Meezan Bank, Pakistan’s leading Islamic bank and the Best Bank in Pakistan has recently signed a Memorandum of Understanding with Master Motors Limited (MML) and Master Motor Company Limited (MMCL).
Both the companies are subsidiaries of Master Group, the makers of Master Molty Foam. MML has recently signed a Joint Venture agreement with No 1. Chinese passenger car brand “CHANGAN”. MMCL is the manufacturer of global leading Commercial Vehicles (Trucks and Buses) of renowned Brand like FOTON, YUTONG, FUSO, IVECO from China, Italy & Japan.
Under this MoU, both parties agreed on a joint campaign to promote the “Changan Karvaan” Passenger minivan under “Car Ijara”. The “Karvaan” is a modern and spacious multi-functional minivan for the middle-income group having Pakistan’s most powerful 1.0L engine, spacious 7 seats and powerful Dual AC. The Bank, in turn, will get the opportunity to couple this provision with an attractive financing package including range of additional services and benefits like early vehicles delivery as well as free initial services for its customers.”
Master Motors Limited holds a category-A Greenfield status under Auto Policy 2016-2021. Its manufacturing plant is near completion in Karachi with a production capacity of 30,000 units/year. Changan has chosen Pakistan as their only export base for the right hand drive (RHD) countries.
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 and CEO of Meezan Bank Ltd, further added “The automotive industry will be boosted with the new automotive competitor in Pakistan. Meezan Bank provides our customers quality financial services platform”.
Source: Changan fb page