Meezan Bank and Hyundai Nishat Motor sign Memorandum of Understanding for Priority Financing of Hyundai Commercial Vehicles


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.”

About Meezan Bank

Meezan Bank is the 7th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of over 690 branches in 190 cities supported by a countrywide network of over 700 ATMs, VISA & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility. 

Meezan Bank has consistently been recognized as the ‘Best Islamic Bank in Pakistan’ by numerous local and international institutions. The Bank has also been recognized as the ‘Best Bank in Pakistan’ by Pakistan Banking Awards– the most prestigious awards in Pakistan’s Banking sector, which is a testimony of the Bank’s commitment to excellence. Other awarding  institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan. The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has upgraded 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.

About theCompany – Hyundai Nishat Motor (Private) Limited)

Hyundai Nishat Motor (Private) Limited (Hyundai Nishat), a Nishat Groupcompany, is a jointventureamongthreeleadinginternationalbusinesses; Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Ltd. Hyundai Motor Company (Korea) has partneredwith Hyundai Nishat forthemanufacturing, marketing and distribution of Hyundai’sproduct line in Pakistan. Hyundai Nishat aspires to be amongsttheleading Auto manufacturers in Pakistan in thecomingyearstoalignitstrack record withothersisterconcerns of the Nishat Group. Ourvisionistobecomethemost “Valued” & “loved” automobilebrand and recreatethe global success of Hyundai in Pakistan.

Since our inception in 2017, we are rapidly establishing our 3S distribution network across the country through our partner franchisees. Our manufacturing plant, being set up in the largest industrial estate of Pakistan avows world class precision with the deployment of the most advanced production techniques.