By Rafiq Vayani
KARACHI: Meezan Bank, Pakistan’s first and largest Islamic bank, has recently signed an agreement with Pirani Group of Companies, a trusted name in the manufacturing of two-wheeler and three-wheeler vehicles, auto parts, vans, minivans, trucks and tractors, to offer all variants of Power and Super Power bikes through Meezan Bike Ijarah, which is Pakistan’s first Shariah-compliant bike financing facility offering easy and affordable monthly payments for the customers.
The MoU was signed by Mr. Arshad Majeed – Group Head, Consumer Finance, Meezan Bank and Mr. Naveed Usman Pirani–Director, Pirani Group Of Companies at a ceremony held at Pirani Group of Companies Head Office, Karachi.
Through this understanding, Meezan Bank will be a preferred financier for Power and Super Power bikes. The Bank’s vast nationwide network of over 600 branches will enable Pirani Group to make its products available to a very large audience.
Speaking at the occasion, Mr. Arshad Majeed said, “In Pakistan, the demand for motor bikes is ever-growing and Meezan Bank’s collaboration with Pirani Group of Companies augurs well for both the companies as well as the evolving market needs and industry.”
Mr. Naveed Usman Pirani said, “There is a high demand of Pakistani branded bikes in the market and our affiliation with Meezan Bank will facilitate those consumers, who are unable to make one-time lump sum payments by allowing them to purchase new motor bikes on easy and affordable installments.”