Meezan Bank, CarFirst sign MoU for Islamic financing

KARACHI: Meezan Bank, Pakistan’s leading Islamic bank has signed a Memorandum of Understanding (MoU) with CarFirst to provide Shariah-compliant financing solutions to customers for the purchase of used cars.

CarFirst’s online system is backed by network of inspection centers all over Pakistan for purchase and exchange of used vehicles.

Arshad Majeed, Group Head Consumer Finance – Meezan Bank and Raja Murad Khan – Chief Executive Officer and Co-Founder of CarFirst signed the MOU between the two organizations.

Under the MoU, Meezan Bank will provide Shariah-compliant financing solutions to customers for the purchase of used cars through CarFirst’s platform.

CarFirst and Meezan Bank will also jointly work on developing innovative financing products for purchase of used vehicles, that will be offered through CarFirst’s platform.

Speaking at the occasion, Arshad Majeed expressed his appreciation that this initiative will provide Meezan Bank’s Car Ijarah customers uniquely structured car financing solutions for certified used cars.

He further added that this alliance will facilitate consumers by making the financing of used cars available to a larger number of customers.

Commenting on the occasion Raja Murad Khan said, “CarFirst, Pakistan’s most trusted used car trading platform, looks forward to offering tailored solutions to Meezan Bank and its customers for their automotive needs.”

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