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sign PKR 5.66 billion Islamic Finance Facility
Meezan Bank, Pakistan’s first and largest Islamic bank and Hyundai Nishat Motor (Private) Limited - a joint venture among three leading international business; Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Ltd., have recently signed an agreement for PKR 5.66 billion Islamic Finance Facility.
The signing ceremony, held in Dubai, was attended by Mr. Irfan Siddiqui, President & CEO - Meezan Bank and Mian Hassan Mansha, CEO - Hyundai Nishat. On this occasion Mian Muhammad Mansha, Chairman - Nishat Group, Mian Raza Mansha, Chairman - Hyundai Nishat and Mr. Hiroto Murai, Executive Officer - COO Automotive Division of Sojitz Corporation were also present.
Meezan Bank is the sole Lead Arranger of this Islamic Finance Facility for Hyundai Nishat to finance its upcoming vehicle manufacturing project. The state-of-the-art manufacturing plant is being installed in the industrial estate of Faisalabad spanning over an area of ~70 acres with an investment outlay estimated at over PKR 15 billion. The project is being set up under the auspices of the Automotive Development Policy (2016-21) announced by the Government of Pakistan.
Ground breaking of the project was done in December last year and commercial operations are scheduled to begin by the end of 2019. Hyundai Nishat aims to introduce a range of globally acclaimed models of Hyundai in both passenger and light commercial category through a nationwide network of 3S dealerships.
The new automotive policy (2016-21) has attracted many new automakers to Pakistan sensing the market’s high growth potential. Leading international brands like Hyundai, KIA and Renault along with other Chinese auto manufacturers have responded very positively to the auto policy incentives and several projects are now at various stages of development.
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About Hyundai Nishat Motor (Private) Limited
Hyundai Nishat Motor (Private) Limited is a new venture of the Nishat Group Company which is its first in the automotive sector. Nishat Group has entered into a strategic partnership with Sojitz Corporation (Japan) and Millat Tractors Limited. Sojitz Corporation is one of the leading trading houses of Japan which amongst many other businesses, operates a global distribution network of Hyundai and other renowned international brands.
About Meezan Bank
Meezan Bank is the 7th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 600 branches supported by a countrywide network of 600 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include 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, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association - Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan 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.
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