Al Baraka signs MoU with Indus Motors Company Ltd

F.P. Report

KARACHI: In a pact that formed the strategic alliance of Al Baraka Bank Pakistan Limited and Indus Motor Company Limited on Tuesday, both companies agreed to facilitate exclusive financing for consumers on high-priced Toyota vehicles.

The signing ceremony took place in Al Baraka’s Head Office, and was attended by senior officials from both companies – including Abdul Rab, Senior General Manager; Syed Omar, General Manager; Syed Shariq, Deputy Manager and Hamza Faisal, Assistant Manager from Indus Motor Company. Representatives from Al Baraka included AkifImtiaz, Head of Consumer Finance; Syed Farhan Ahmed, Head of Consumer Credit and Jafar Ali Khan, Head of Assets Product Management.

As part of the MoU, it was decided that Al Baraka Bank would offer exclusive discounted Profit Rates and Takaful Rates for TPL Direct Takaful, EFU, Takaful Pakistan and IGI Insurance to customers purchasing high-value Toyota vehicles above PKR 40 lacs. Customers can now visit any Al Baraka branch or authorized Toyota dealer to avail Al Baraka’s exclusive offer, valid until June 30, 2019.

Officials from both companies lauded the step to make high-value vehicles easily accessible, and expressed positive sentiments on the occasion. “Through this partnership, customers of both companies will greatly benefit,” said AkifImtiaz.

Al Baraka Bank (Pakistan) Ltd is part of Al Baraka Banking Group B.S.C. (ABG), which is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. ABG is a leading international Islamic banking group with a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries and over 697 branches.

In addition to Pakistan, Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Lebanon, Saudi Arabia, Syria, Morocco and Germany, Iraq and two representative offices in Indonesia and Libya.