*Rent will be paid during the grace period.

• Must be a Pakistani National
• The facility shall be made available at Metropolitan areas of all those cities where Islamic Banking Branches are located/or as approved by Bank
• Debt Burden Ratio (DBR) not to exceed 50% of the monthly net take home income
• Debt Burden Ratio (DBR) incase of co-applicant not to exceed 50% of the total net take home “clubbed income”
• For Salaried individuals: Confirmed regular employee with six months of service with present employer
• For Business/Self-employed persons: At least 3 years in current business
• Age For Salaried individuals: 21 years upto 60 years*
• Age For Business/Self-employed Persons: 21 years upto 65 years*
• (* Maximum age at the time of maturity of the Musharakah tenure)
• (Age Relaxations: Only in case of co-applicant, relaxation in the age factor upto 75 years may be allowed by the Bank)
• Co-applicant option is offered in order to facilitate our valued customers, enabling them to meet the minimum criteria required to qualify for Askari Home Musharakah. This will also help the customers paying the monthly instalments
• This aspect covers minimum income and age criteria. This option may be offered to “first blood” relations, i.e. parents and husband/wife.

For Business/Self-employed Individuals

• Copy of CNIC
• 2 Pass port size photographs
• Copy of rental documents (if applicable)
• Copy of last paid utility bills (electricity/gas/telephone)
• Bank statement (last 6 months)
• Copy of management accounts (if applicable )
• 3 years proof of business (e.g. tax returns/bank certificate)
• Partnership deed (in case of partnership)
• Professional association membership certificate/practice license

For Salaried Individuals

• Copy of CNIC
• 2 passport size photographs
• Copy of rental documents (if applicable)
• Copy of last paid utility bills (electricity/gas/telephone)
• Bank statement (last 6 months)
• Original or certified copy of recent pay slip
• Employers certificate including date of joining/current designation/salary

• Must be a Pakistani National
• Earning at least three times more than monthly car Ijarah rental
• Between 21 to 60 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

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

When does the rental start In Askari Ijarah Bis Sayyarah?
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.

What are the respective roles of both parties under Ijarah?
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.

Is there any penalty involved if one fails to pay the rental on time?
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”

What if any mishap happens to the vehicle?
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

How the client becomes owner of the vehicle?
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

To see list of designated branches, please click here

For queries and information, please call Askari Bank’s Voice & Virtual Center at 111-000-787 or Pakistan Banks Association’s Joint Voice & Virtual Center at 0337-7786786

• All men/women holding valid CNIC
• First time home owner
• One individual can have subsidized house finance facility under the scheme only once

Key Qualification Criteria

• Specific Application Form of this Product
• Copy of Valid CNIC
• Salary Slip/ Proof of Income
• Last 6 months Bank Statement
• Copies of Title Documents
• Any other document required by Bank

For further details please contact our help line 051-111-000-787, visit our branch or web site www.askaribank.com

• Application Form – Salaried (English)
   (Download)
• Application Form – Salaried (Urdu)
  (Download)
• Application Form – SEB/SEP  (English)
  (Download)
• Application Form – SEB/SEP  (Urdu)
  (Download)