Ayan—100% Sharia-Compliant rent to buy for UK's PHV, PCO and Business drivers

SME/COMPANIES

At Ayan, we're committed to helping small and medium enterprises thrive. Our vehicle financing solutions are designed to fit your business needs, whether you're looking to expand your fleet or upgrade your company cars. With competitive rates, flexible terms, and a dedication to ethical financing, we're your partner in driving your business forward.

Competitive rates

Flexible terms

Shariah-compliant financing

Support for fleet expansion

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PRIVATE HIRE DRIVERS

Whether you're an Uber, Bolt, or FreeNow driver, Ayan has your back.  We offer Sharia-compliant financing for a wide range of vehicles, from fuel-efficient hybrids to spacious SUVs. With weekly payments that adapt to your earnings, you can drive with confidence knowing that we're here to support you every step of the way.

Sharia-compliant financing

Adaptable weekly payments

Choose any car from any dealer

Support for Uber, Bolt, FreeNow, and more

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PREMIUM VEHICLES FOR CHAUFFEURS

At Ayan, we understand the unique needs of chauffeurs. Our flexible financing options allow you to choose the perfect vehicle to impress your clients and grow your business. With no hidden fees and a straightforward application process, we make it easy for you to get behind the wheel and focus on providing exceptional service.

Access to premium vehicles

Flexible payment plans

No hidden fees or penalties

Quick approval process

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QUESTIONS? ANSWERS.

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What is the difference between Murabaha and Ijara wa Iqtina?

The main difference between Murabaha and Ijara wa Iqtina is in the structure of the transaction and the timing of ownership transfer.

In Murabaha, the Islamic finance provider purchases the asset and immediately sells it to the customer at a marked-up price, with the customer assuming ownership right away. The customer then repays the finance provider in fixed installments over a set period, and the finance provider's profit remains fixed, regardless of whether the customer pays early or late.

In contrast, Ijara wa Iqtina operates as a rental agreement, where the finance provider retains ownership of the asset while renting it to the customer for a set term. At the end of the rental period, if the right to purchase is exercised, then, ownership is transferred to the customer under a separate Sale and Transfer agreement – a template of this agreement is attached to the Ijara wa Iqtina. The finance provider’s profit depends on the duration of the rent, making it more flexible for the customer if he/she chooses to pay off the asset sooner than originally planned.

How is the rental payment calculated within the Ijara va Iqtina framework?

Within the Ijara wa Iqtina framework, the rental payment is calculated based on the agreed-upon value of the asset (in this case, the car) and the rent period. Ayan first purchases the vehicle and then rents it to the customer. When we give the calculation of total payments, the customer will see exactly how much our revenue is, how much goes towards the car, insurance, and warranty, if it is applicable. With every payment, the customer builds equity in the car.

What happens if a customer wishes to end the rent and buy a car early?

Right from the start, we make things transparent. Customers will receive a payment schedule detailing not just payments but also the buyout price for the vehicle at any time during the contract.

Let’s assume, the customer picks a car worth £40,000, and starts off with a £2,000 deposit. That leaves £38,000 on us to finance. What if the customer decides to buy the car the very next day? The price was £40,000, the customer already paid £2,000, which will be used towards the purchase, and the customer would pay £38,000 for the car. We will not charge the customer for any future rent. In fact, as of the date of this writing, we would not earn any revenue in this particular situation – this should probably change in the future, but that is how it is right now.

The customer can buy the car at any point during the life of the Ijara wa Iqtina contract. As the customer makes weekly payments, part of each payment goes toward securing the ownership of the car. Once the contract concludes and provided the customer has met all payment deadlines, and has exercised their right to purchase, we formalise the transfer of the car's ownership to the customer through a separate agreement. Regular weekly contributions during the term of Ijara wa Iqtina, along with initial deposit, fully cover the car's total cost. The customer won't face any additional charges to exercise their right to purchase at the contract's end.

How does the transfer of ownership take place at the end of the rent period?

At the end of the rental period, if there is no breach of contract, the customer has the right to purchase the vehicle from us without any additional payment requirement. By the end of the contract term, the customer will have already paid for the car.

There is no final or balloon payment. The deposit (down payment) made by the customer at the start of the contract is applied as the sale price at the end of the term. Since the deposit is already paid, no further payments are required.

The transfer of ownership is executed through a Sale and Transfer Agreement, ensuring the customer becomes the legal owner of the vehicle once the Ijara wa Iqtina term is fulfilled. For Shariah-compliance reasons, this Sale and Transfer Agreement will be signed separately. The template of the Sale and Transfer Agreement is provided with the Ijara wa Iqtina Agreement.

What risks are involved, and what assurances does Ayan provide?

In the Ijara wa Iqtina, the Islamic finance provider would retain the risks related to ownership, while the customer bears responsibility related to the usage of the vehicle.

For instance, if something happens to the vehicle at the dealership before the customer has picked up the vehicle, and for some reason it was not insured, the customer has no responsibility to the finance provider.

Or to give another example, when the customer is using the vehicle, and a total loss even occurs, the insurance would provide a pay-out to the Islamic finance provider – however, even if that payout does not cover the amount owed by the customer to the Islamic finance provider, the customer would have no further liability to the finance provider, if the total loss was not caused by negligence or misuse of the customer.

How much will I overpay?

The total overpayment would depend on several factors - credit score, income level and driving history. Let’s assume the car's price is £27,000 and your deposit is 5% of this amount – £1350. We would finance £25,650. Over a 3-year term, the overpayment would range between £5,097 and £9,764.

After 3 years, if there was no breach in the contract and your exercise your right to purchase, then the car becomes yours without any additional payment requirement. You’ve already paid for the car.

Please note that this calculation excludes additional finance to cover insurance premiums or any other agreed services, 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.

How is this overpayment a rental profit, and not interest?

Whether you borrow some money from a conventional bank and pay interest on it, or you rent the car from us with ultimate ownership, you are paying extra and it is natural to ask “how is that different”?

This question has been asked in the past as well, even at the time of our Prophet (SAW). As can be seen in Surah Al-Baqarah, verse 275 - 'That is because they say, “Trade is no different than interest.” But Allah (SWT) has permitted trading and forbidden interest'. This shows us that the essence of the transaction and the process are extremely important.

Interest is giving money and charging more money in return. In Islam, money has no intrinsic value, so it is impermissible to give money and ask for more in return.

We do not have interest involved in any of our steps. From start to finish our processes are based on actual trade. We buy the car, we remain the owners, and agree to rent it out to you until the contract is complete, after which we will transfer ownership to you. The essence of this transaction is different - it is renting an asset.

Understanding Our Sharia-Compliant Business Car Financing

How Ayan's ‍model works

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Key features of our
Sharia-compliant model

1. No Riba (interest)

2. No Penalties

3. No Gharar (uncertainty)

4. Asset-backed financing

You're in good hands

FAIR FINANCE FOR PHV, PCO AND OTHER BUSINESSES.

Transparency

Fairness

Flexibility

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TELL US IF THIS MATTERS TO YOU 🤔

Our Sharia
‍certification

Calculate Your Weekly Payments

Apply online in 2 minutes, no impact on your credit score.

DRIVING CHANGE, ONE CUSTOMER AT A TIME

QUESTIONS? ANSWERS.

READY TO START YOUR JOURNEY?

SME/COMPANIES

PRIVATE HIRE DRIVERS

PREMIUM VEHICLES FOR CHAUFFEURS

Understanding Our Sharia-Compliant Business Car Financing

How Ayan's ‍model works

1

2

3

4

Key features of our Sharia-compliant model

1. No Riba (interest)

2. No Penalties

3. No Gharar (uncertainty)

4. Asset-backed financing

You're in good hands

FAIR FINANCE FOR PHV, PCO AND OTHER BUSINESSES.

Transparency

Fairness

Flexibility

WE’RE LISTENING. TELL US IF THIS MATTERS TO YOU 🤔

Our Sharia‍certification

Calculate Your Weekly Payments

Apply online in 2 minutes, no impact on your credit score.

DRIVING CHANGE, ONE CUSTOMER AT A TIME

QUESTIONS? ANSWERS.

READY TO START YOUR JOURNEY?

Key features of our
Sharia-compliant model

WE’RE LISTENING.
TELL US IF THIS MATTERS TO YOU 🤔

Our Sharia
‍certification

Apply online in 2 minutes, no impact on your credit score.