KARACHI: Meezan Bank 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. Mr. Irfan Siddiqui – President & CEO and Mr. Ariful Islam – Deputy CEO of Meezan Bank, Mr. Asif Rizvi – CEO and Mr. Muhammad Faisal – COO of KIA Lucky Motors attended the ceremony along with their respective teams. MoU was signed by Mr. Ariful Islam and Mr. Muhammad Faisal.
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 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 more than 600 branches supported by a countrywide network of 600 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 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.