP you need to repay.
What if, the Customer doesn’t need financing facility after execution of the transaction?
In case the Customer doesn’t want to avail the facility after execution of the Transaction, he will have to pay the processing fee to the Bank.
What are the documents required for DIPF Facility?
a. Personal Information:
- Application form duly signed
- 2 recent Passport-size photographs of the applicant
- Copy of Applicant’s Current CNIC
- Relevant Income Documents (as per customer category)
b. Income Information
Salaried Individuals:
- Original / Certified copy of Bank Statement showing Salary Credit
- Original / Certified copy of Pay Slip
- Employer’s certificate including Tenor /Designation /Salary
What are the likely dates for repayment through Equal Monthly Payment (EMP)?
The EMP date can be 3rd, 11th, 16th, 21st and 27th of the month depending on the date of disbursal.
Shari’a Video
Contact Details
For more details visit our nearest Sales & Service Centre or Branch or please call DIBPL Phone Banking at 111-786-DIB (342)
