Car Ijarah, Pakistan’s First Islamic Car Financing 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 a 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. Car Ijarah also features Used Vehicles! In addition to our 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.   Shariah Compliance Car Ijarah, designed under the supervision of Meezan Banks Shariah Supervisory Board, is unique to car leasing facilities provided by other banks. Difference in the Rights & Liabilities of Owner v/s User Calculation of lease rentals in case of total loss or theft of vehicle Takkaful instead of Insurance Permissibility for Penalty of Late Payment of Rent under Islamic Shariah Key Features of Car Ijarah Low monthly rental Rental paid after delivery, not in advanced 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 Rental Calculations For information on calculation of monthly rentals contact use our Car Ijarah Calculator or call our 24/7 Call center. Apply for Car Ijarah! To apply for Meezan Bank’s Car Ijarah, fill out a customer application form (available at any Meezan Bank Ltd. Branch), attach the required documents and get your financing approved in a 1-2 working days. For further details make an appointment with an officer or call our 24/7 Call center.