Meezan Bank and Master Motors Ltd sign MoU for promoting Master Motors Ltd

February 22, 2019: Pakistan’s leading Islamic bank, Meezan Bank 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.”

Mr. Irfan Siddiqui - President and 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 lauded the agreement as a welcome move for Pakistan’s Automotive industry and said that it will boost healthy competition in the market.