Allied Aitebar Car Ijarah

Allied Aitebar Car Ijarah is a product designed to offer Shariah-compliant car financing to customers.

Ijarah is an Islamic financial arrangement in which one party, the Ajir (Lessor), provides the usufruct (right of use) of a non-consumable asset (like a vehicle) to another party, the Mustajir (Lessee), for a mutually agreed rent and conditions. Ownership remains with the Lessor (Bank). At the end of the Ijarah term — or in case of early termination — the ownership may be transferred to the Lessee through a separate sale or gift agreement.

• Available for new and used cars

• Flexible tenures:

  • 1 to 3 years for vehicles above 1000cc

  • 1 to 5 years for vehicles up to 1000cc

• Vehicle age limits:

  • Not more than 3 years old at the time of financing

  • Up to 8 years at maturity for ≤1000cc, up to 6 years for >1000cc

• Withholding Tax (WHT) on purchase and registration borne by Allied Aitebar Islamic Banking

• Minimum security deposit:

  • 30% for new and used cars (up to PKR 2.0 million)

  • 40% for financing above PKR 2.0 million

• Competitive rentals

• Asset transfer facility

• No rental charged before delivery

• No hidden costs

• Quick processing

For Salaried Professionals

• Permanent employment

• Minimum 2 years of employment

• Minimum monthly net salary: PKR 40,000

• 6-month relationship with ABL or another bank (salary account)

For Self-Employed Individuals

• You are maximum 64 years old

• You are in business for at least 2 years

• You have minimum net monthly income of PKR 60,000

For Affluent Individuals

• You are an account holder of ABL for a minimum of 1 year with an average balance of PKR 1,000,000 for the past year

• You have verifiable income proof

Customers may terminate the Ijarah contract early by paying the agreed purchase price, as stated in the “Undertaking to Purchase Ijarah Vehicle” (part of the Ijarah Agreement).

Payable Amount Includes:

• Outstanding principal (as per amortization schedule)

• Security deposit equivalent

• Outstanding Takaful, registration, and other charges

• Early termination charges + FED as per current Schedule of Charges (SOC)

• Copy of CNIC / SNIC

• Valid driving license or undertaking with alternate license (if applicable)

• Two recent passport-size photographs

• Last two salary slips or a salary certificate detailing gross and net pay

• Six months bank statement (salaried); one year for Prime customer / businessmen

• Title documents (for used cars)

• Duly filled application form with signatures

• Any additional documents if required

• Download and fill the application form (available at Islamic Branches)
  [Click here to download form]

• Attach all required documents

• Visit your nearest Allied Islamic Banking Branch for submission and signature verification

• Await approval of your car financing

Pricing Breakdown by Segment: