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Saturday, April 13, 2024

Financial giant JS Bank partners with Al-Haj FAW motors

News Desk |

Despite many problems, Pakistan’s industrial base is expanding quickly and more and more companies are coming forward to build upon Prime Minister’s Youth Business Loan Scheme. Financial institutions like the JS Bank is playing a major role in it. In another innovative step, JS Bank Limited has now collaborated with Al-Haj FAW Motors Private Limited to provide business loans to customers of light commercial vehicles through the Prime Minister Youth Business Loan (PMYBL) scheme.

JS Bank is one of the fastest-growing banks in Pakistan, with 323 branches in 161 cities. The Bank also has an international presence and is a leading player in the digital banking space. JS Bank has received the prestigious award for Best Environmental and Social Governance Bank at the Pakistan Banking Awards 2017. The Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services group.

Al-Haj FAW is engaged in the business of progressive manufacturing, assembling, importing and marketing of FAW passenger, light commercial and heavy commercial vehicles.

Read more: JS Bank and Honda sign agreement to speed up car deliveries

Under the terms of this partnership, JS Bank will provide financing solutions to customers purchasing FAW Carrier and FAW XPV Light Commercial Vehicles (LCV’s). This offering will enable individuals to develop financial independence through the multiplication of revenue streams. Applicants will be able to avail the scheme and benefit from a minimum mark-up of just 6%.

This alliance will help cater to the increased demand for commercial vehicles in light of the development of the China-Pakistan Economic Corridor (CPEC). Commenting on the partnership, Mr. Kamran Jafar, Group Head – Corporate & Retail Banking Group at JS Bank said “Our partnership with Al-Haj FAW will further strengthen our presence in the transport sector in addition to having a positive impact on the lives of numerous deserving individuals”

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Mr. Farhan Hafiz, Director Marketing – AL-HAJ FAW Motors stated “By working together, JS Bank & AL-HAJ FAW will be able to pool their resources for collaborations across Pakistan for their mutual benefit and provision of improved products and services to customers.”

By undertaking such agreements, JS Bank is working tirelessly to provide its clientele with value-added offerings to further improve the quality of their lives. Such collaborations are set to expand and strengthen the industrial base in Pakistan which it desperately needs.