February 22nd, 2019
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 Corporation Pvt Limited (MMCL). Both the companies are part of Master Group – makers of Master Molty Foam. MML has recently signed a Joint Venture agreement with the reputed and no. 1 Chinese passenger car brand “CHANGAN”.
Under this MoU, Meezan Bank, MML and MMCL have agreed on a joint campaign to promote the ‘Changan Karvaan’ Passenger minivan through Meezan Bank’s flagship auto finance product ‘Car Ijarah’. The ‘Karvaan’ is a modern and spacious multi-functional minivan for the middle-income group with a powerful 1.0L engine, 7 spacious seats and powerful Dual AC. Meezan Bank will provide financing for this vehicle through an attractive financing package including a range of additional services and benefits such as early vehicles delivery as well as free initial services.”
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. DanialMalik – 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 & CEO of, Meezan Bank lauded the agreement as a welcome move for Pakistan’s Automotive industry and said that it will boost healthy competition in the market.
About Master Motors Master Motors Limited (MML)holds a category-A Greenfield status under Auto Policy 2016-2021 of Ministry of Industries and Production. MML is a joint venture company with Changan setting up production plant in Karachi to supply to Pakistan and other RHD markets. Changan International Corporation has worked at various R&D facilities around the world to bring advanced, high-tech products, trend-setting vehicle designs, innovative safety technologies, and strong performance. Master Motor Corporation Pvt Limited (MMCL) is the manufacturer of global leading Commercial Vehicles (Trucks and Buses) of renowned Brand like FOTON, YUTONG, FUSO and IVECO from China, Japan and Itlay.
Master Motors Limited 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.