This partnership aims to provide convenience to car traders who otherwise do not have access to financing, thus bridging the gap between banks and traders. Auto dealers having limited financing options will be able to increase their capacity to purchase vehicles from VavaCars through Shariah-compliant financing products offered by Meezan Bank.
VavaCars auto-trading partners will enjoy priority status when they apply for financing through Meezan Bank.
Speaking at the occasion, Mujahid Khan, Country Manager, VavaCars said: “I am excited about partnering with Meezan, the leading Islamic Bank in Pakistan. This partnership is a reflection of our shared values of Trust, Transparency, and a passion to serve our customers, and will bring ease of securing Shariah-compliant financing for our partner auto traders.”
“Meezan Bank is excited to join hands with VavaCars to facilitate car traders in purchasing used vehicles from Vavacars. Meezan Bank will use technology platforms to provide complete banking solutions to Car traders and VavaCars. This will be a first-of-its-kind partnership to promote the trade of used vehicles in Pakistan and we are optimistic that Meezan Bank and VavaCars will jointly play a vital role in its success”, said Syed TanveerHussain, General Manager & Head Commercial Banking, Meezan Bank Limited.”