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.
Ijarah Facility for
Used/Imported Vehicles
Tenure of Ijarah
Min - 3 Years, Max - 5 years
Minimum cost of vehicle
Rs. 250,000
Security Deposit
Min 30% to Max 50% for vehicles till 5 years at the time of Ijarah
Processing Charges
Rs. 4,640/- (Rs. 1,160 Pre Processing is part of the Rs. 4,640/- Amount)
Tracker Installation
All Vehicles costing above Rs. 800,000 are required to be installed with tracker.
Takaful
Takaful coverage on all vehicles is compulsory and is provided by Takaful Pakistan
