Here's how you can get an interest-free car loan from Meezan Bank Meezan Bank's Car Ijarah is Pakistan's first interest-free car financing solution that operates on the principles of Islamic finance. It is intended for individuals who wish to acquire locally manufactured/assembled vehicles without paying interest. Under Car Ijarah, the bank and the customer enter into a car rental agreement where the bank buys the vehicle and leases it to the customer for a period of 1 to 5 years as agreed in the contract. At the end of the Ijarah period, the vehicle is either sold for a nominal amount or gifted to the customer. This financing product is an excellent option for individuals who want to purchase a car but cannot afford to pay the full amount upfront. It provides a transparent Sharia compliant financing option that does not involve any interest transactions. Function : Meezan Bank's Car Ijarah , Pakistan's first interest-free car financing solution, offers the followi...
