Eligibility

• Must be a citizen of Bangladesh
• Age between 22 to 65

Required Documents

Common Documents for all Segments 

• 4 copies of lab print Passport size photograph of finance applicant
• Photocopy of NID/Smart card of finance applicant
• Visiting Card/Business Card/Office ID copy of finance applicant
• Valid Car quotation
• Latest E-TIN of customer
• Latest Utility bill copy
• Sanction letter and repayment statement of existing finances (if any)

Documents for Salaried Person

• Last 6 month’s Bank Statement
• Letter of Introduction (LOI)/Salary Certificate/Pay Slip

Documents for Self-Employed/Professionals like Doctors, Engineers, Accountants, Architects etc.

• Last 6 month’s Bank Statement
• Self-income declaration on professional Pad, Letter head
• Latest Professional Qualification/ Membership Certificate

Documents for Businessman

• Last 1-year Bank Statement
• Updated Trade License
• Registered Partnership Deed for Partnership concern
• MOA & Certificate of Incorporation for limited company
• Schedule – X, XII and Board resolution for limited company (if Applicable)
• Company TIN, BIN, VAT certificate and Business card of company (if applicable)

Documents for Landlord/Land lady

• Last 6 month’s Bank Statement with rental reflection
• Ownership Document of Rented Property
• Rental Deed
• Mutation copy (if applicable)
   

** These are all basic documents; it might vary time to time based on bank’s requirement.

How does it work?

• The Bank and the customer will contribute equal or unequal portion to purchase the vehicle and own them jointly which is known as Shirkatul Melk.
• The Bank will then rent out its portion of the asset to the customer under Ijarah (lease) contract and the customer will pay monthly rent for that portion.
• Additionally, the customer will buy back the portion of the Bank by paying principal which will be included in the monthly payment.
• When customer makes the last principal and rental payment, the full ownership of the vehicle is transferred to the customer.

Shariah Pronouncement

All praise to Allah and May peace and blessings be upon his messenger, his family, his companions and all followers of his guidance.

Shariah Structure of the Product

• This is a combination of partnership, lease and sale contract named Hire Purchase under Shirkatul Melk (HPSM)
• Bank and customer jointly buys the vehicle under partnership contract by providing equal or unequal amount
• Bank leases its portion of the vehicle to the customer for a specific period and customer pays monthly rent
• Customer gradually buys Bank’s share of the vehicle
• At the end of the contract the ownership of the vehicle is transferred to the customer

Approval of Shariah Supervisory Committee

The Shariah Supervisory Committee of City Bank has reviewed Islamic Auto Finance documentation, related contracts and process.

Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “Islamic Auto Finance” is in accordance with the partnership, sale and lease principle of Islamic finance and hence we allow the bank to provide this product to its customer.

And Allah Knows Best.

_____________________

Dr. Md. Anwar Hosain Molla
Chairman
Shariah Supervisory Committee, City Bank

This certificate was signed on Tuesday 11^th May 2021

Contract

The financing is done under Islamic lease contract named Hire Purchase under Shirkatul Melk (HPSM).