Meezan Car Ijarah: First Riba-free Car Financing Program
Meezan has introduced the Pakistan’s first Riba-free car financing program, Meezan Car Ijarah. The Car Ijarah (car leasing) product by Meezan bank is based on purely Islamic financing mode. The Meezan Car Ijarah product perfectly suits to those who want to buy a car and for this need interest-free financing.
Meezan Car Ijarah product works under a car rental agreement, in which the back purchases car and rent it out to the customer for 1-5 years. After the completion of Ijarah period the car will be sold out at a token amount or to be gifted to the customer.
Key Features of Car Ijarah Program:
Lowest Upfront Payment
Rental Payment starts after vehicle delivery
Quick processing time
Tracker will be installed in all the vehicles for free
Free monitoring and installation of vehicle tracker
Free accidental death coverage of up to Rs.400,000
Minimum security deposit is 10%
With holding test will be paid by the bank on the purchase of vehicle
Who can Avail Meezan Bank Car Ijarah Product?
Both salaried professionals and business man can have the benefits of the bank’s car Ijarah product.
Complete details are available here.
How to a car via Meezan car Ijarah?
In order to apply for the Meezan Car Ijarah product you need to fill the application form (available at any Meezan Bank Branch)
- Application form properly filled and signed by the candidate
- Copy of recent pay slip/certificate showing – For Salaried individuals.
- Business Proof – such as bank certificate confirming proprietorship, NTN, business Association letter or tax return etc. is required – For businessman.
- Copy of last six months bank statements
- One recent photograph
- Specimen Signature card preferably on bank’s prescribed format
Additional details are available here.