pays rent for its usage, just like paying rent for a house. The customer will make a 15% (minimum) security deposit along with the rental contract spreading over a period of 3, 4 or 5 years. On completion of the pre-agreed period the title of the asset maybe sold to the customer or the asset will be returned to the bank.
It is our commitment to put your values foremost, hence providing you with banking solutions that are in line with your beliefs.
Salient features
- Available for brand new and used vehicles
- No rentals before delivery of vehicle
- Rental payments can be scheduled to the customer's peculiar needs
- No upfront registration charges
- No upfront insurance / takaful premium
- No penalty in case of total loss or theft.
- No rental payment in case of total loss or theft
- In case of delayed payments, the customer will pay a certain amount to a Shariah approved charity
Emirates Global products and services are approved by the bank's Shariah Advisor Justice (R) Khalil-ur-Rehman Khan, who has served as Chairman on the Shariat Appellate Bench of the Supreme Court of Pakistan and has been the Rector of the International Islamic University, Islamabad. In addition, he is the former Chief Justice of the Lahore High Court and has also been the Chairman of the Religious Board for Mudarabas. He authored the landmark judgment on Riba in 1999, on the basis of which new impetus was provided to Islamic Banking in Pakistan.
Levies: Fees and charges will be levied according to the prevailing Schedule of Bank Charges, whereas taxes and Zakat will be applicable according to Government regulations and directives of State Bank of Pakistan.
