Hybrid & Electric Car Financing | Sharia-Compliant Auto Finance

As hybrid and electric vehicles become increasingly popular in Jordan, more people are looking for Sharia-compliant car financing solutions that make owning these vehicles easier while providing clear terms and manageable financial commitments.

Jordan Islamic Bank offers hybrid and electric car financing through an approved Islamic financing structure, with clearly defined contractual terms and obligations. This financing solution helps customers make the switch to more environmentally friendly vehicles while maintaining financial stability and complying with Islamic Sharia principles.

What Are Hybrid and Electric Cars?

Hybrid cars combine a conventional combustion engine with an electric motor, helping reduce fuel consumption and improve overall efficiency.

Electric cars, on the other hand, run entirely on electricity, producing fewer emissions during operation and supporting more sustainable transportation.

As demand for these vehicles continues to grow, accessible and clearly structured financing options have become increasingly important for drivers considering the switch.

Why Are More Drivers Choosing Eco-Friendly Cars?

Hybrid and electric vehicles offer several practical and financial advantages over the medium and long term, including:

Reduced fuel consumption or less reliance on conventional fuel.
Lower operating and maintenance costs compared with conventional vehicles.
Greater energy efficiency, particularly for city driving.
Reduced emissions and a smaller environmental impact.
Potential for more stable resale value as demand for these vehicles grows.

Benefits of Hybrid and Electric Car Financing at Jordan Islamic Bank

Jordan Islamic Bank offers Sharia-compliant hybrid and electric vehicle financing with clear terms and flexible repayment options. Key financing features include:

Competitive profit rates.
Financing of up to 100% of the vehicle's value.
Flexible repayment periods of up to 7 years.
No credit-granting commission or financing execution fee (normally 1%).
Possibility of financing without guarantors, depending on the customer's creditworthiness.
Vehicle mortgage in favor of Jordan Islamic Bank, in accordance with applicable regulations.
Option to combine the income of first-degree family members for joint financing applications.
Financing for both new and used hybrid and electric vehicles.
Coverage under the Mutual Insurance Fund, subject to its applicable terms and conditions.

With clearly defined financial obligations, customers can plan their repayments and choose a financing arrangement that suits their needs.

Profit Rates for Hybrid and Electric Car Financing

Profit rates for hybrid and electric car financing vary depending on whether the customer's salary is transferred to Jordan Islamic Bank. The table below outlines the rates available during the campaign for repayment periods ranging from 1 to 7 years.

The campaign starts on 21 June 2026 and ends on 31 Dec 2026

Payment period/year	Salaries transferred	Un-transferred Salaries
1-7	3.33%	3.99%

*Profit rates and financing terms are subject to Jordan Islamic Bank's approved policies and conditions.

Who Is This Financing Suitable For?

This financing solution is designed for customers looking to purchase a hybrid or electric vehicle through a structured, Sharia-compliant financing arrangement. It may be particularly suitable for:

Daily commuters seeking improved fuel and energy efficiency, especially in urban areas.
Customers who prefer a clearly defined repayment schedule from the beginning.
Individuals looking for car financing based on an approved Islamic financing structure.
Drivers planning to purchase a modern vehicle while considering environmental sustainability.
Customers who want to understand their financial commitments and repayment terms before making a decision.

How Does Hybrid and Electric Car Financing Work?

Jordan Islamic Bank provides hybrid and electric car financing through Murabaha, a Sharia-compliant financing arrangement.

Under Murabaha, the Bank purchases the selected vehicle and then sells it to the customer at an agreed price that includes a predetermined profit margin. The repayment schedule and contractual obligations are established when the financing agreement is signed.

The financing process generally involves the following steps:

Submit a financing application and provide the required information.
The Bank reviews the application and assesses the customer's creditworthiness in accordance with its approved policies.
The Bank purchases the vehicle from the approved supplier or seller.
The customer signs the Murabaha agreement and all required forms and contracts, with the repayment schedule clearly established.
The customer receives the vehicle and begins making payments according to the agreed schedule.

This process ensures that the financing terms and financial obligations are established and communicated before the agreement is finalized.

Documents Required to Apply for Hybrid and Electric Car Financing

Applicants are generally required to provide the following documents:

Valid national ID card or other accepted proof of identity.
Salary certificate.
Bank statements for the previous six months showing salary deposits.
Employment or business verification documents, such as a commercial registration certificate, professional license, or professional practice certificate, depending on the nature of employment.

Required Vehicle Documents

Depending on whether the vehicle is new, used, or not yet customs-cleared, the following documents may be required:

Vehicle registration license for used cars.
Vehicle inspection form or customs declaration for vehicles that have not been customs-cleared.
Inspection and valuation report for used vehicles from an approved center, in accordance with applicable instructions.
Price quotation from the authorized dealer for new vehicles.
Any additional documents required as part of the credit assessment.

Hybrid and Electric Car Financing Requirements

Hybrid and electric car financing is subject to Jordan Islamic Bank's approved eligibility criteria, financing policies, and applicable regulatory requirements.

Customers can visit any Jordan Islamic Bank branch or contact the Bank through its official channels to learn more about eligibility requirements, financing conditions, and the application process.

Applications can also be submitted through the Islami Mobile banking app using the Digital Financing option.

Financing Terms and Conditions

Submit a financing application.
Provide all required documents and supporting information.
Total financial obligations with Jordan Islamic Bank and other financial institutions must not exceed 50% of the applicant's verified income.
Customers are covered under the Mutual Insurance Fund in accordance with its applicable terms and conditions.
The Bank's approved financing terms and conditions apply.
A grace period may be available and is included within the overall financing term.
Customers are responsible for any vehicle mortgage registration fees, where applicable, in accordance with the regulations of the Driver and Vehicle Licensing Department.
An annual Mutual Insurance contribution of 0.5% is added to the financing amount, in accordance with applicable regulations.

How to Apply for Hybrid and Electric Car Financing

Getting started with your hybrid or electric car financing application is simple. You can:

Visit your nearest Jordan Islamic Bank branch.
Contact the Bank's Call Center.
Apply through the Bank's available digital channels, including the Islami Mobile app.

Before applying, we recommend reviewing the financing requirements and preparing the necessary documents to help ensure a smoother application process.

How Can I Submit a Hybrid and Electric Car Financing Application?

You can apply for hybrid and electric car financing through the Tamweelati service on the Islami Mobile app, contact the Bank's Call Center, or visit your nearest Jordan Islamic Bank branch to complete the application procedures.

Reviewing the financing requirements and preparing the necessary documents in advance can help make the application process smoother.

Frequently Asked Questions About Hybrid and Electric Car Financing

What is hybrid and electric car financing?

It is a Sharia-compliant financing solution based on Murabaha, allowing customers to purchase a hybrid or electric vehicle through an agreed repayment plan.

Can I finance a used hybrid or electric car?

Yes. Jordan Islamic Bank offers financing for both new and used hybrid and electric vehicles, subject to its approved financing policies and conditions.

What is the maximum repayment period for hybrid and electric car financing?

Repayment periods can extend up to 7 years, depending on the customer's creditworthiness and the Bank's financing conditions.

Can I get 100% financing for a hybrid or electric car?

Yes. Financing may cover up to 100% of the vehicle's value, depending on the customer's credit profile and the Bank's approved credit assessment criteria.

What is the maximum debt-to-income ratio allowed?

The customer's total financial obligations must not exceed 50% of verified income, in accordance with the Bank's policies.

Is the profit rate fixed throughout the financing period?

Yes. The Murabaha profit rate is determined when the financing agreement is signed and remains fixed throughout the financing period.

Can I finance more than one car?

This depends on the customer's creditworthiness, existing financial obligations, and the Bank's approved financing policies.

Is there a financing execution fee?

No. Hybrid and electric car financing is exempt from the 1% financing execution fee.

Do I need to transfer my salary to Jordan Islamic Bank to qualify?

No. Financing is available to customers whether or not their salaries are transferred to Jordan Islamic Bank, subject to the Bank's approved terms and conditions. However, the applicable profit rates vary depending on salary transfer status, as shown in the campaign table above.

What are the main advantages of hybrid and electric car financing from Jordan Islamic Bank?

Key benefits include financing of up to 100% of the vehicle's value, flexible repayment periods, exemption from the financing execution fee, and financing options for both new and used vehicles.

What are the profit rates for hybrid and electric car financing?

During the campaign running from June 21 to December 31, 2026, profit rates are 3.33% for customers who transfer their salaries to Jordan Islamic Bank and 3.99% for those who do not, with repayment periods ranging from 1 to 7 years.

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