EBS - Financing
Only for employees of those companies maintaining payroll account with BankIslami
BankIslami offers a unique Shariah Compliant Islamic financing of its kind, through which employees of our Corporate/Commercial/SME
clients can avail Bike & durable goods on easy monthly installments. It’s a pack of Riba-Free products & attract those
salaried individuals who are interested in financing on easy installments.
Salient Features
Bike Financing
- Shariah Compliant Bike Financing Scheme, based on Shariah concept of Musawamah
- Flexible Payment Options for 1,2 and 3 years
- Financing limit PKR 35,000 to 300,000
- Minimum Down Payment – 15%
- Low Monthly Payment
To Understand the Difference between Musawamah and conventional Working Capital Finance kindly click
Durable Financing
- Shariah Compliant Consumer Durable Financing, based on Shariah concept of Musawamah
- Flexible Payment Plan for 6 to 36 months
- Financing limit PKR 35,000 to 2,000,000
- Minimum Down Payment – 15%
- Low Monthly Payment
To Understand the Difference between Musawamah and conventional Working Capital Finance kindly click
Product Offering
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Laptops
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Smart Phone
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Bikes
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Generators
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Split ACs
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Refrigerators
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Deep Freezers
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LEDs
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Treadmills
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Basic Eligibility Criteria
• Citizenship: Pakistani, Adult, Permanent resident
• Age + Tenor: 21 – 60 years old at maturity
• Income (PKR): 30,000/- (Gross Salary)
• Down Payment: Upto 15% of Market Price
• Tenure (on job):
i) Permanent (6 months with the company, total 1 year working experience)
ii) Contractual ( 1 year with the company, total 2 year working experience)
• Processing Fee: PKR 1200/- (inclusive of FED)
Documents Required
• Copy of applicant’s CNIC
• Last three months’ salary slip
• Employee Letter (with tenure, designation and salary)
• Last six months’ bank statements
• Declaration of financing
Tentative Monthly Installment Calculator
| Cost Price | 50,000 |
| Down Payment | 7,500 |
| Net Financing | 42,500 |
| Monthly Installment | = | Net Financing * 1.25% + Net Financing /Tenure in Months | |
| = | 42,500 * 1.25% + 42,500 / 12 | ||
| = | 531 + 3,542 | ||
| = | 4,073 | ||
Step by Step Guide for Bike and Durable Financing
Step # 1: Select product from product list provided by Bank.
Step # 2: Obtain Application Form and Declaration of Financing from your company’s HR/ Admin or Click to Download.
Step # 3: Fill Application Form and provide below listed documents to your company’s HR/Admin or directly to BankIslami Employee Banking Department.
- Copy of CNIC
- Last Three months’ salary slip
- Employment Letter (confirming tenure, designation and salary)
- Last six months bank statement (required only if not maintaining account in BankIslami)
- Declaration of financing
Step # 4: Once case is approved and confirmed by the bank, you need to deposit processing charges, documentation charges and minimum down payment in your pool account communicated by bank’s representative (Note: Account opening in BankIslami is mandatory).
Step # 5: Accept and sign minimum documents like Offer Letter, Key Fact Sheet and Musawamah Agreement.
Step # 6: Get your desired product. For durable goods, vendor will deliver product at your doorstep. For Bike, Bank will advise you to get delivery from selected locations.
Fatwa of Consumer Bike Finance
Fatwa Consumer Durable Finance
Contact Us
BankIslami
Registered / Head Office
11th Floor, Executive Tower, Dolmen City, Marine Drive, Block-4, Clifton, Karachi.
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