Faysal Bank has introduced an Islamic auto financing scheme, allowing customers to purchase locally assembled 1000cc vehicles on easy Shariah-compliant instalments for up to five years.
The financing is based on the Diminishing Musharakah model, under which the bank and the customer jointly own the vehicle. As the customer pays monthly instalments, their ownership share gradually increases until full ownership is transferred at the end of the financing term.
According to the bank, the estimated monthly instalment for a 1000cc car under the five-year plan is Rs5,776. However, the bank clarified that this is only an initial estimate and the final instalment amount may change after the booking is confirmed.
Customers are required to make an initial payment of Rs112,750, which includes Rs75,000 as equity contribution, Rs12,000 processing fee (excluding FED), Rs22,000 tracker fee (excluding FED), and Rs3,750 for first-year Takaful. Vehicle registration charges are not included and will vary depending on the selected model.
The bank will finance up to 70% of the vehicle’s value, with a maximum financing limit of Rs3 million.
The scheme is available for both new and used locally manufactured vehicles. Used vehicles will only qualify if they are not more than nine years old by the end of the financing period.
Faysal Bank also stated that no rental charges will be collected before the vehicle is delivered to the customer. Additional facilities include early full settlement, partial prepayment, co-financing, tracker installation, and Takaful.
The bank warned that delayed or missed instalments could negatively affect customers’ eCIB credit record, making it more difficult to obtain financing in the future. It also reiterated that the quoted monthly instalment is only an estimated figure and may be revised after the final booking.
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