LAHORE – Meezan Bank has introduced “Women First Car Ijarah” scheme to provide interest-free car financing to the women for the first time in Pakistan.
The scheme is is based on the Islamic financing mode of Ijarah (leasing). This product is ideal for individuals who want to get interest-free financing for acquiring locally manufactured /assembled vehicles.
“Car Ijarah works through a car rental agreement, under which the Bank purchases the car and rents it out to the customer for a period of 1 to 5 years, agreed at the time of the contract. Upon completion of the Ijarah period, the vehicle will be sold at a token amount or gifted to the customer,” the bank said on its website.
