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Product Summary

Islamic Auto Finance is governed under Shariah contract, “Hire Purchase Shirkatul Melk (HPSM)”. Under this contract, the bank and customer acquire a brand new or reconditioned vehicle under joint ownership.  Customer takes lease of the bank’s share in the car and pays rental on the bank’s portion for taking lease for a specific period of time.

  • Purchase of brand new and reconditioned Car, Jeep, Station Wagon, 4- Wheeler and Microbus for private use only.
  • Car price as quoted by the vendor may include registration cost.
  • Car age should not be more than 5 years older from the date of manufacturing
  • Minimum TK. 200,000/-
  • Maximum TK. 40,00,000/- or 16 times of gross monthly income, whichever is lower. (Investment amount subject to revision followed by prudential guidelines of BB from time to time).
  • 12-72 months for Brand New Vehicles only.
  • 12-60 months for Reconditioned Vehicles.
  • Rent Rate is subject to revision as per Bark/ALCO decision from time to time.
  • Car Quotation from well-reputed vendors with client’s acceptance must be submitted. (A preferred/authorized car vendor’s list will be circulated by Head Office Retail Investment Division).
  • Usual charges documents.
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