Meezan Bank, Pakistan’s first and largest Islamic bank, has recently signed a Memorandum of Understanding with Yamaha Motor Pakistan (Pvt.) Ltd. for providing financing for all models of Yamaha motorcycles. The financing will be provided under Meezan Bank’s recently launched Bike Ijarah product under which the Bank provides financing facility to individuals for acquiring motorcycles in a Shariah-compliant manner.
The MoU was signed by Mr. Ariful Islam, Deputy CEO – Meezan Bank and Mr. ITO Yasushi Managing Director – Yamaha Motor Pakistan at Meezan Bank’s Head Office, Karachi.
Speaking at the occasion, Mr. Ariful Islam said that Meezan Bank has a strong focus on consumer finance and provides financing for a wide range of consumer products including cars, generators, laptops and consumer durables as well as housing finance. He said that the Bank’s Bike Ijarah product, launched this year, has received excellent response from the market and the agreement with Yamaha Motors provides a very good addition to the range of vehicles that costumers can acquire through Meezan Bank.
Mr. ITO Yasushi commented that an increased awareness of Islamic finance has led to a growing demand for Islamic consumer finance products and through this agreement both the parties shall be able to capture the potential market while also effectively meeting the needs of their customers. He added that Meezan Bank’s agreement with Yamaha Motor is a step ahead towards facilitating Yamaha consumers with Meezan Bike Ijarah.