Rajab 28, 1438 A.H
Wednesday, April 26, 2017
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  The Monthly payment will commence from the date on which the Vehicle will be delivered to the client, no matter whether the Customer has started using it or not.
   
 
     
  The rental will be revised on every anniversary of Financing as per agreed formula mentioned in Payment Agreement.
   
 
     
  As BankIslami and Customer are the joint owner of the asset, therefore, both are liable to bear all kind of loss or damage to the vehicle as per their ownership ratio in the asset unless the loss occurred due to the negligence of either party.
   
 
     
  After the Gradual sale of Musharakah units by Bank to the client on periodic basis, you become the sole owner of the asset at the end of the financing tenure.
   
 
     
  The Bank gives it share to customer on rental basis under separate lease agreement wherein customer undertakes that if he fails to pay rent on due date, he will pay certain amount to charity through BankIslami. The charity is utilized by BankIslami for charitable purposes and does not include in the income of the bank.
   
 
     
  This is similar to loss or theft of the asset. If the Vehicle has totally lost the function and no repair is possible, BankIslami is bound to terminate the partnership on the day on which such loss has occurred. However, if the loss is caused by misuse or negligence on part of the Customer, he will be liable to compensate the bank for the market value of the vehicle, as it was immediately prior to the loss.
   
 
     
  BankIslami has arranged to have all of its vehicles insured under Takaful, the Shariah Compliant substitute of insurance.
   
 
     
  Takaful coverage is provided by Pak Qatar Takaful/ EFU Takaful/ TDI Takaful
   
 
     
  In case of Premature termination, the purchase price will be calculated as follows:
  1. Outstanding Unit price
  2. Early Purchase additional price i.e. 5% of the outstanding unit price
  3. The uncovered portion of the Takaful premium paid for the year.
  4. The unrecoverable portion of Registration charges
  5. Tracker charges (if applicable)
   
 
     
  All models which are locally manufactured and also Imported models which are Not more than 12 years old at the time of Maturity and 9 years old at the time of Financing.
   
 
     
  The Auto Financing contract provides details of all charges taken in monthly payments. Other than defined in Auto Financing contract, there are no hidden or extra charges additionally taken by BankIslami
   
 
     
    
     
   
Conventional Lease DM based Auto Financing
Commencement: Commencement:
Lease commences the day price is paid by the lessor, whether the lessee has taken delivery of the asset or not. At BankIslami, Bank and customer jointly purchase the vehicle and after acquisition Bank gives its share in the vehicle to the customer on rent. According to Shariah, rent is charged after the customer has taken delivery of the asset, not from the day the price has been paid.
Liabilities of the Parties in case of Loss to the Asset Liabilities of the Parties in case of Loss to the Asset
Asset Under conventional Auto Leasing, the customer bears all kinds of loss or damage to the vehicle, whether the loss caused due to his negligence or not. As BankIslami and Customer are the joint owner of asset, therefore, both are liable to bear all kind of loss or damage to the vehicle as per their ownership ratio in the assest unless the loss occured due to the negligence of either party.
In case of total loss, any short fall in Takaful/Insurance claim has to be borne by the customer to compensate the total outstanding amount of the bank. In case of total loss, any short fall in Takaful/Insurance claim shall be borne both by the bank and customer as per their ownership share in the asset at the time of loss.
All expenses like registration charges, insurance charges etc. are paid by the lessee. Being joint owner of the vehicle, principally Bank and Customer are liable to share the expenses like registration, takaful cost etc. However as Bank pays the total expenses, therefore, such expenses are accounted for while determining the rental amount.
Penalty on Late Payment Penalty on Late Payment
Penalty charges exist on late payment. These are taken as income. Bank gives it share to customer on rental basis under separate lease agreement wherein customer undertakes that if he fails to pay rent on due date, he will pay certain amount to charity through Bankislami. The charity is utilized by Bankislami for charitable purposes and does not include in the income of the bank.
Termination of Lease Termination of Lease
Lessor has power to terminate lease unilateral without any reason. Either party can terminate the lease contract as per the terms of the agreement.
   
 
 
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