Pakistan’s Meezan Bank launches ‘Laptop Financing’

Pakistan’s Meezan Bank launches ‘Laptop Financing

 

 

Meezan Bank has launched a new consumer financing product that will allow customers to purchase laptops on easy installments. The new product called Laptop Ease is being offered for repayment periods ranging from 3 months to 24 months. The bank will not charge any profit or return for customers who opt for the 3 month or 6 month installment plan. The product has been launched in collaboration with M/s. New Horizon and is available for only HP laptops. M/s. New Horizon will provide two years warranty with parts along with nationwide after sales services at the customers’ doorsteps.

 “Meezan Laptop Ease” through which customers can purchase Hewlett-Packard (HP) laptops, equipped with the latest features under a Halal financing scheme, is another step towards achieving Meezan Bank’s Vision of making Islamic banking the banking of first choice. Through this Riba-free facility, customers will be able to acquire laptops at easy installments for periods ranging from 3 to 24 months.

Laptop Finance is based on the concept of Musawamah which is a general and regular kind of sale in which price of the commodity to be traded is bargained between seller and the buyer without any reference to the price paid or cost incurred by the former. Thus, it is different from Murabaha in respect of pricing formula. Unlike Murabaha, seller in Musawamah is not obliged to reveal his cost. Both the parties negotiate on the price. All other conditions relevant to Murabaha are valid for Musawamah as well.

An MoU for this arrangement was signed between Meezan Bank and New Horizon at Meezan Bank’s Head Office.  Mr. Mohammad Raza, Head of Consumer Banking of Meezan Bank and Mr. Rahim Eqbal, COO of New Horizon signed the MoU.

 Speaking at the occasion, Mr. Raza said that Meezan Bank has an active focus on developing customer-friendly, Islamic alternatives to conventional banking products, in line with its Mission to offer a one-stop shop for innovative value-added products and services to the customers within the bounds of Shariah.

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9 responses to “Pakistan’s Meezan Bank launches ‘Laptop Financing’

  1. It is a good tool to enhance the Islamic banking products and really appreciable. The appreciation is because of so caring of potential customers, where they would not only satisfy their needs but also to educate, develop and equip the minds of society by providing the latest technology. Thus it would also bring closer the rich and poor in form of latest technology. Hope for future growth as much of the market is still untapped.
    Thanks Mezaan Bank

  2. Bilal Chaudhary

    Hi i have a question to ask about this offer
    i want to buy “hp dv6011tx”, but the problem is, on Meezan’s bank website they mention the market price 102,000 but actually the market price is 92,000. and i want to have the 24 month plan, but in that the total price i would pay is 128,000. its a lot more than the actual price.
    My question is is the price negotiable? i mean do they go with the current market price or that is fixed? another question is in 18 month plan the net price is 112,000, why so much variation in net price of 18 month plan and 24 month plan.
    i would really appreciate if a get an ans asap.
    Thanks,
    Bilal

  3. Zarjan I agree with your comment. Personally i’ve worked with Ijara Loans and they had a great turnaround time and I was able to get both my residental and commercial projects completed under sharia compliance. I definitely would recommend them to anyone interested in this structuring. You can look for more information on their site at, http://www.ijaraloans.com.

  4. AoA,
    This z a good scheme, I just wanted to know that what r the terms& conditions to avail this facility

  5. meezan bank sat that they are interest (Riba) free
    the price over and above the market price is a riba or not
    please provide logical detailed answer on
    malikrehman59@yahoo.com

  6. Undeniably imagine that that you stated. Your favourite reason seemed to be at the web the simplest thing to bear in mind of. I say to you, I certainly get annoyed whilst other folks consider worries that they just don’t realize about. You controlled to hit the nail upon the highest and also outlined out the entire thing with no need side-effects , folks could take a signal. Will probably be back to get more. Thanks

  7. Yes I think its nice idea for increasing laptops user in pakistan and there are are many online stores which want to increase laptop users one of them is itstore.pk who is also providing used laptops in good condition.

  8. i want to buy laptop in range 40000 pleas sir send me total details.
    i waiting your ans.
    thanks……

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