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Meezan Bank and CarFirst enter into a strategic alliance for providing Shariah-compliant financing solutions to CarFirst customers

August 21st, 2019

Meezan Bank, Pakistan’s leading Islamic bank and the Best Bank in the country has recently signed a Memorandum of Understanding (MoU) with CarFirst, which is a nationwide platform for selling certified used cars. CarFirst’s online system is backed by network of inspection centers all over Pakistan for purchase and exchange of used vehicles. Mr. Arshad Majeed, Group Head Consumer Finance – Meezan Bank and Mr. 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, Mr. 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 Mr. 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.”

MEBL MOU CarFirst

Seen in the photograph from Left to Right: Mr. Wise ur Rehman Head of Car Ijarah – Meezan Bank, Mr. Arshad Majeed Group Head Consumer Finance, Meezan Bank, Mr. Raja Murad Khan, CEO and Co-Founder of M/s Augmentech Business Solutions (Pvt.) Limited, Kazi Mohammad Aamir, GM- East, Meezan Bank.