JEDDAH, 7 June 2006 — The National Commercial Bank (NCB) yesterday unveiled its car leasing plan, which claims to offer the most competitive terms.
“We’re the first bank to announce and implement the Shariah compliant car leasing plan and our rates will be the most competitive in the market,” NCB’s Chief Executive Officer Abdul Karim Abu Al-Nasr told a press conference at the Jeddah Hilton.
The program is designed to enable buyers to lease a car and ultimately own it after all installments are duly paid. It envisages monthly payments extending up to 60 months, with the first installment to be paid at the commencement of the lease period.
It was a spectacular event attended by a large number of representatives of car dealers and the media. A dozen cars, from the mid range to the most expensive ones, were displayed in the hall. Mini traffic lights were continuously flashing green, yellow and amber to highlight the exhibits. A laser show spotlighting the cars was yet another highlight of the event.
The new offer is in line with the bank’s pioneering Islamic banking services. “We concentrate on offering financial solutions to serve the requirements of our customers,” said Al-Nasr.
Explaining the features of the leasing plan were the bank’s other executives including Yasser Yahya Kashkash, head, lease lending, consumer finance services group; Adel Saleh Al-Howar, head of consumer finance services group; and Dr. Mousa Adam Eissa, manager, Shariah compliance, Islamic banking retail division. Al-Howar said that the program would enable the customer to lease up to a maximum of three cars. “It’s for the customer to choose the period of monthly payments,” he said.
Under the plan, the bank will deduct the customer’s monthly payments either from his bank account or any other official banking channel. “Those interested in benefiting from the plan should make applications to the bank through their car agencies or dealerships,” Kashkash said.