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.

About Ayan Pay

Using Ayan Pay

Payment Plans and Processes

Troubleshooting and Support

For Partners

How does Ayan Pay make money?

Ayan Pay charges a small merchant fee to businesses that offer our financing solutions. This allows us to provide customers with interest-free options without charging additional fees to you.

Is Ayan Pay FCA regulated?

No, Ayan Pay's financing is an unregulated form of credit. However, as a responsible provider, we comply with relevant legal requirements, including those set out by the Financial Conduct Authority (FCA). These requirements are critical to abide by even by our partners.

Is Ayan Pay Sharia-compliant?

Yes, Ayan Pay offers Sharia-compliant financing, which means no interest is charged.

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Who is Ayan Pay?

Ayan Pay is a financial service offering interest-free Buy Now Pay Later (BNPL) solutions to help customers manage the costs of services. We provide an easy way to spread payments over time, ensuring affordability without the burden of interest.

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Am I eligible for Ayan Pay?

To be eligible for Ayan Pay, you must be at least 18 years old, a resident of the UK, and able to pass our identity and credit checks. You’ll also need to have a valid UK bank account for direct debit payments. Subject to T&Cs.

How do I find businesses that accept Ayan Pay?

To find businesses that accept Ayan Pay, visit our website to discover participating businesses near you.

How long does it take to apply?

The application process is quick and straightforward, typically taking just a few minutes. You’ll only receive a decision once you submit your details.

How will I know if my credit agreement has started?

You will receive a confirmation email with the details of your credit agreement once your application is approved and the plan has been set up.

What cards do you accept?

We accept most major UK debit cards. Unfortunately, we do not accept credit cards for setting up payments at this time.

What does it cover?

Ayan Pay’s interest-free plans can be used to cover a wide range of services subject to the participating merchants.

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Will I be asked to answer security questions when applying for finance?

Yes, during the application process, you may be asked to answer security questions to verify your identity and protect against fraud.

Will I be credit checked?

Yes, Ayan Pay conducts a soft credit check to verify your eligibility. This check will not affect your credit score, but it helps us ensure you can manage the payments.

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Can I change my payment dates?

At this time, payment dates are fixed based on the schedule provided during setup. If you need to adjust your dates, please contact our customer service team, and we’ll try to assist where possible.

Can I have more than one plan?

Yes, as long as you pass our eligibility checks and your previous payments are up-to-date, you can apply for more than one payment plan with Ayan Pay.

Can I pay in full earlier?

Yes, you can pay off your remaining balance at any time without any penalties. Simply contact us to arrange full repayment.

Do I have to pay a deposit?

Yes, a small deposit that is your first payment is required at the time of purchase, which is followed by interest-free monthly payments.

How are my payments taken?

Payments are automatically taken from the bank account linked to your direct debit. You’ll receive a schedule of payments when you set up your plan.

How much interest will I pay?

Ayan Pay offers interest-free financing. You will not be charged any interest or fees on the amount financed.

What are the minimum and maximum spend levels?

Our payment plans are available for purchases starting from £100, with the maximum limit depending on the merchant and the type of service or product.

What payment plans do you offer?

We offer plans up to 12 months depending on the total amount of the purchase, the deposit, and the credit checks. Subject to participating merchants.

How do refunds work if I return an item or cancel a service?

If a refund is processed by the merchant, Ayan Pay will adjust your remaining payments or refund any amount already paid based on the refund policy of the merchant. If the refund covers the entire amount, no further payments will be required.

What happens if I can't pay on time?

If you are unable to make a payment on time, contact us immediately. Missed payments may incur additional charges and could affect your ability to access future credit.

What happens if the service or goods I paid for are unsatisfactory?

If you have issues with the product or service you financed through Ayan Pay, please contact the merchant directly to resolve the issue. Ayan Pay provides the financing but is not responsible for the quality of goods or services. If a refund is issued, the amount will be adjusted against your payment plan.

What should I do if I am unable to make a payment this month?

If you are unable to make a payment, contact us immediately. We’ll discuss your situation and find the best way to manage the issue.

Who do I contact if I have a complaint?

If you have any complaints, please reach out to our customer service team at team@ayanpay.co.uk. We take all feedback seriously and aim to resolve any issues promptly.

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Are there marketing guidelines I need to follow?

Yes, Ayan Pay provides marketing guidelines that you’ll need to follow to ensure consistency and compliance. These guidelines cover how to use our logo, branding, and messaging when promoting Ayan Pay to your customers.

Do I need to perform any credit checks on customers?

No, Ayan Pay handles all credit checks, fraud risk management, and payment collections. You simply offer the financing option, and we manage the rest.

How do I get started with Ayan Pay?

Getting started is easy. Simply sign up on our website, and our team will reach out to you with next steps.

How do I sign up as a merchant with Ayan Pay?

You can sign up by visiting our website and filling out the merchant application form. Our team will reach out and guide you through the onboarding process and provide all the necessary tools to help you offer Ayan Pay.

How do refunds work if a customer returns goods or cancels services?

If a customer cancels a service or requests a refund, you’ll need to process the refund in accordance with your policy. The refund amount will be credited to Ayan Pay, and we will adjust the customer’s payment schedule or refund them directly. You are required to notify Ayan Pay of any refunds promptly.

How does Ayan Pay work for my business?

Ayan Pay allows your customers to split their payments into interest-free instalments. You receive full payment upfront (minus a small merchant fee), while your customers benefit from spreading their payments over time. This makes high-ticket items more affordable and can help increase conversions and customer satisfaction.

How much does it cost to offer Ayan Pay?

Ayan Pay charges a small merchant fee based on the transaction value. The fee structure is transparent, with no hidden costs, and it helps us provide interest-free payment options to your customers.

How will Ayan Pay benefit my business?

Ayan Pay can help increase your sales by offering customers flexible payment options. This makes high-value purchases more accessible and can improve customer satisfaction and loyalty. Additionally, you’ll receive full payment quickly, reducing cash flow delays.

How will I get paid?

Once a customer makes a purchase using Ayan Pay, you will receive payment within 24 working hours (minus the merchant fee) on producing the invoice, provided that such invoice has been duly approved by the customer and all conditions precedent have been satisfied.

Ayan Pay handles the payment collection from the customer, so you don’t need to worry about chasing payments.

What customer support is available for my business?

Ayan Pay provides dedicated merchant support through email and phone. We’re here to help you with any questions about using Ayan Pay, integrating our service, and resolving any customer issues related to financing.

What happens if a customer misses a payment?

If a customer misses a payment, Ayan Pay manages the collection process. We will communicate directly with the customer and handle any issues regarding late payments. You will not be affected, as you’ve already received full payment upfront.

What types of businesses can use Ayan Pay?

Ayan Pay works with a number of businesses and service sectors. You can register your interest in offering Ayan Pay on our form and our team will reach out to discuss the benefits of partnership and how we can help you enhance customer engagement and drive sales.

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QuestionS? Answers.

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Join 2000+ drivers globally already on the road with us.