Meezan Bank is an Islamic bank based in Karachi, Pakistan. The Bank commenced operations in 2002, as the first-ever Islamic commercial bank in Pakistan.
Car Financing Products
The bank’s Ijarah unit provides car financing based on the principles of Ijarah and is free of the element of interest.
Meezan Bank’s 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.
The banks also offers residual car Ijarah which is the value of an asset at the conclusion of the lease term or the price at which a fixed asset is expected to be sold at the end of its useful life.
Based on the above definition, Meezan Bank Car Ijarah allows customers to afford luxury with economy, where the customer can enjoy the benefits of eased rental. A high residual value would result in a lower monthly lease.
Features and benefits
You can enjoy the benefits of Car Ijarah if you:
Visit your nearest Meezan Bank branch or call 111-331-331. You can also find more information online here