Islamic Co-Operative Finance Australia Limited - Parramatta (NSW)

5 /5 Ahmed Kilani: If you are looking to upgrade or purchase a new car, I highly recommend you consider using Islamic Co-Operative Finance Australia (ICFAL). The whole process from my first contact with them, through to approval and two weeks later picking up the car, was nothing but extremely professional, efficient and courteous. I not only have the relief of knowing my car purchase is Halal and Mubarak InshaAllah, the payment rates and terms are also very market competitive. I can not recommend them highly enough.

3 /5 The Impulse: Assalamualaikum, In conventional interest-based loans, the financier lends you the money to buy the car and then charges interest on the loan amount. This is Riba, which is prohibited in Islamic finance. In a genuine Murabaha transaction, the financier (Iqfal, in this case) should ideally purchase the car first and then sell it to you at a markup. This way, they are selling a tangible asset rather than providing a loan. If they are not actually purchasing the car but merely financing it, that could blur the lines with conventional interest-based financing. Its essential to ensure that the process aligns with Islamic principles. You might want to discuss the details with Iqfal and seek guidance from an Islamic finance expert or a trusted religious authority to ensure that the transaction is truly compliant. My question here is, how come it is Islamically compliant if the client chooses the car and then Iqfal imposes a fixed rate on that amount and finances the car. Should it be like Iqfal buying it and selling it to the clients? Jhazzak Allahu khaiyran

5 /5 MOH Totonchy: I have recently opted for the car finance and Alhamdullilah I just received the car. The process was great and easy no hassle , only necessary documents were requested. Brother Ahmed was very helpful throughout the process explaining everything to me and guiding me through it. I highly recommend ICFAL services as they are sharia compliant and they make everything very easy to understand and follow. Very happy to be a member with them. JazakaAllah kheer.

5 /5 Zulekha Farah Mohamed: I contacted the Islamic Co-operative Finance Ltd (ICFAL) to obtain finance for a car. The process was easy, smooth and all my questions were answered promptly. There were no unnecessary details or delays. If anything; there was a slight delay on my part in providing the required documentation. I would like to make a special mention of Brother Ahmed Mosselhy who was professional and very helpful in every step of the process until I picked my New Car from the Dealership. Much appreciated! I genuinely recommend using the Islamic Co-operative Finance (ICFAL).

5 /5 Hala Alaoui: I opted for the car finance option, it was great to find a halal option. The process was smooth and customer service was great. All questions were accurately answered. Initially i had reservations as I didnt know much about ICFAL, however since my experience I highly recommend.