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Manarah Current Account | Manarah Savings Account | Manarah Term Deposit Receipt | Manarah Monthly Deposit Scheme | Manarah Personal Finance | Manarah Auto Finance | Manarah Hajj Deposit Scheme
IISR: Mudarabah Profit Sharing Mechanism | Schedule of Charges | Islamic Banking Investment Rate
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.
Product Features
Investment up to Tk. 20 Lacs
Repayment within 1-5 years
Unsecured facility
Customer Benefit
Competitive rental rate
Lower processing fee
No hidden charge
Rate of Manarah Auto Finance:
Product Name Customer Segment Mid Rate Profit Rate
Auto Finance Businessperson 14.00% 13.00%
Salaried Executive (A/C Payee/Cash)
Cash Covered from 50% upto 100%
Note: effective from 16/02/2016
General Conditions:
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).
* For details, please contact nearest City Manarah Branches.
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