Meezan Bank Car Ijarah Scheme 2020 with Free Health Coverage
Meezan Bank Car Ijarah of Pakistan’s First Riba-free Car Financing. Avail this limited time car financing offer and get the following benefits. Free Health Card of up to Rs. 200,000 per year. In case of death during the financing period, the car will be gifted to legal heirs. Withholding Tax will be borne by the Bank. No upfront processing fees. No additional payment on an early settlement after 12 months. Fixed and variable rental options. For detailed Terms and Conditions, please visit the nearest branch or official website www.meezanbank.com.
Only the lessee (customer) is eligible for Health Card & Death Coverage. Health Card will be provided to Car Ijarah Customers and is valid till the age of 60 years. The Health Card limit will be Rs. 200,000/- per annum for the entire lease period and is applicable for hospitalization only. The entitlement of room limit would be Rs 9,000 Inpatient hospitalization.
Meezan Bank Car Ijarah Scheme 2020 Eligibility:
Customers above 55 years of age will not be entitled to Death Coverage at the time of delivery of vehicles. In case of a customer’s death. Car Ijarah’s settlement amount would be up to Rs. 7.5 million or Termination value whichever is lower. No upfront processing fee will be charged from customers at the time of Case login. However, at the time of disbursement Rs. 5,000/- will be charged from the customer.
Meezan Bank Car Ijarah Scheme 2020 with Free Health Coverage Conditions:
There will no additional payment on early termination after receipt of 12 lease rentals. The variable rental option will be offered where NFA (Net Financing Amount) i.e. cost of vehicle less advance rentals, exceeds Rs. 8 Million. The scheme is valid until December 31, 2020. These terms and conditions are not a part of the main Ijarah agreement.
Meezan Bike Ijarah For Salaried Individual
Meezan Bank and Pak Suzuki introduce New offer Meezan Bike Ijarah Scheme 2020 for Individuals (For Salaried Individual ) on Monthly Rental Payments. Two Free Periodic 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 2020:
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 the Ijarah period, the vehicle will be gifted to the customer.
Documents Required for Bike Ijarah :
LIST OF DOCUMENTS for Salaried persons:
- Copy of Applicant’s CNIC
- Applicant’s recent photograph
. Declaration 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
Declaration of Financing
Last 12 months Bank Statement (Original/Stamped and Verified)
2 years of proof of Business.
Bank Proprietorship Letter/Partnership 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 a 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
A 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 until the settlement of the Insurance claim. Under the Islamic system, rent is the 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.