Drive Your Dream, The Shariah-Compliant Way!
Askari Ikhlas Islamic Banking brings you Ijarah Bis Sayyarah, a Shariah-compliant car financing solution designed with flexibility, transparency, and convenience in mind. Whether you’re looking for a brand-new ride, a used car, our Ijarah facility makes it possible.
With quick processing, competitive terms, and the option of family income evaluation for multiple vehicles, we ensure your journey begins smoothly, the ethical way.
Choose Shariah-Compliant Car Leasing for New & Used Vehicles
Underlying Mode: | Ijarah | ||||||||||
| Features: |
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| Tenors: | 1-3 years above 1000 cc vehicles and 1-5 years up to 1000 cc vehicles. The used 1000 cc vehicle should not be older than 05 years and above 1000 cc should not be older than 7 years at the time of commencement of Ijarah and shall not be more than 10 years at the time of maturity of Ijarah. | ||||||||||
| Customers: | Individuals (salaried, business persons/self-employed persons) | ||||||||||
| Security/Collateral: |
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| Repayment: | Monthly Ijarah Rental Payments, in arrear |
For Business Persons
For Salaried Persons
For Self-Employed Persons
As Ijarah, by definition, is “rent paid for the usufruct of an asset” Hence, rental payment always starts with the delivery of the vehicle to the user, unlike a conventional lease, where lease instalments start right after the payment to the vendor by the lessor.
In Ijarah, as the bank owns the vehicle and only transfers its usufruct to the customer, hence, the customer is responsible for any risks and liabilities attached to the usage of the vehicle, while risks relating to ownership remain with the bank throughout the Ijarah period.
In Ijarah, Nominal Charity is taken by the Bank due to any delay in rental instalment(s) by the customer, which are used for “charity” purposes, rather than going into the income of the Bank, as it is done in the case of conventional lease This concept of charging “penalty” is approved by the contemporary Shariah Scholars to allow the Banks to safeguard themselves against the “habitual defaulters”
If the vehicle is stolen or destroyed in any mishap, unlike conventional lease, Ijarah rentals will not be charged, and security is refundable in this case. However, this is subject to there being no misconduct, or negligence, on part of the client
Once the client successfully pays all Ijarah rentals, Bank gives him/her the option to become the owner of the vehicle, by purchasing it against the security already deposited with the Bank
