Meezan Bike Ijarah For Salaried Individual
Meezan Bank and Pak Suzuki introduce New offer Meezan Bike Ijarah Scheme 2016 for Individuals (For Salaried Individual ) on Monthly Rental Payments. Two Free Oeriodic Maintenance and Free Registration Book.
Bike Ijarah, designed under the supervision of Meezan Banks Shariah Supervisory Board, is unique to Bike leasing facilities provided by other banks.
Meezan Bank Bike Ijarah Offer 2016:
Meezan Bank Bike Ijarah is Pakistan’s first Interest Free Bike financing based on the Islamic financing mode of Ijarah (Islamic leasing). Meezan Bank’ Bike Ijarah is a Bike rental agreement, under which the Bank purchases the Bike and rents it out to the customer for a period of 1 to 3 years, agreed at the time of the contract. At the end of Ijarah period, the vehicle will be gifted to the customer.
Ducoments Required for Bike Ijarah :
LIST OF DOCUMENTS for Salaried persons:
- Copy of Applicant’s CNIC
- Applicant’s icocut photograph
. Dcclaiation of Financing
. Last 6 months Bank Statement (Original, Stamped and Verified)
- Last one month Salary Slip (Stamped.1Verified)
- Employment Letter (With Tenure Designation and Salary)
- Signature Verification Form
- Copy of applicable valid driving license
LIST OF DOCUMENTS for Businessmen
Copy of Applicant’s CNIC
Applicant’s recent photograph
Dcclaiation of Financing
Last 12 months Bank Statement (Origiual/Stampcd and Verified)
2 years proof of Business (eg NTN Cert if t ca tc .Tax.1 Re turn”
Bank Proprietorship Lettcr/Partncrship Deed c«c.)
Signature Verification Form
Cops’ of applicable valid driving license
Meezan Bank Bike Ijarah Specifications:
Bike Ijarah is designed to make buying your Bike simple and completely hassle free, along with a full comprehensive Takaful cover. Meezan Bike Ijarah is Shari’a Compliant solution with unprecedented levels of customer service. Offering highly competitive rates and flexible payment plans. This product is ideal for individuals looking for Bike financing while avoiding an interest-based transaction.
Key Features of Bike Ijarah
Two periodic maintenance
Low monthly rental
Rental paid after delivery, not in advance
Fastest processing and delivery
Minimum security deposit as low as 10%.
Rights & liabilities of Owner v/s User
An Islamic Ijarah is an asset-based contract, i.e. the Lessor should have ownership of the asset during the period of the contract. Under Islamic Shariah, all ownership related rights and liabilities should lie with the owner while all usage-related rights and liabilities should lie with the user. A conventional lease contract does not distinguish between the natures of these liabilities and places all liabilities on the user of the asset, which is contradictory to Islamic Shariah.
Under Ijarah, all ownership-related risks lie with the Bank while all usage related risks lie with the user, thus making the Lessor the true owner of the asset and making the income generated through the contract permissible (Halal) for the Bank.
If the leased vehicle is stolen or completely destroyed, the conventional leasing company continues charging the lease rent till the settlement of the Insurance claim. Under the Islamic system, rent is consideration for usage of the leased asset, and if the asset has been stolen or destroyed, the concept of rental becomes void. As such, in the above-mentioned eventualities, Meezan bank does not charge the lease rental.