Saturday, June 15, 2024

Meezan Bank Offering Interest-Free Motorcycles in Installments First Time Ever in Pakistan

You have the option to buy a motorcycle from Meezan Apni Bike using the Islamic financing method known as Musawamah. While using Musawammah Finance, the seller does not reveal the costs incurred when producing or acquiring the items. It is perfect for people who want access to bike financing that complies with Shariah on manageable monthly installments, in addition to a variety of other advantages.

Meezan Apni Bike Financing operates in accordance with Shariah, using the Musawammah method, in which the bank obtains the vehicle from the market and then sells it to the customer on mutually convenient monthly installments that are due over the facility’s chosen tenure.

Essential Qualities & Advantages

  • Mode of Financing : Musawammah
  • Ownership : The ownership is transferred to the customer immediately after signing delivery order by customer
  • Product Offering : All Honda, Suzuki, Yamaha, Super Power & Other Motorcycle variants
  • Facility Tenure : The scheme is available for 1, 2 & 3 years
  • Down Payment : Minimum 15% of cost of the vehicle and Maximum 50% of cost of the vehicle
  • Facility Available in : Karachi, Lahore, Faisalabad, Peshawar, Rawalpindi, Islamabad and other cities
  • Processing and / Documentation Charges : Non-refundable processing fee of PKR 1,800/- will be charged whereas documentation charges will be charged at actual
  • Mode of Payment : Direct debit from customer’s Meezan Bank account
  • Early Termination : No early termination profit

Meezan Apni Bike complies with Shariah in what ways?

Meezan Apni Bike, designed under the supervision of Meezan Bank’s Shariah Board, is based on Musawammah, a Shariah-compliant mode of financing.

Rights and Liabilities of Owner vs. User

Under this mechanism, the bank purchases the bike from the market and subsequently sells it to the customer at a mutually agreed-upon price payable in installments. After execution of the Musawammah contract, all ownership-related rights and liabilities pertaining to the bike shall be with the customer. The customer shall, however, be liable to pay installments over the tenure of the facility.

How do I get a bike through bike financing?

To apply for Meezan Bank’s Apni Bike, fill out a customer application form (available at selected branches), attach the required documents, and get your financing approved in 5-7 working days. After asset financing approval, the selected bike will be available as per the manufacturer’s defined time period.

Required Documents

General Requirements

  • Copy of Applicant’s CNIC (Computerised National Identity Card)
  • One Passport-sized color photograph of the applicant
  • Declaration of Financing
  • Signature Verification Form

Specific Requirements

For Salaried Individuals

  • Original / Certified copy of Bank Statement (last 6 months)
  • Original / Certified copy of Pay Slip
  • Employer’s certificate including Tenor /Designation /Salary

Specific Requirements

For Businessmen / SEP

  • Original / Certified copy of Bank Statement (last 12 months)
  • 2 years Proof of Business (e.g. Tax return / Bank Certificate/ any other document)

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