As a step towards Meezan Bank’s mission to provide a one-stop shop for innovative value-added Shariah compliant products, Meezan Bank’s Car Ijarah unit provides car financing based on the principles of Ijarah and is free of the element of interest.
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.
Special Offer - Residual Value Ijarah with Indus Motors
Meezan Bank Car Ijarah Introduces Residual Value Financing enabling customer to afford luxury with economy, where the customer can enjoy the benefits of eased rental.
Car Ijarah also features Used Vehicles!
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.
Key Features of Car Ijarah
- Low monthly rental
- Rental paid after delivery, not in advance
- Fastest processing and delivery
- Tracker option available
- Minimum security deposit as low as 10%
- All new, used, local, imported and luxury vehicles can be financed
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