Meezan Bank Limited, Pakistan’s largest Islamic Bank and the Best Bank in Pakistan and Hyundai Nishat Motor (Private) Limited, a project of Nishat Group recently signed a Memorandum of Understanding to jointly promote Hyundai commercial vehicles in Pakistan by providing convenient financing terms with a residual value option.

This signing ceremony was organized at the grand opening of Hyundai’s Digital City Store in Karachi and was attended by Mian Hassan Mansha – CEO, Hyundai Nishat Motor (Pvt) Ltd., Mr. Min Kyu Song – President Africa and Middle East Region, Hyundai Motor Co. and Mr. Ariful Islam – Deputy CEO, Meezan Bank.

Under the agreement, Meezan Bank will provide priority vehicle financing and additional value-added services to Hyundai’s commercial segment customers for Grand Starex and its upcoming locally assembled pick-up truck.

Commenting at the occasion, Mr. Ariful Islam – Deputy CEO, Meezan Bank said: “Our commitment towards ‘Establishing Islamic banking as banking of first choice…’ has led us to focus on the key financing needs of our customers.  Alhamdullilah, Meezan Bank is one of the few banks in the country to offer the Residual Value option for commercial vehicles which will further enhance the customer’s flexibility and buying power.”

Mr. Norez Abdullah, CFO Hyundai Nishat while speaking at the occasion said: “We are delighted to have partnered with the country’s largest Islamic finance provider for our customers. This combination of strength and promise between Meezan and Hyundai shall go a long way in fulfilling the void in light commercial segment at affordable terms for our mutual customers This MoU would add a leading automobile brand in Meezan Bank’s portfolio which would benefit both the partners and ultimately offer a good option to the customers for fulfilment of their logistics needs.”