KARACHI: Meezan Bank and Pak Suzuki Motor Company Limited have signed a Memorandum of Understanding (MoU) to offer Sharia-compliant car financing.
Arshad Majeed, Group Head Consumer Finance, Meezan Bank signed the MoU with Aamir Shaffi, Executive Officer, Marketing and Sales, Pak Suzuki Motor Company Limited.
In an effort to ease access to Shariah-compliant car financing solutions, Meezan Bank will facilitate its customers with additional Residual Value features which will include affordable monthly rentals that will be lower than regular installments.
Customers will be able to opt for a new vehicle option every three years through this Scheme on selected variants. In addition customers can also avail preferred delivery of Suzuki vehicles Suzuki Alto (VX & VXR), Suzuki Wagon R (VXR, VXL & AGS) & Suzuki Cultus (VXL & AGS) with free registration (excluding taxes) and buyback guarantee of up to three years as well as after-sales support services across Pakistan.
Commenting on the occasion, Arshad Majeed, said: “Meezan Bank has always strived to offer affordable and accessible Shariah-compliant car financing solutions to its customers.
“Through the Residual Value Module, we are making the process of car purchasing much easier for individuals and families, especially in the current scenario where prices of vehicles and interest rates are an increasing trend. We are pleased to partner with Pak Suzuki Motor Company Ltd. for offering preferred vehicle delivery that will boost the vehicle buying experience of our customers.”
Aamir Shaffi, while speaking at the occasion, said: “Residual Value Module will attract young generation and create customer trend to change the car every 2-3 years through RV financing, in which the customer can defer/postpone up to 50% of value amount of vehicle at end of financing period and enjoy the benefit of reduced rentals.
“The scheme will enhance our brand image and help retain financing customers for life at Pak Suzuki Motor Company dealerships by providing them right market value with buyback guarantee up to 3 years based on car condition criteria.”