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Car Ijarah is Pakistan’s first Interest Free car financing based on the Islamic
financing mode of Ijarah (Islamic leasing). This product is ideal for
individuals looking for car financing while avoiding an interest-based
transaction.
Meezan Bank’ Car Ijarah is a car rental agreement, under which the Bank
purchases the car and rents it out to the customer for a period of 3 to 5
years, agreed at the time of the contract. Upon completion of the lease
period the customer gets ownership of the car against his initial security
deposit.
In addition to leasing of new cars, Meezan Bank also provides the unique
opportunity of leasing second hand, both locally assembled and imported
vehicles. This feature is specifically designed as a highly economical option.
The Used Car Ijarah facility is made available at a minimum-security deposit
as low as 20%. Financing of used cars are subject to a selection criteria.
Required Documentation
If you meet the requirements and wish to apply for Car Ijarah, simply fill out
an application form and bring the following documents to your nearest
Meezan Bank branch.
•
• Application form duly filled and signed by the applicant
• Copy of CNIC
• One recent passport sized photograph
• Any paid utility bill (Electric/Gas/Water) received at the residential
address
• Original or certified copy of Recent Pay slip (for Salaried Individuals
only)
• Last Six Month Bank Statement
• Specimen signature card duly signed & stamped by the bank
• Copy of Rent Agreement (if applicable)
Domestic Vehicles
New Vehicles
Cost of Vehicle Charges Amount (PKR)
Less than 1.00 million
Processing 4,000/-
(999,999/-)
Greater than 1.00 million Processing 5,000/-
Commercial Vehicles
New Vehicles
Cost of Vehicle Charges Amount (PKR)
Less than 1.00 million
Processing 4,000/-
(999,999/-)
Ijarah is an Islamic mode of leasing and can be used for assets that are not
consumed while they are in use, for instance, it can be a house, car or any
other tangible asset. During the tenure of Ijarah financing the asset given by
the bank remains in DIBL’s ownership and all risks are borne by the Bank.
According to Shari’ah compliant Car Ijarah financing, DIBL gives its car on
rental basis to the customer against agreed payment and period. After the
determined period of Ijarah, customer may purchase the car at an agreed
price or may return it back to DIBL.
Minimum Eligibility
Comparison
2. Meezan Bank provides facility of car ijarah of new and used cars but
Dawood Islamic Bank only deals in new cars.
3. Meezan Bank provides tracker facility for its customers but Dawood
Islamic Bank does not provide this facility.
Conclusion:
Meezan Bank provides all types of services and facilities of car ijarah
financing like facility of used cars and new cars, tracker facility and also
covers all aspects of financing.
So Meezan Bank is more customers friendly and provides all facilities which
are needed by customers for car ijarah financing.