Wasl Investment Finance, a leading Non-Bank Finance Company (NBFC) specializing in mobility finance, has acquired Awwal Modaraba Management Company from Pak-Brunei Investment Company.
Awwal manages First Prudential Modaraba, one of Pakistan’s pioneering modarabas.
According to a press release issued here, this acquisition supports Wasl’s strategy to provide innovative financial solutions and promote sustainable development, particularly in the electric mobility sector.
With Pakistan’s transportation sector shifting towards cleaner solutions, electric two-wheelers are gaining popularity in urban areas due to lower operating costs. However, the high upfront cost remains a challenge, creating demand for accessible financing options.
Wasl aims to bridge this gap by offering flexible financing solutions, helping individuals and businesses transition to electric mobility and contributing to environmental sustainability.
“We’re excited to transform First Prudential Modaraba into a key player in Pakistan’s move towards sustainable transportation,” said Faraz Zaidi, CEO of Wasl Investment Finance.
“This acquisition reflects our commitment to innovation and overcoming financial barriers to electric mobility,” he added.
Saif Tariq, Chief Investment Officer at Wasl, said that the company has always stressed the need to create a positive financial impact as well as improve overall experience for borrowers and this acquisition will enable it more than ever to achieve this.
Wasl Investment Finance is a leading NBFC focused on financing mobility, with an emphasis on promoting cleaner, sustainable transport options.
