Ijarah

Ijarah lexically means to give something on rent. Under Ijarah transactions, the Bank will purchase the asset and then rent out to the customer for particular time period. Mustaqeem Islamic Banking provides Ijarah based products to provide flexible solution to meet medium/long term financing requirements of the customers. This product is used for the financing of assets such as plant, machinery, generators, equipment etc.

Benefits

Fast and hassle-free application processing
Zero processing fee on declined application
Security Deposit is required once facility is approved
Option of Used and Reconditioned Car is also available
Early Settlement option

FAQs

Terms & Condtions

Purpose of Finance

Ijarah of brand new unregistered locally manufactured/assembled car for personal use.
Ijarah of of used/reconditioned cars of not more than 3 years old from manufacturing date with maximum Ijarah Facility of Rs.2 million or 60% of quick sales value (whichever is lower)

Eligible Persons

Salaried Persons
Self Employed Professionals
Business Persons
Agriculturists
Rental Income Individuals

Financing Amount

Upto Rs.2 Million

Down Payment

Minimum 20% for brand new locally manufactured car
Minimum 40% for used/imported reconditioned car

Tenure

1 Year to 5 Years

Processing Fee

As per Islamic Schedule of Charges

Documentation

General

Completely filled Soneri Car Ijarah Application Form in all respect
Copy of valid CNIC/SNIC/NICOP/POC
Two passport size photographs
Completely filled basic borrower fact sheet
Completely filled Annexure CF-1 Undertaking
Quotation of Vehicle from Motor Company’s Authorized Dealer

For Salaried Individuals:

Employment certificate mentioning date of joining and employment status*
Last salary slip/salary certificate*
Last 6 months bank statement of salary account *

For Businessmen and Self-employed Professionals:

Last 12 months bank statement*

For Agriculturists

Last 12 months bank statement*
Copy of Agriculture Land document

For Rental Income

Last 12 months bank statement
Any documentary evidence showing rental income in the form of tenancy agreement/ evidence for ownership of the rented property and latest PT-10 (if applicable)

Debt Burden
Monthly repayments not to exceed 40% of the net take home salary/income or 40% of declared monthly income (taking into account other financing facilities availed from other Banks/DFI)
Takaful of Cars / Motor Vehicles
Vehicle will be comprehensively covered/insured with any of the Takaful Companies listed on the approved panel of bank.

For further details, please Contact your nearest Islamic banking branch