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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

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

Car Ijarah also features Used Vehicles!

In addition to 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.

Key Features of Car Ijarah

• Low monthly rental

• Rental paid after delivery, not in advance
• 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
Benefits of Car Ijarah

• Are a salaried individual/ self-employed professional/businessman

• Have a net take home income exceeding three times your monthly
• Have two years working / professional / business experience
• Are working with your present employer for at least six months (for
salaried individuals)

Required Documentation

If you meet the requirements and wish to apply for Car Ijarah, simply fill out
an application form and bring the following documents to your nearest
Meezan Bank branch.

• Application form duly filled and signed by the applicant
• Copy of CNIC
• One recent passport sized photograph
• Any paid utility bill (Electric/Gas/Water) received at the residential
• Original or certified copy of Recent Pay slip (for Salaried Individuals
• Last Six Month Bank Statement
• Specimen signature card duly signed & stamped by the bank
• Copy of Rent Agreement (if applicable)

Processing & vehicle valuation charges

Domestic Vehicles
New Vehicles
Cost of Vehicle Charges Amount (PKR)
Less than 1.00 million
Processing 4,000/-
Greater than 1.00 million Processing 5,000/-

Commercial Vehicles
New Vehicles
Cost of Vehicle Charges Amount (PKR)
Less than 1.00 million
Processing 4,000/-

Out Station verification charges

Rs. 500/- to 1,000/- depending upon the distance

Al-Mustaqeem Car Ijarah

The concept

Ijarah is an Islamic mode of leasing and can be used for assets that are not
consumed while they are in use, for instance, it can be a house, car or any
other tangible asset. During the tenure of Ijarah financing the asset given by
the bank remains in DIBL’s ownership and all risks are borne by the Bank.
According to Shari’ah compliant Car Ijarah financing, DIBL gives its car on
rental basis to the customer against agreed payment and period. After the
determined period of Ijarah, customer may purchase the car at an agreed
price or may return it back to DIBL.

Salient Features of Car Ijarah

• Free from Riba.

• Fully Shari’ah compliant.
• No up-front insurance payment.
• No rental payments from the date of booking till the date of delivery.
• No up-front registration fees and related expenses.
• Nominal processing fees of Rs. 3,000 (Non-refundable).
• Easy processing for new locally assembled and imported cars.
• Nominal security deposit.
• Minimum Limit PKR 250,000/- Maximum Limit PKR 5,000,000/-.
• Minimum Tenor 3 years Maximum Tenor 5 years.
• Payment period: Monthly/Quarterly/Semi-annually.

Minimum Eligibility

• Applicant should be a resident Pakistani.

• Minimum age 21 years Maximum age 65 years.
• For business and self employed persons, at least 2 years business
• For salaried person at least 2 years employment.


1. In car Ijarah of Meezan Bank processing fee is according to financing

amount i.e. Rs.4000 for less than Rs.1.00 million and Rs.5000 for
greater than Rs.1.00 million. But in case of Dawood Islamic Bank
processing fee is fix for all types of car ijarah financing and i.e.

2. Meezan Bank provides facility of car ijarah of new and used cars but
Dawood Islamic Bank only deals in new cars.

3. Meezan Bank provides tracker facility for its customers but Dawood
Islamic Bank does not provide this facility.

4. In car Ijarah of Meezan Bank customers have option to pay monthly

paid by monthly, quarterly and semi annually.


Dawood Islamic Bank only provides concession in processing fee from

Rs.1000 to 2000. It is a new bank in this field so its product has limited
benefits and also not covers all aspects of car ijarah financing.

Meezan Bank provides all types of services and facilities of car ijarah
financing like facility of used cars and new cars, tracker facility and also
covers all aspects of financing.

So Meezan Bank is more customers friendly and provides all facilities which
are needed by customers for car ijarah financing.