Allied Aitebar Islamic Banking Allied Aitebar Car Ijarah

Bank-owned Ijarah car leasing done by the book: the usufruct transfers to the customer for a fixed rent while ownership stays with the bank throughout, no rental is charged before delivery, and ownership passes at term end through a separate sale or gift agreement - the contractual separation Shariah requires. Allied wins the transparency comparison against Alfalah's Ijarah by publishing its full segment grid: 1Y KIBOR +1.75-3% corporate, +3% salaried (ABL salary routing) or +4% otherwise, +4-4.5% self-employed, plus a Roshan Apni Car variant for overseas Pakistanis at SBP floor +1% (lien) or 1Y KIBOR +1% (remittance). Security deposits run 30% up to PKR 2 million financing (40% above), the bank absorbs withholding tax on purchase and registration, and tenures are 1-5 years up to 1000cc or 1-3 years above.

This is one of the two structurally correct bank-owned Ijarah auto products among the majors (Alfalah's is the other), and Aitebar wins the pricing-transparency comparison: its whole segment grid is published where Alfalah leaves the margin blank. The bank absorbing withholding tax is the kind of detail that separates a lease in substance from a lease in name. Costs concentrate at the exits - a multi-component early-termination bill - and at entry for bigger cars (40% deposit above PKR 2M). Salaried ABL customers and overseas Pakistanis using the Roshan channel get the best of it.