City Manarah Auto Finance is a terminating financing facility (EMI based) based on Hire purchase under Sirkatul Mielk (HPSM) of Ijarah mode. HPSM is a combination of three contracts i.e Ijarah, Sirkat & Buy. HPSM is a special type of contract where both the bank and the customer supply equity in equal or unequal proportion for purchasing an asset, own the same jointly. The share in the asset owned by the bank is hired out to the customer and eventually the bank sells and transfers his ownership to the customer against full payment of price as per agreement. As the customer pays monthly installment ownership of the bank decreases and that of the customer increases. Monthly installment includes both rental and principal to buy back bank's ownership gradually over the financing period.
Manarah Auto Finance is designed to help the customers to purchase brand new and reconditioned but unregistered automobiles for personal use only.
Investment up to Tk. 20 Lacs
Repayment within 1-5 years
Competitive rental rate
Lower processing fee
No hidden charge
Rate of Manarah Auto Finance:
Salaried Executive (A/C Payee/Cash)
Cash Covered from 50% upto 100%
As per MOU
Note: effective from 16/02/2016
All rate(s) for CCEP enlisted companies will remain same as per ‘Agreement’.
These above proposed rates will be effective from 16/02/2016.
All Applications currently under process with Retail Credit & Collection (C&C) will be processed with this new Rate(s).
Applications currently waiting for disbursement at Asset Operations will be disbursed with previous rate(s).