Pakistan’s largest Islamic lender Meezan Bank
has launched Car Ijarah – the country’s first interest free car
financing based on the Islamic financing mode of leasing or
Ijarah.
Car Ijarah by Meezan Bank is a car rental
agreement, under which Meezan Bank buys the car and rents it out to
the customer for a period of 3 to 5 years. The time period is
agreed at the time of the contract.
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The customer acquires ownership of the car
against his initial security deposit upon completion of the lease
period. The minimum security deposit can be low as 10%.
To promote Car Ijarah, a campaign has been
launched with a Car Ijarah road caravan that will travel throughout
Pakistan to visit dealerships and branches and meet customers.
Meezan Bank is aiming to create a market for
Islamic car financing in Pakistan through Car Ijarah. New, used,
local, imported and luxury vehicles can be financed through Car
Ijarah.
Some of the key features of Car Ijarah are low
monthly rental and a tracker option. Meezan Bank has also launched
a Car Ijarah Calculator that estimates the flexible payment plan
for old and new cars.
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By GlobalDataPresident & CEO of the Meezan Bank Irfan
Siddiqui has stressed that Meezan Bank is committed towards the
elevation and development of Islamic consumer finance business.
Meezan Bank has a branch network of 239
branches in over 60 cities across Pakistan. The Bank’s retail
banking network offers 24/7 banking services.
