You can purchase a motorcycle from Meezan Apni Bike using Musawamah, an Islamic financing method. The seller does not reveal the costs incurred when producing or acquiring the items when using Musawammah Finance. It is ideal for those looking for Shariah-compliant bike financing with manageable monthly payments, as well as a variety of other benefits.
Meezan Apni Bike Financing operates in accordance with Shariah, employing the Musawammah method, in which the bank purchases the vehicle from the market and then sells it to the customer in mutually convenient monthly installments 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 is based on Musawammah, a Shariah-compliant mode of financing, and was designed under the supervision of Meezan Bank’s Shariah Board.
Owner vs. User Rights and Liabilities
The bank buys the bike from the market and then sells it to the customer at a mutually agreed-upon price that is payable in installments. All ownership-related rights and liabilities pertaining to the bike shall be with the customer following the execution of the Musawammah contract. The customer must, however, pay in installments over the course of the facility’s life.
How do I obtain a bike using bike financing?
Fill out a customer application form (available at selected branches), attach the required documents, and your financing will be approved in 5-7 working days. Following asset financing approval, the chosen bike will be available within the time frame specified by the manufacturer.
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)
