MoU signed for car finance, takaful

KARACHI: MC Islamic Bank Ltd, Hyundai Nishat Motors, and Adamjee Insurance (WTO) have signed an agreement to provide Shari’ah compliant car financing and family takaful coverage, The News learnt on Wednesday.

The pact was signed in a ceremony held in Lahore in presence of officials from all three sides.

Through the alliance, MCB will provide Shari’ah compliant car financing on different variants of Hyundai’s vehicles at a fixed financing rate, while Adamjee will provide exclusive vehicle and family takaful coverage.

It was informed that the customers would also be able to avail priority vehicle delivery through this collaboration. “The Hyundai vehicles can conveniently be booked from any MCB Islamic Bank branch or from any Hyundai 3S authorised dealership across Pakistan,” they said.

Commenting on the partnership, MCB Islamic Bank president Muhammad Afaq Khan the alliance would enable them to ensure that their customers were able to receive delivery of their Hyundai vehicles in the timeliest and Shari’ah compliant manner.

Hyundai Nishat Motor CEO Hasan Mansha was hopeful that the partnership would satisfy their customer with an exclusive financial package. Managing director and CEO of Adamjee Insurance Muhammad Ali Zeb stated that the initiative would provide a priority treatment to its customers.