Barakat Car Scheme is an investment facility to buy a car for personal use. It is based on Hire Purchase under Shirkatul-Melk concept of Islamic Shariah.
- Type of Car: Brand new automobile ,Reconditioned automobile is not older than 5 (Five) years/as per the decision of the regulatory authority.
- Maximum age:65 years at the time of investment maturity/till the date of retirement (whichever is earlier)
- Tenor:12 to 60 months for all type of car
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Work Experience:
- Salaried Person: Permanent & confirmed service holders & length of service should be 01 (One) years with 6 months employment with present employer (excluding probation period).
- Self-employed professionals: Minimum 2 (two) years.
- Businessman: Minimum 3 (three) years.
- Land Lord/ Lady: Proof of income, at least 25% rental income must be reflected in Bank statement
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Minimum Income:
- Salaried Person/ Self Employed Professionals/ Land Lord/ Lady: Minimum monthly net income BDT 30,000.00 (Thirty thousand) only
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Minimum equity Participation: Equity Minimum 50% /as per decision of the regulatory authority as well as TBL.
Eligibility of contractual employees:
- Contractual employees are allowed only if the applicant is employed by any Multi National, UN Bodies, embassies & Development Organizations;
- If single contract period is 06 months or 12 months, 02 (two) previous contract renewals will be required;
- If single contract period is 02 (two) years or more, previous 01 (one) contract renewal will be required;
- Minimum gross monthly salary BDT 60,000/
Investment tenor will be maximum as per contract agreements supports. However, all other credit criteria must be met.
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Minimum BDT 200,000.00 (Two lac) only. & Maximum BDT 40,00,000.00 (Forty lac) only.
*Investment facility to the dependent members of an individual shall also be treated as part of the exposure of that individual.
