Faysal Bank and Pakzon Electric Motors Forge Green Financing Partnership

Karachi (Muhammad Yasir)

Faysal Bank Limited (FBL) and Pakzon Electric Motors Pvt Limited formalized a strategic alliance through the signing of a memorandum of understanding (MoU). The event marked the formalization of a unique partnership that will enable the customers access electric motorbikes through Shariah-compliant easy monthly installment plans.

Faysal Islami Noor Cards and Faysal Takmeel will be the key channels to offer these plans. This collaboration marks a significant step towards fostering sustainable practices and promoting clean energy solutions in Pakistan.

The signing ceremony, attended by key representatives from both entities, including Aneeq Malik, Head of Consumer Finance and Feroz Khan, Head of Unsecured Business & Cards, Faysal Bank. Pakzon Electric Motors Pvt Limited was represented by Dr. Muhammad Amjad, CEO; Shahzaib Amjad, Managing Director; Zeeshan Mansoor, National Service Manager; Syed Usman Nisar, Assistant Manager Accounts and Muhammad Ali Sherwani, Regional Sales Manager.

Speaking on the occasion, Mr. Aneeq Malik emphasized Faysal Bank’s commitment to promoting environmentally friendly initiatives. He added: “Faysal Bank is working relentlessly to contribute to the drive for a greener and cleaner Pakistan. The need to focus on clean mobility is more relevant and urgent than ever before. Alarming pollution levels and increasing fuel costs have necessitated the adoption of electric vehicles (EVs). This business alliance is a testimony of our commitment to our customers. We at FBL will continue to strive to build loyalty by offering innovative products and benefits to our valued customers.” Under the agreement, Faysal Islami Noor Card customers can book electric motorbikes on easy monthly installments of three months at zero percent profit and without any down payment.

Furthermore, the customers can avail EV bikes on Shariah-compliant fixed monthly installment options for up to 36 months through Faysal Takmeel at the lowest rate in the industry.

The initiative is aligned with the State Bank of Pakistan’s Green Initiative Policy, demonstrating the commitment of both Faysal Bank and Pakzon Electric Motors to contribute towards the promotion of a Clean & Green Pakistan. The collaboration further seeks to create awareness, enhance accessibility, and maintain affordability to facilitate the consumers in making the switch towards a greener and more sustainable future.

The signing ceremony sets the stage for a transformative partnership that not only addresses the pressing environmental concerns, but also provides the consumers with innovative and accessible financing options for electric vehicles.