Meezan Bank, Pakistan’s leading Islamic bank and the Best Bank in Pakistan has signed a Memorandum of Understanding with Master Motors Limited (MML) and Master Motor Corporation Pvt Limited (MMCL). Both the companies are part of Master Group – makers of Master Molty Foam. MML has signed a Joint Venture agreement with the reputed and no. 1 Chinese passenger car brand “CHANGAN”.
Under this MoU, Meezan Bank, MML and MMCL have agreed on a joint campaign to promote the ‘Changan Karvaan’ Passenger minivan through Meezan Bank’s flagship auto finance product ‘Car Ijarah’. The ‘Karvaan’ is a modern and spacious multi-functional minivan for the middle-income group with a powerful 1.0L engine, 7 spacious seats and powerful Dual AC. Meezan Bank will provide financing for this vehicle through an attractive financing package including a range of additional services and benefits such as early vehicles delivery as well as free initial services.”
The signing ceremony took place at Meezan House, Meezan Bank’s Head Office, Karachi. Mr. Irfan Siddiqui – President & CEO, Mr. Arshad Majeed – Group Head Consumer Finance of Meezan Bank Ltd. Mr. Nadeem Malik – Chairman and Mr. Danial Malik – CEO Master Motors Limited attended the ceremony with their respective teams. MOU has been signed by Mr. Irfan Siddiqui and Mr. Nadeem Malik.
Mr. Irfan Siddiqui – President & CEO of, Meezan Bank lauded the agreement as a welcome move for Pakistan’s Automotive industry and said that it will boost healthy competition in the market.