aoa read abt mehran scheme in newspaper... wan to knw abt dat...wats meant by residual value scheme? wats difference from other leasing schemeon advertise it is written "car on rent" wat dats mean?i wan to buy mehran via bank.. is this scheme any beneficial frm others?plz reply thnx
[TABLE="width: 650"]<tbody>[TR][TD]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 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.[/TD][/TR]</tbody>[/TABLE] Meezan Bank Ltd. | Car Ijarah
Meezan Bank Ltd. | Residual Value Ijarah
Its like kaan ko idhar sai pakro ya ghuma k pakro all is same as leasing.
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It's just like saying what difference does it make to say or not to say Bismillah-e-Allahuakbar before slaughter. Bat to aik he hai??
Fact is that, some minor differences even change in perspective make things halal or haram.