Consumer Finance
Raast Car Ijarah

The BOK offers financing of Car under the Shariah Complaint product i.e. BOK RAAST Car Ijarah "Ijarah" is a term of Islamic Fiqh. Lexically, it means to give something on rent.

  • BOK will acquire the assets required by the customer and then leases/Ijarah to customer for a fixed period
  • In Ijarah/leasing, the corpus of leased commodity remains in the ownership of the lessor (Bank) and only its usufruct (benefits) is transferred to the lessee (customer).
  • Vehicle type will be Newly local/Used local
  • Minimum security deposit for the facility will be 30% of the value of the vehicle
  • Rental/Profit Rate is 01 Year Kibor + Minimum Spread 2.0 % (Spread depends on Risk rating of a customer)
  • Monthly repayment frequency
  • Postdated cheques mode of rental payment
  • Premature termination allowed as per BOK-Islamic Banking Group’s procedure
  • One year to Five years tenure
  • The vehicle will be registered in the name of BOK. Original File (if available) of vehicle along with copy of registration book and duplicate key to be retained by BOK, till full and final adjustment of facility.
  • Minimum security deposit for the facility will be 30% of the value of the vehicle
  • Age of applicant should be 21 to 55 years in case of salaried person and 21 to 60 years in case of businessman
  • Period of Employment/Engagement in Business or Profession: Salaried for 02 years and for businessman for 03 years
  • Personal guarantee of the customer along with net worth statement.
  • Takaful of the vehicle duly consigned in favor of BOK
  • Salaried employees of Provincial & Federal Governments, Public sector enterprises, Semi Govt. and Autonomous Bodies, Multinational companies, Public & private sector recognized Companies, Hospitals & Educational Institutions, Blue Chips Pakistani Companies. (Listed on Stock Exchange), Contractual Doctors of MTI hospitals of KPK and Professors of Public Sector Universities are eligible to Raast Car Musharakah facility subject to the condition that their contract remain valid within the total tenure of the bank’s facility.
  • Businessmen/former with sizable documented income & high net worth individuals.
  • Self-employed professionals.

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