KARACHI: Meezan Bank, Pakistan’s first and largest Islamic bank has recently signed a Memorandum of Understanding (MoU) with VPL Limited – a leading importer of trucks, buses, construction and mining equipment, generators and tools in Pakistan as their preferred financier.
The MoU was signed by Meezan Bank Consumer Finance Group Head Arshad Majeed and VPL Limited CEO Waqar Asghar at a ceremony held at VPL Limited Head Office, Lahore.
As an authorized importer of Volvo and UD Trucks in Pakistan, VPL Limited’s collaboration with Meezan Bank will support the import of their heavy-duty truck models in the country, further enabling the dealer to offer a complete integrated transport solution to its customers. Meezan Bank shall further strengthen the company’s offering by providing priority processing time, financing of the complete unit (truck and trailer), flexible financing terms, lease tenure up to 7 years and comprehensive Takaful coverage for all VPL customers.
Under this MoU, Meezan Bank will be the preferred financier for UD Trucks supporting the long-haulage and construction segments in the country. Through Meezan Bank’s network of over 600 branches in Pakistan, VPL Limited will be able to leverage the Bank’s nationwide presence to enable greater penetration of its products in the local market.
Speaking at the occasion, Arshad Majeed said, “the demand for UD trucks In Pakistan is evergreen and Meezan Bank’s collaboration with VPL Limited will help fill the gap of meeting the evolving needs of Pakistan’s automobile industry.”
UD Trucks is a leading Japanese total transport solution provider and has a good market potential in Pakistan’s transportation industry. The Bank’s recent association with VPL Limited will benefit Pakistani industries where competitive advantage stems from agile and highly responsive logistics and transportation networks such as Oil and Goods industries.