VavaCars, a globally recognized car transaction platform and Meezan Bank, Pakistan’s leading Islamic Bank, entered into an agreement to pave the way for providing innovative and efficient financing solutions for car traders in order to facilitate the entire purchase process for vehicles through VavaCars. . The agreement was signed by Mr. Mujahid Khan, Country Manager, VavaCars and Mr. Syed Tanvir Hussain, General Manager & Head of Commercial Banking at Meezan Bank.
This partnership aims to provide convenience to car traders who otherwise do not have access to financing, thus bridging the gap between banks and traders. Auto dealers having limited financing options will be able to increase their capacity to purchase vehicles from VavaCars through Shariah-compliant financing products offered by Meezan Bank. VavaCars auto trading partners will enjoy a priority status when they apply for financing through Meezan Bank.
Speaking at the occasion, Mr. Mujahid Khan, Country Manager, VavaCars said: “I am excited about partnering with Meezan, the leading Islamic Bank in Pakistan. This partnership is a reflection of our shared values of Trust, Transparency, and a passion to serve our customers, and will bring ease of securing Shariah-compliant financing for our partner auto traders.”
“Meezan Bank is excited to join hands with VavaCars to facilitate car traders in purchasing used vehicles from Vavacars. Meezan Bank will use technology platforms to provide complete banking solutions to Car traders and VavaCars. This will be a first-of-its-kind partnership to promote the trade of used vehicles in Pakistan and we are optimistic that Meezan Bank and VavaCars will jointly play a vital role in its success”, said Syed Tanveer Hussain, General Manager & Head Commercial Banking, Meezan Bank Limited.”
VavaCars launched its operations in Pakistan in 2020 and offers a fast and secure way for consumers to sell their car in 3 easy steps: 1) Free Valuation 2) Free Inspection and 3) Secure Payment. For Dealers, the VavaCars platform has been designed to make the process of buying cars as fast, secure and painless as possible by 1) Searching Vehicle 2) Placing bids 3) Getting the car. VavaCars vision is to become the world’s most trusted car transaction platform.
VavaCars comes from a global group founded over 50 years ago, focused on the energy sector. Worldwide, the group is invested in over 5,000 fuel stations, five oil refineries and 18 million cubic meters of storage for petroleum products, as well as other energy infrastructure, including ships. VavaCars is also operational in Turkey.
About Meezan Bank
Meezan Bank is the first and largest Islamic bank of Pakistan and the 6th largest bank in the country. With a network of 760 branches in more than 220 cities, it has the largest Islamic banking network in Pakistan.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions including its recognition as the ‘Best Bank – 2018’ by Pakistan Banking Awards – the most prestigious award in the country’s financial sector. The Bank has been recognized by Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
VIS Credit Rating Company Limited (Formerly JCR-VIS Credit Rating Company Limited) has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.