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MCB Islamic Bank has rolled out a Shariah-compliant vehicle financing plan for the popular JAECOO J7 SUV under its Micar program, offering customers a faith-based, ethical alternative to traditional auto loans. The program allows buyers to gradually gain ownership of the SUV through a diminishing Musharakah structure, ensuring compliance with Islamic financial principles.
According to the bank, the financing comes with a rental rate linked to the one-year KIBOR plus 2%, while the Takaful contribution has been set at 1%. Eligible applicants can also enjoy priority delivery of their JAECOO J7. MCB Islamic Bank will continue this offering until March 31, 2026.
“Our aim is to provide customers with a transparent, ethical, and flexible financing solution for owning the JAECOO J7,” said a spokesperson from MCB Islamic Bank.
This initiative highlights the growing demand for Shariah-compliant financial products in Pakistan, especially in the automotive sector, where buyers are increasingly seeking options aligned with Islamic principles. Through this program, MCB Islamic Bank reinforces its commitment to offering innovative solutions that cater to diverse customer needs.
Interested customers can apply and find more details through the bank’s official Micar vehicle financing page.
