Simple, convenient and flexible Shariah compliant Car Financing
What is Allied Car Ijarah?
“Allied Islamic Car Ijarah” is a product designed with the objective to offer Shariah Compliant car financing to its clients.
Ijarah is an arrangement/contract under which one party called Ajir (Lessor) agrees to give the usufruct (right to use) and possession of a property/asset(s), non-consumable, to another party called Mustajir (Lessee) for a mutually agreed consideration (i.e. rent), terms and conditions while the ownership of Ijarah assets remains vested with the Ajir (Lessor)/bank. The ownership of Ijarah assets may be transferred by the Lessor to the Lessee at the end of Ijarah period or in case of early termination of Ijarah through another contract i.e. sale and/or gift deed as the case may be.
Features and Benefits
- Available for New and Used Cars
- Flexible tenure from 2 to 5 years
- Financing up to 6 Million
- Allied Bank (IBG) will bear Withholding Tax (W.H.T) on Purchase & Registration
- Minimum security deposit as low as 20% for new car and 25% for used cars.
- Competitive Rentals
- No rental before delivery of the vehicle
- No hidden costs
- Quick Processing
This facility is currently being offered in Karachi, Lahore, Islamabad, Rawalpindi and Faisalabad only.
- Salaried Professionals
- Salaried individual working as permanent staff
- Minimum length of employment of 3 years with existing employer
- Minimum net monthly salary of Rs. 40,000/-
- Minimum six (06) month’s relationship with ABL
- Be a depositor of the Allied Bank maintaining a minimum average monthly balance of Rs. 1,000,000/- and above for last one year or
- Be a depositor maintaining an average minimum monthly balance of Rs. 1,000,000/- with ABL-IBG and any other bank in Pakistan for a period of one year whereas account relationship with ABL-IBG shall be of at least three months
- Salaried Professionals
Customer have the option to terminate the agreement before completion of Ijarah period on the agreed purchase price as mentioned in “Undertaking to Purchase Ijarah Vehicle” forming part of Ijarah Agreement. Purchase price comprise of
- Outstanding Principal as per amortization Schedule
- Value equivalent to Security Deposit
- Outstanding takaful, registration charges & any other charges
Early termination charges + FED would apply as per latest SOC.
- Clear copy of CNIC/SNIC
- Copy of valid Driving License of the applicant
- Two Latest Passport Size Photographs
- Last two month’s Salary Slip or Salary Certificate, clearly indicating gross and net salary with details of all deductions
- Six months bank statement for Salaried and one year for Prime customer/Businessmen
- Copy of title documents (in case of used vehicles)
- Complete filled application form with client’s signatures
- Any other document, if required
- Download and fill out Application form (available at Islamic Branches as well)
- [Click here to Download form]
- Attach required documents with application form
- Visit Allied Islamic Banking Branch and submit your application with signature verification from branch
- Get your financing approved