MICAR is a Shari’ah compliant financing solution for Individuals to purchase and own vehicles for personal use. Modes of Islamic finance are ‘Diminishing Musharakah’ & ‘Ijarah’:

Targeted Customers:

Primarily self-employed businessmen/professionals / salaried individuals / foreign remittance beneficiaries & non-resident Pakistanis (NRPs).

Eligibility Criteria:
  • Minimum monthly net salary of PKR 40,000/- for Salaried Individuals and minimum monthly net income requirement of PKR 50,000/- for Self-Employed Individuals.
  • Minimum Age Requirement: 25 years.
  • Maximum Age (at finance maturity): 60 years (Salaried) and 70 years (Self-Employed).
  • Employment: Minimum 3 months (Salaried) and Minimum 24 months (Self-employed).
Eligibility Criteria for Foreign Remittance Beneficiaries and Non-Resident Pakistanis:
  • Only financing for ready delivery (including used) local vehicles can be extended.
    1. Primary Applicant can only be the individual who is receiving remittance in his/her name from the Non-Resident Pakistani; and
    2. Non-Resident Pakistanis (NRP) / Remitter of Foreign Remittance [as secondary co-applicant] to the individual who is Foreign Remittance Beneficiary
    3. Primary Applicant must be Pakistani National.
    4. Minimum income of PKR 50,000/- per month.
    5. Non-Resident Pakistani (NRP) must be MCB Islamic account holder.
  • Finance Tenure:
    1. 1 to 5 years for vehicles of up to 1000cc engine capacity OR locally assembled/manufactured electric vehicles of any engine capacity.
    2. 1 to 3 years for vehicles of more than 1000cc engine capacity.
  • Option to purchase new and used locally assembled/manufactured cars.
  • Finance up to:
    1. 70% of vehicle value provided that the overall auto financing limits availed by the person from all banks/DFIs, in aggregate, shall not exceed PKR 3 Million at any point in time.
  • Equal Monthly Installment (Diminishing Musharakah) / Equal Monthly Rental (Ijarah).
  • Comprehensive motor vehicle Takaful coverage (including Total Loss & Theft scenarios).
  • Competitive Financing & Takaful rates
  • Option to finance a second car subject to the terms and conditions.
  • Options for early buyout (early settlement) either partially (to reduce monthly installment) in ‘Diminishing Musharakah’ or in full in both ‘Ijarah’ and ‘Diminishing Musharakah’ (as per prevailing Schedule of Bank Charges).
  • Processing fee is payable only upon approval of finance (as per prevailing Schedule of Bank Charges).
  • Other charges (as per prevailing Schedule of Bank Charges).
  • Vehicle delivery through Bank’s approved authorized car dealers.
Minimum Documentation:
  • Copy of CNIC / SNIC / NICOP / POC.
  • 2 passport sized recent colored photographs.
  • Bank statement (6 months to 1 year).
  • Salary slip / proof of business or other documents.
Additional documentation required in case of Foreign Remittance Beneficiaries and Non-Resident Pakistanis:
  • 12 months bank statement showing narration relevant to receiving of remittance OR remittance receipts covering a period of 12 months.
  • Valid work permit / Iqama of the remitter or any other document of such nature.
  • Valid passport copy of remitter (holding valid work visa).
  • Any document showing applicant relationship with the remitter.

All cities (including Quetta city) within Pakistan where there is presence of at least one MCB Islamic Bank branch, except for Baluchistan.

Contact Us:

All existing customers can contact our representative on the below help line numbers;
Email: [email protected]
Phone Number: 042-36282452