Business Desk 
Jul 25, 2025
BankIslami has introduced a short-term facility for auto finance on 0% profit on Inverex EVs. The financing plan is established under a Shariah-compliant model and is meant to assist in transitioning to eco-friendly transport in Pakistan.
BankIslami’s 0% Islamic profit offer provides customers with the opportunity to finance an EV electric car with an interest rate of zero percent for a tenor of one year, which will entice customers who are inclined to drive an EV but benefit from not going through the traditional interest payment.
The upper limit of financing will be available to Rs2 million under the Islamic banking contract of Diminishing Musharakah.
Diminishing Musharakah allows the bank and customer to own the vehicle together, starting as co-owners and progressively becoming the full owner through monthly payments.
BankIslami’s offer has a Takaful rate of 1.25%, which will only apply to the purchase of a new Inverex EV.
As part of the Takaful coverage requirements, the customer will need to install a tracker that is approved by the bank at one of their approved providers, and Takaful coverage will need to be obtained from one of BankIslami’s approved providers.
BankIslami will use credit evaluation to determine the customer equity contribution to the financing, which is estimated at between 30% and 90% of the vehicle value.
The BankIslami EV auto finance plan is only available to Pakistani citizens between the ages of 18 and 65 for salaried persons and 18 and 70 for self-employed individuals.
Required documents include a valid CNIC, income proof, bank statements, and equity contribution. All applications are subject to approval based on the bank’s criteria.
