Meezan Bank Car Ijarah
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📊 Side-by-Side Comparison
| Option | Car | Vehicle Price | Security Deposit | Total Upfront | Months | Rent/Month | Total Payable |
|---|
What is Meezan Car Ijarah?
Meezan Bank's Car Ijarah is Pakistan's first interest-free car financing solution. Built on the Islamic leasing model (Ijarah), it lets individuals finance locally manufactured or assembled vehicles without paying any Riba (interest).
Under Car Ijarah, the bank buys the car on your behalf and rents it to you for a period of 1 to 5 years as agreed in the contract. Once the Ijarah period is complete, the vehicle is either sold to you at a nominal token price or gifted to you outright.
Eligibility Criteria
Salaried Professionals
- Permanent employees: Min 3 months in current job with 2 years total employment history
- Contractual employees: Min 6 months in current job with 3 years total history
- Net take-home income must be more than 2× the monthly rental (including takaful)
- Spouse's verifiable income can be clubbed up to 50%
- Max age at maturity: 60 years
- Min age of applicant: 25 years
- Combined monthly payments (all loans) must not exceed 40% of take-home income
Self-Employed / Businessmen
- Minimum 2 years continuous involvement in current business or industry
- Must be proprietor, partner, or director (shareholding applied for partners/directors)
- Net take-home income must be more than 2× the monthly rental (including takaful)
- Spouse's verifiable income can be clubbed up to 50%
- Max age at maturity: 65 years
- Combined monthly payments must not exceed 40% of net income
- Up to 50% income ratio allowed for locally assembled vehicles under 1000CC
General Conditions
- Financing available for new, locally assembled vehicles only
- Maximum financing amount: up to PKR 10 million (net); maximum 2 vehicles per person
- Maximum Ijarah tenure: up to 7 years
- Security deposit for salaried: min 15% (25% for SUVs)
- Security deposit for businessmen: min 25% (35% for SUVs)
- Non-filer customers: 4% Advance Tax on vehicle cost applicable at disbursement
Product Profit Rates
Rates shown below are indicative. Final rates depend on deposit amount and PKRV rate at time of disbursement. All rates are without Takaful and Tracker.
Fixed Profit Rates — Non Lien Based
| Tenure | 1 Yr | 2 Yr | 3 Yr | 4 Yr | 5 Yr | 6 Yr | 7 Yr |
|---|---|---|---|---|---|---|---|
| Rate (p.a.) | 12.17% | 12.17% | 12.14% | 12.71% | 12.75% | 12.84% | 12.93% |
* Rates may be revised based on deposit level and PKRV rate at time of disbursement.
How is Car Ijarah Shariah-Compliant?
Meezan Bank's Car Ijarah is designed under the direct supervision of the bank's Shariah Supervisory Board. Here's what makes it truly Halal:
Owner vs User Rights
Ownership-related risks stay with the bank; usage-related risks lie with you. The bank remains the true owner throughout, making the rental income fully Halal.
No Rental in Case of Total Loss
If the leased car is stolen or destroyed, rent is a fee for usage — if the asset is gone, the rental obligation ceases.
Takaful Instead of Insurance
Leased vehicles are covered exclusively through Takaful — the Islamic, Shariah-compliant alternative to conventional insurance.
Late Payment Goes to Charity
If a payment is delayed, the amount goes to a charity fund managed by the bank — never recognized as bank income.
How to Apply for Car Ijarah
Fill Application
Collect the form from any Meezan branch and fill it completely
Attach Documents
Salary slips, bank statements, CNIC copy, proforma invoice
Submit & Wait
Submit to branch, receive approval within 1–7 working days
Pay & Drive
Pay security deposit and processing fee, collect your vehicle
Frequently Asked Questions
Ready to Apply for Meezan Car Ijarah?
Use the calculator above to estimate your payments, then apply directly via Meezan Bank.