Ayan | Frequently Asked Questions

Are there any hidden fees?

There are no hidden fees. When we give you the calculation of your total payments, you will see exactly how much our profit is, how much goes to insurance, road tax, and warranty, if it is applicable.

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You have full transparency of prices, because you choose the car from the dealership. The insurance is also tailored to you, it’s not a fleet policy, and wherever applicable, you benefit from the fact that we have negotiated wholesale discounts on behalf of our clients, and we pass on the entire benefit to you. Again, it’s all transparent, and you are encouraged to compare with alternatives.

Are there penalties for being late?

We do not seek to profit from late payments. But to prevent misuse, and to adhere to Shariah principles, if a payment is overdue by 3 days without a valid reason, we may ask the client to make a payment to us that would be donated to a charity. This donation is made on the client's behalf and can be to a charity of their choosing, but has to be approved by our Shariah advisors.

Is it just rent-to-buy agreement?

A rent-to-buy is reasonably close, but a Shariah-compliant rent-to-buy agreement needs to have some additional essential elements. Please read the AAOIFI Standards 9 for more details.

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AAOIFI standards are internationally recognised Islamic finance principles used by Islamic banks worldwide.

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We are also fully certified by Shariah scholars. Please see our certificate here.

Is the financing halal?

It is indeed. Let’s look at the basics of this contract from the Shariah angle. We buy the car, we own it and we are renting it to you. Your payments are not interest payments, you are paying rent, just like you would rent your house for example. Once the contract ends, under a separate contract, we will sell the vehicle to you.

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As noted previously, your rental payments are calculated such that with every rental payment, part of that goes towards your ownership of the car.

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Being halal for us is not a marketing gimmick. For us it’s a matter of internal principles – we either do things in a Shariah compliant way, or we do not operate at all. Our services are open to everyone, and we want our clients to come to us not just because we are halal, but because we provide better service.

What kind of cars do you have?

Whether you want electric, plug-in hybrid, or other fuel-type, whether you want a 7 seater or an executive car, any type of vehicle that is used for PHV, PCO or business purposes is eligible for financing from us.

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We don’t carry an inventory ourselves, and that is actually better for you, because you have the widest choice – once we confirm the financing for you, you can choose a vehicle from any reputable dealership in the UK. You can negotiate the price directly with the dealership, knowing that you are at a position of strength with our financing behind you.

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And actually, since we don’t have to make upfront investment into the showrooms, the garages, the mechanics and the inventory, we don’t have all that overhead costs, and we pass those savings to you.

Who is Ayan?

We are Ayan Capital. We are set up here in the UK to provide Islamic financial services. Our services are built in a Shariah-compliant manner, but they are open to everyone.

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We have decided to start by serving the community of Private Hire vehicles, PCOs, and business drivers. These are hardworking, self-driven people who require a vehicle to work and earn a fair income.

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Our journey of providing Islamic finance products is not new. About a decade ago, we started in Central Asia. Our first financing, in 2014, was car finance. Today, with a team of over a thousand people, we serve two million customers and have been recognized by numerous international awards, alhamdulillah. Please click on the About us section to learn more about our Islamic fintech and banking operations in other countries.

How long does it take for me to get approved and get the car?

From the moment we receive a complete application we target to make a final decision within 2 business days.

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If our client is approved, they usually quickly find the car that they want us to purchase for them.

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From the moment the client tells us what car they have chosen, we target to complete all the paperwork and handover the keys for the client in another 1-2 business days.

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All in all if the client has made their mind on the car the entire process should take no more than 3-4 business days.

Are there any hidden fees?

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How much funding can you provide?

So far, on average,the value of cars we have financed was £30,000. For sole traders, we offer financing from £25,000 to £50,000 and more. This is aimed at business purposes like PHV, PCO, logistics, and delivery. For limited liability companies, there's no minimum financing limit, with support starting from as low as £5,000, and extending up to £50,000 and more.

How much is the deposit?

Depending on the approved credit limit and the credit score, the minimum deposit is 5% of the car price.

How much will I overpay for the car?

The total overpayment would depend on several factors - credit score, income level and driving history. Let’s assume the car's price is £10,000. You would make a £500 deposit, and we would finance £9,500. Over a 3-year term, the overpayment would range between £2,430 and £3,419.

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After 3 years, if there was no breach in the contract, the car becomes yours without any additional payment requirement. You’ve already paid for the car.

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Please note that this calculation excludes insurance and warranties, and also depends on driving history, credit history, and income sources. You can start your application to determine exactly how much the overpayment would be in your case, and it won't take more than 5 minutes of your time.

What if I want to buy out the car early?

Right from the start, we make things transparent. You'll receive a payment schedule detailing not just your payments but also the buyout price for your vehicle at any time during the contract. Imagine you pick a car worth £40,000, and you start off with a £2,000 deposit. That leaves £38,000 on us to finance. Decide to buy the car the very next day? The price was £40,000, you already paid £2,000, which will be used towards the purchase, and you would pay £38,000 for the car. We will not charge you for any future rent.

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You can buy the car at any point during the life of the Ijara contract. As you make your weekly payments, part of each payment goes toward securing your ownership of the car. Once the contract concludes and provided you've met all payment deadlines, we formalize the transfer of the car's ownership to you through a separate agreement. Your regular weekly contributions during the term of Ijara, along with your initial deposit, fully cover the car's total cost. Thus, if you've adhered to the payment schedule, you won't face any additional charges to claim full ownership at the contract's end.

What if I want to return the car?

If you're thinking about ending your contract early, and you do not wish to purchase the car, you have options. You can sell the car to a third party, and we can help you find a buyer. If you sell the car for more than what you owe us, the surplus amount is all yours — it is the equity you've built in the car. But if it sells for less, you'll need to cover the difference. And don't worry, we will never charge you any future rent.

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You can easily keep track of how much you owe Ayan at any time through your dashboard. It starts with the car's initial price and reduces down to match your deposit at the end of the contract. So, when the contract wraps up, we'll simply settle your deposit against the car's price. No hassle, no extra payments—you're all set.

Whose name will be on the V5 form?

The V5 will be on your name. The V5 identifies the keeper of the vehicle. Our ownership is specified in the invoice that we have paid and in the HPI check.

Can I use my own insurance?

With Ayan, you have the liberty to choose the best insurance for yourself. You can compare between the prices and select the best option that suits you. You can have the insurance from Ayan as well, and we can finance the insurance, along with the vehicle.

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We include insurance coverage by partnering with one of the largest insurers in the PHV, PCO insurance industry. The insurance is tailored to you, and you will keep gaining No Claims Bonus (No Claims Discount).

Will I keep or start getting No claim bonus (No claim Discount) with the insurance financed by Ayan?

Yes you will. Our approach isn't fleet insurance; instead, the insurance is fully tailored to you and you will keep accumulating no claims bonuses as you drive.

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And you will actually save with us on your insurance. Ayan has negotiated wholesale prices for our clients, resulting in significant savings on insurance premiums. Give it a go and see for yourself.

Is there any mileage limit?

No, there are no mileage limits with Ayan Capital. The purpose of the Ijara wa Iqtina is for you to own the car in the end. Since the car will ultimately be yours, we believe you should not have any limits on how much you could drive.

What if car needs repair?

Unless your car has a manufacturer warranty to cover the entire period of Ijara, we include warranty from our provider.

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As always, we have negotiated business prices and we are passing these savings to you. Thus, for example, a 3 year warranty that covers up to £2000 per each repair, will cost only £612 (plus VAT) at most, assuming you will go for £100/hr labor rate and your car is electric or hybrid. We will finance this for you as well, and you will not have to pay this amount upfront.

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It is the highest level of cover (“Exclusive cover”) and covers most mechanical and electrical failures, including for the engine and the battery.

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As always, the warranty comes with certain requirements, so please make sure to read and adhere to the terms.

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