Hire purchase is the traditional method of financing a vehicle by which the borrower ( customer) has ownership of the vehicle but a mortgage over the vehicle is taken out in favor of HSBC MEFCO. The monthly installment amount is determined by the sale price of the vehicle, the amount of initial deposit / down payment paid, the period of the contract and the agreed interest rate. On repayment of the advance and on the request of the customer, the mortgage over the vehicle is released / transferred.
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HSBC MEFCO Amanah Vehicle Finance is the product we offer for customers who would like to obtain vehicle finance in a Shariah Compliant manner. We have teamed up with HSBC Amanah Finance - the HSBC Group’s global Islamic Financial Services division - to develop this product which has been certified by the HSBC Shariah Supervisory committee, consisting of eminent scholars in the field of Islamic Finance.
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HSBC MEFCO can offer you a Financial Lease, which is an innovative finance solution, designed for affordability, to provide you with a manageable monthly payment structure. This finance facility allows you to use an asset while paying for it over an agreed period. Ownership does not pass to you automatically once the final payment has been made, but it is one of the options available to you.

We assume that the financed vehicle will have a resale value at the end of the lease period. This value (residual/balloon) will be determined by HSBC MEFCO and guaranteed, subject to certain usury conditions, that will make your monthly installments more affordable.
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