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Drive your Dream Car-the right way with Islami Auto Ijarah. Now you can avail Auto finance facility for a Car of your choice in a completely Shariah compliant manner.
BankIslami's Auto Ijarah facility is based on the concept of Ijarah. It is a Shariah compliant alternative to Conventional leasing where Bank acts as a Lessor and you act as a Lessee. The Bank requires you to pay a monthly rent for the use of the Vehicle. In this while, the ownership of the vehicle remains with the Bank, only the rights of use is transferred to you. At the end of the Ijarah Agreement, you will be given a choice whether to return the vehicle to the Bank and receive back the security deposit paid by you at the beginning* or to purchase it at a price as low as the security deposit.
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| Ijarah facility for |
New Vehicles |
| Tenure of Ijarah |
Min- 3 Years, Max-5 years |
| Minimum Cost of Vehicle |
Rs. 250,000 |
| Security Deposit |
30% to 50% |
| Processing Charges |
Rs. 4,500/- (Rs. 1,000 Pre Processing is part of the Rs. 4,500/- Amount) |
| Tracker Installation |
All Vehicles costing above Rs. 600,000 are required to be installed with tracker |
| Takaful |
a) 3.15%
b) 3.9%
c) 4.1%
d) 5.25%
e) 5.5% |
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| Concept of Ijarah: |
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| Ijarah means 'to give something on rent'.It is a Shariah compliant alternative to Conventional leasing where Bank acts as a Lessor and you act as a Lessee. The Lessor (Bank) allows the Lessee (You) to use the vehicle owned by the Lessor in return for a monthly rent. The following are rights and responsibilities of the Lessor and Lessee in an Auto Ijarah arrangement: |
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The Lessee has the right to use the vehicle whereas the ownership rests with the Lessor. |
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All liabilities resulting from the ownership (Islamic insurance, transportation, duties etc) shall be borne by the Lessor and all the liabilities relating to use of the vehicle shall be borne by the Lessee. |
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The vehicle will remain in the risk of the Lessor throughout the lease period. Any damage or loss caused by factors which are beyond the control of the Lessee shall be borne by the Lessor. |
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The Lessee is liable for any damage to the vehicle caused by any misuse or negligence on his/her part. |
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The period of lease must be determined in clear terms and the vehicle must be fully identified and quantified by both parties. |
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The Lessor cannot increase the rent unilaterally. |
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The Lease period will commence from the date on which the vehicle is delivered to the Lessee whether the Lessee has started using it or not. |
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If the leased vehicle has lost its function and no repair is possible, the lease shall terminate on the day on which such loss occurred. However, if the loss is caused due to misuse or negligence of the Lessee, he/she will be liable to compensate the Lessor at a value that was prevailing in the market immediately before loss. |
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The Lessee will bear the maintenance and operating costs of the vehicle during the lease period. |
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The Lessor will bear the cost of Takaful of the vehicle and its annual renewals during the lease period. |
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All ownership related expenses (registration, Takaful) shall be borne by the Lessor. |
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Rent will start after delivery of vehicle to the Lessee. |
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After completion of the tenor of lease, the Lessor will go for any of the four options with the mutual consent of the Lessee: |
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Give an option to the lessee to purchase the vehicle at a pre agreed price. |
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Take the vehicle back from the Lessee |
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Renew the Lease contract for another tenure. |
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Lease it out to another party. |
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