Ijarah Bis Sayyarah for Women

Overview

Freedom for Her to Drive, the Shariah-Compliant Way!

Askari Ikhlas Islamic Banking presents Ijarah Bis Sayyarah for Women. A Shariah-compliant vehicle financing solution tailored exclusively for women. Covering both new and used vehicles, this facility offers flexible terms and conditions to ensure accessibility and ease. With added Takaful protection, Askari Ijarah Bis Sayyarah for Women provides peace of mind while empowering women to take the wheel with confidence and independence.

Apply Now and Begin Your Journey with Askari Ijarah Bis Sayyarah for Women.

Key Features

Customer	Working women
Vehicle financed	New vehicle Used vehicle
Maximum loan tenor	01 to 05 Years
Features	No rental payment before delivery of the vehicle No rental payment in case of total loss or theft of the vehicle No upfront registration charges/takaful (insurance) premium Available for new and used vehicles
Distinct Waiver	100% processing charges waived 50% Early Termination Charges Waived Available at discounted pricing
Debt Burden Ratio	Maximum 40% DBR (Debt Burden Ratio)
Option of Co-applicant	Yes, the option of a Co-applicant is available only with blood relations. In addition, 50% co-applicant's net income will be considered for DBR calculation.
Pricing/ Profit Rates	For Salaried Persons 12 Months KIBOR+ 2.5% For Self-Employed Professionals / Self-Employed Business Person 12 Months KIBOR+ 3%
Repayment	Monthly Ijarah Rental Payment

Eligibility

All working women segment
Must be a Pakistani National
Earning at least three times more than monthly car Ijarah rental
Between 21 to 62 years (for salaried class), and 21 to 65 years (for business persons/self-employed professionals) of age, at the time of maturity of Lease Period
Employment experience of minimum 6 months in current organization
Being in current business for at least 1 year

Documents

For Business Persons

Copy of CNIC
Two recent passport size colored photographs
Last six months Bank statement(s)
Residential utility bills (as a proof of residence)
Business proof required
Copy of valid driving license (optional)
Two references alongwith copies of CNIC
Bank’s signature verification form

For Salaried Persons

Copy of CNIC
Two recent passport size colored photographs
Last six months Bank statement(s)
Residential utility bills (as a proof of residence)
Employment Certificate
Copy of valid driving license (optional)
Two references alongwith copies of CNIC
Bank’s signature verification form
Last 3 months salary slips

For Self-Employed Persons

Copy of CNIC
Two recent passport size colored photographs
Last six months Bank statement(s)
Residential utility bills (as a proof of residence)
Copy of professional degree/certificate
Copy of valid driving license (optional)
Two references alongwith copies of CNIC
Bank’s signature verification form

FAQS

As Ijarah, by definition, is “rental paid for the usufruct of an asset” hence, rental payment always starts with delivery of the vehicle to the user, unlike conventional lease, where lease installments start right after the payment to the vendor by the lessor.

In Ijarah, as Bank is the owner of the vehicle and only transfers its usufruct to the customer, hence, 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.

Respective Roles and Responsibilities under Ijarah

The Bank (as the owner of the asset/vehicle) is responsible for:

All expenses related to ownership (e.g., registration, taxes, etc.)
Risks associated with ownership (e.g., asset depreciation, legal ownership issues)

The Client (as the user of the asset) is responsible for:

All expenses related to the use of the asset (e.g., fuel, maintenance, and routine servicing)
Risks associated with the use of the asset (e.g., wear and tear, operational damage)
Any third-party liability in case of an accident
Expenses and ownership-related risks if they occur due to the client's gross negligence

In Ijarah, nominal additional charges are taken by the Bank due to any delay in rental installment(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

No documents available.

First Name *

Last Name

Email *

Mobile Number *

CNIC Number *

Date of Birth *

Account with Askari Bank *

Product Name

Alternate Number

City *

Branch *

Net Income

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