Karachi, January 24, 2019: Meezan Bank has recently signed a Memorandum of Understanding with KIA Lucky Motors Pakistan Ltd – a collaboration between KIA Motors Corporation, South Korea and the Yunus Brothers Group, Pakistan, formed to start vehicle assembly / manufacturing operations in Pakistan.
The signing ceremony took place at Meezan House, Meezan Bank’s Head Office, Karachi.
Under this MoU, both the parties have agreed upon a joint promotion campaign for the KIA Grand Carnival. Meezan Bank has created a prospect for providing priority vehicle delivery to its customers across Pakistan. KIA is one of the world’s fastest growing automobile manufacturers.
Mr. Ariful Islam, Deputy CEO of Meezan Bank, while speaking at the signing ceremony said, “Meezan Bank Car Ijarah has been developed to comply with the principles of Shariah for providing convenient car financing. The Bank follows a strategy of maintaining stringent credit criteria and fast deliveries to maintain optimal customer service in line with the service values of the Bank.”
Mr. Irfan Siddiqui, President and CEO of Meezan Bank further added, “This is an important event for Meezan Bank that corresponds with our strategy to remain the No. 1 bank in Islamic auto-finance market. Our agreement with KIA Lucky Motors Pakistan will make the luxury car, Grand Carnival more affordable to a large population of brand lovers. The Bank, in turn, will get the opportunity to couple this provision with a range of additional services and benefits including faster vehicles delivery as well as free initial services for its customers.”
Meezan Bank has consistently been recognized as the ‘Best Islamic Bank in Pakistan’ by numerous local and international institutions.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.
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