Meezan Car Ijarah is Meezan Bank’s Islamic car financing: the bank buys the car and rents it to you for 1 to 5 years, then transfers it to you at the end. In November 2026 Meezan’s calculator uses a 15% yearly profit rate for customers in Pakistan, needs a security deposit of at least 30%, and a Suzuki Alto VXR costs about Rs 56,598 a month over 5 years. Your take-home pay must be at least twice the monthly rent.
Last updated: 2 November 2026 by Ahmed.
Want your exact figure? Our free Meezan Bank Car Loan Calculator gives the monthly rent for every car on Meezan’s list, and matched Meezan’s own calculator to the rupee in our tests.
Meezan Car Ijarah at a Glance (November 2026)
| Feature | Customers in Pakistan | Overseas (Roshan Digital Account) |
|---|---|---|
| Profit rate (fixed) | 15% a year in Meezan’s calculator | 13.90% (1 year) to 14.37% (7 years) |
| Minimum security deposit | 30% (higher for costlier cars) | 15% salaried, 25% business (SUV 25% / 35%) |
| Maximum tenure | 5 years up to 1000cc, 3 years above | Up to 7 years |
| Maximum financing | Rs 30 lakh from all banks combined | Rs 1 crore, up to two cars |
| Processing fee | Rs 3,800 + FED | None |
| Brands | All new locally assembled cars on Meezan’s list | Toyota, Honda, Suzuki and Kia |
Rates and prices change, so always confirm with Meezan before you book. The figures above were checked on Meezan Bank’s website on 2 November 2026.
How Meezan Car Ijarah Works
Ijarah means leasing. Instead of lending you money, Meezan buys the car itself and rents it to you:
- You choose a new locally assembled car and pay a security deposit (advance rent).
- Meezan buys the car from the dealer. The bank owns it during the lease.
- You pay a fixed monthly rent for the agreed period. Rent starts only after you receive the car.
- After the last rent, Meezan transfers the car to you for a token amount or as a gift.
Because the bank owns the car, ownership risks stay with the bank. According to Meezan, if the car is stolen or completely destroyed, it stops charging rent, since there is nothing left to rent. A conventional lender keeps charging until the insurance claim is settled. Late payments go to charity, not to the bank’s income.
What Your Monthly Rent Includes
Your Meezan Car Ijarah rent has three parts:
- Rent for the car: the financed amount (car price minus deposit) spread over the lease at the fixed profit rate.
- Takaful: Islamic car insurance. Meezan’s calculator builds in about 1.5% of the car price in year one, falling about 10% a year, spread evenly across your rentals. Meezan’s Car Ijarah page lists takaful at 1.99% with EFU or Adamjee, so your actual takaful can be a little higher.
- Tracker: Rs 3,300 a month for cars up to about Rs 40 lakh and Rs 5,800 above that.
Example: Suzuki Alto VXR (Rs 29,94,861), 30% deposit, 5 years
| Part | Monthly |
|---|---|
| Rent for the car | Rs 49,873 |
| Takaful | Rs 3,424 |
| Tracker | Rs 3,300 |
| Total monthly rent | Rs 56,598 |
You pay Rs 8,98,458 deposit plus about Rs 4,408 processing fee upfront. Over 5 years the car costs you about Rs 42,98,746 in total.
Minimum Deposit and Tenure
Meezan advertises a minimum security deposit of 30%, but there is a catch. The State Bank of Pakistan caps the total car financing one person can take from all banks combined at Rs 30 lakh. For any car above roughly Rs 43 lakh, a 30% deposit would leave more than Rs 30 lakh to finance, so Meezan raises the minimum deposit in 5% steps until the financed amount fits under the cap.
| Car price | Minimum deposit | Example |
|---|---|---|
| Up to about Rs 43 lakh | 30% | Alto, Cultus VXR, Picanto |
| About Rs 43 to 50 lakh | 35% to 40% | Swift, Yaris 1.3, City 1.2 |
| About Rs 60 to 75 lakh | 50% to 60% | City 1.5, Corolla, Elantra |
| About Rs 1 crore and above | 75% to 90% | Fortuner, Revo, Sorento |
Tenure: cars up to 1000cc (Alto, Cultus, Picanto, Every, Ravi) can be leased for up to 5 years. Cars above 1000cc are limited to 3 years for resident customers, which is why a City or Corolla installment looks high: the same amount is squeezed into 36 months. See our full Meezan Bank car installment plan for every model.
How Much Salary Do You Need for Meezan Car Ijarah?
Meezan’s two main income rules are:
- Net take-home pay of at least 2 times the monthly rent (including takaful). Your spouse’s verifiable income can be added at 50%.
- If you already have other loans, all installments together, including the new rent, must stay within 40% of your take-home pay. For businesspeople buying a car up to 1000cc, Meezan allows up to 50%.
| Car (minimum deposit, longest tenure) | Monthly rent | Take-home pay needed |
|---|---|---|
| Suzuki Alto VXR (30%, 5 years) | Rs 56,598 | About Rs 1,13,200 |
| Suzuki Cultus VXR (30%, 5 years) | Rs 78,578 | About Rs 1,57,200 |
| Kia Picanto MT (30%, 5 years) | Rs 67,367 | About Rs 1,34,700 |
| Honda City 1.2 CVT (40%, 3 years) | Rs 1,10,841 | About Rs 2,21,700 |
| Toyota Corolla 1.6 CVT (60%, 3 years) | Rs 1,07,270 | About Rs 2,14,500 |
A bigger deposit lowers the rent, so it also lowers the salary you need.
Who Is Eligible?
- Age: Meezan publishes age limits for its overseas customers: at least 25, and no older than 60 (salaried) or 65 (self-employed) when the lease ends. Branches apply similar limits to residents, so confirm yours when you apply.
- Salaried: permanent employees need 3 months in the current job and 2 years’ continuous employment. Contract employees need 6 months in the current job and 3 years’ history.
- Businesspeople: at least 2 years in the current business as proprietor, partner or director.
- Credit history: your e-CIB and Data Check reports must be clear, with no current default or overdue payment.
Documents Required
Salaried:
- Filled and signed application form
- Recent pay slip or salary certificate
- Last 6 months’ bank statements
- Copy of CNIC and one recent photograph
- Signature specimen card
Business:
- Filled and signed application form
- Business proof: NTN, tax return, bank certificate of proprietorship or trade association letter
- Last 6 months’ bank statements
- Copy of CNIC and one recent photograph
Meezan says approval takes 1 to 7 working days once your file is complete.
Charges
- Processing fee: Rs 3,800 plus FED (about Rs 4,400 in total).
- Documentation charges: at actual cost.
- Withholding tax on the car purchase: Meezan says it bears this. Non-filers may still face advance tax on vehicle purchase or registration under FBR rules, so becoming a tax filer can save you money.
Residual Value Ijarah: Lower Rent, Lump Sum at the End
With Residual Value (RV) Ijarah, you agree to pay a set percentage of the car price at the end of the lease, which cuts your monthly rent. At the end you can pay the residual value and keep the car, or return the car.
| Tenure | Residual value |
|---|---|
| 1 or 2 years | 60% |
| 3 or 4 years | 50% |
| 5 years | 40% |
The deposit must be 30% to 50%. For the Alto VXR with a 30% deposit over 5 years, RV Ijarah brings the rent down from about Rs 56,600 to about Rs 43,100 a month, but you owe about Rs 11,98,000 (40%) at the end if you keep the car. RV Ijarah is not offered to Roshan Digital Account holders.
Paying Off Early
You can end the lease early by buying the car at the price in the terminal value schedule attached to your Ijarah documents. It is based on the remaining principal (plus any residual value). Ask your branch for the current figure before you decide.
Is Meezan Car Ijarah Halal?
Car Ijarah was designed under the supervision of Meezan Bank’s Shariah Supervisory Board, and Meezan publishes its fatwa. The key differences from a conventional loan are that the bank owns the car and carries ownership risks, rent stops if the car is destroyed or stolen, insurance is through takaful, and late payments go to charity. Some scholars still raise questions about Islamic banking in practice. If this matters to you, read the fatwa and ask a scholar you trust.
For a side-by-side cost comparison, read Meezan Car Ijarah vs a conventional car loan.
Related guides: Read our guides on car insurance in Pakistan and Islamic banks in Pakistan.
FAQ
What is the profit rate of Meezan Car Ijarah in 2026?
Meezan’s own calculator uses 15% a year for resident customers on every tenure. Roshan Digital Account customers pay 13.90% for 1 year up to 14.37% for 7 years. Takaful and tracker are charged on top.
What is the minimum down payment for Meezan Car Ijarah?
30% of the car price for cars up to about Rs 43 lakh. For costlier cars the minimum is higher, because the State Bank caps total car financing per person at Rs 30 lakh.
Can I get a car for 5 years on Meezan Car Ijarah?
Yes, if the car is 1000cc or below, such as the Alto, Cultus or Picanto. Cars above 1000cc are limited to 3 years for resident customers.
How much salary is required for Meezan Car Ijarah?
Your take-home pay must be at least twice the monthly rent. For an Alto VXR with a 30% deposit over 5 years that means about Rs 1,13,200 a month.
Does Meezan Bank finance used cars?
Yes. Meezan also leases used cars through Car Ijarah, with a security deposit from 30%.
Can overseas Pakistanis get Meezan Car Ijarah?
Yes, through a Roshan Digital Account, with deposits from 15% and tenures up to 7 years. See our [guide for overseas Pakistanis](/meezan-car-ijarah-roshan-digital-account/).
Related Guides
- Meezan Bank Car Loan Calculator
- Meezan Bank car installment plan for every model
- Suzuki Alto installment plan on Meezan Bank
- Meezan Car Ijarah vs conventional car loan
- Car loans in Pakistan
- Car insurance in Pakistan
- Islamic banks in Pakistan