Dubai, UAE, 13th Sept, 2005:

Al Salam Bank - Sudan , started "Waseela", the most competitive auto finance program in Sudan . Sudanese will now have an access to it at a predetermined fixed profit rate of 8.5%. Waseela is an Islamic finance program which comes under the Murabaha services in Shariah law.

Waseela will cover all types of new cars to ensure that the applicant can own a car of his choice. In addition, the program will facilitate easy documentation and fast procedure which will give the applicants a hassle free experience without any extra loss of time and money. .

The Al Salam Bank's Vice Chairman, Hussein Mohd. Al Meeza said, "In today's modern world to own a car is every man's dream, and now that dream can be fulfilled without struggling with finances. Almost every finance house and bank provides auto finance, and the fact that Sudan with over 40 million population is considered a huge potential market. Day by day as it is becoming a major trading hub, such programs and services are required. These programs will not only serve the basic purpose of providing financial support but will also encourage number of automobile companies to venture here adding to the modernization process."

"Waseela is a small step to prove our aim of bringing economic development and transformation to this country. Through Waseela we want to assure a well deserved contemporary lifestyle to the Sudanese." added Al Meeza.

This program is designed to give maximum benefits to the applicant. In addition to the low rate of profit Waseela also specifies reasonably low first installment, which is around 10% to 20% depending upon various factors such as, the cost of the car, the guarantee, the income, etc. Waseela will also provide a long installment plan that extends to 48 months and this is very crucial as it will facilitate nominal cut down in the monthly income.

Waseela cater to people working in private and government sectors, as they often face inconvenience in traveling from home to work through public transport which gives a hectic start to their day. Waseela is a practical auto finance program which will serve as a vital solution to ease their hardships of the daily life by providing finance to own a car that will give them convenience with mobility.

strong communication strategy in terms of advertising and marketing will be undertaken by the bank to regularly update and inform the market about any new features and development in Waseela.