Audi Pakistan Partners With BankIslami To Facilitate Customers

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The increase in car sales has attracted interest by a lot of automotive companies, however, since the auto policy came out, only Audi has shown some noticeable progress towards entering the Pakistani market. Yesterday, BankIslami and Audi Pakistan formally inked an agreement to introduce various models of Audis in Pakistan. Premier Systems is the sole authorized distributor of Audi in Pakistan and therefore, there are more popularly known as Audi Pakistan rather Premier Systems.

Past month, Audi AG had also signed an agreement with BoI (Board of Investment) to began work on a feasibility study to assemble Audi vehicles in Pakistan.

Mohammad Yaseen, CFO, Premier Systems met with Yasir Abbas, BankIslami’s Head of Auto Financing Unit, to pen the agreement. Through this agreement, BankIslami will have a special ‘Islami Auto Ijarah’ for Audi customers around Pakistan.

Audi Pakistan BankIslami Premier Systems

Yasir Abbas stated that this agreement will not make lease options available to Audi customers here, but also create more business opportunities for both Audi Pakistan and BankIslami. BankIslami Pakistan celebrated its 10th anniversary and is the 11th largest bank in Pakistan, which has 317 branches in a total of 93 cities.

Also Read: PakWheels Car Finance Section Can Help You Get The Car Of Your Dreams

Auto Policy (2016-21) has offered incentives to global automakers that show a keen interest in the Pakistani auto market. Those incentives include the concessions in importing first 100 models of a car to test the market. Through these efforts, Audi Pakistan can measure the market interest and demand in the first phase and based on that feasibility; it can start assembling the car locally.

Though Audi is considered to be a premium car maker and has a certain niche of customers, Audi’s active interest in the local market will, in turn, develop confidence for companies such as Volkswagen. Consider it the first drop of rain in the ocean. A positive outlook of Pakistan’s economy is improving, and we hope that other automakers will also actively pursue Pakistan as the next business destination.

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  1. Guest says

    It is a very good step.

    There are lots of ultra-rich people/companies in Pakistan who could afford to provide an Audi to their family members, employees, etc. However, due to religious restrictions, these ultra-rich religious people avoid monetary transactions in the interest-based banking such as PLS account, conventional insurance, car leasing, home leasing. As such their financial assets fall victim to inflation rate, interest rate and time value of money. The only recourse these people had was to use the current account, while the world’s economy suffered because the full potential of the money of these people was not being realized.

    Since a long time, work has been under progress for islamic banking – mainly in the UK, Pakistan and Malaysia. [Most of the islamic banking options available in the mid east are just the conventional (interest-based) banking slapped with fancy, arabic sounding names to make it look more religious.]

    It is funny how the “kafirs” in the UK realized that people have the money – give them the banking options they need and their money would be saved from being diminished. Once you enable that money to be used in the preferable way of the owners of that money, it will make even more money, which can be used to solve the world’s problems.

    This is a very good step by Audi Pakistan as they have opened the way for the many many people and many many companies who would never ever have leased a car from a conventional bank (not even at the cost of their lives), will now have the option to avail the service from an islamic bank.

  2. Guest says

    I found a small mistake which gives the completely opposite meaning.

    “Yasir Abbas stated that this agreement will not make lease options available”.

    Please correct the sentence to: “Yasir Abbas stated that this agreement will not ONLY make lease options available”.

    “…the first drop of rain in the ocean”. Ocean? Or desert?

  3. Junaid says

    Audi is still very expansive for the Corolla or Honda buying bloke and understandably its a luxury brand.

  4. Shiraz Maqbool says

    The option for availing this Islamic alternative to conventional leasing has been available for quite a while, actually. Meezan Bank has had an MoU with Pak Suzuki for quite some time now (yes, shitty cars but they sell) but that MoU means that Meezan would be the bank that Pak Suzuki would approach if clients came directly to them for getting a leased car and Meezan would urge its clients to buy a Suzuki instead of other brands as they would be giving discounts in the shape of waived processing fee etc. I’m guessing the MoU of Bank Islami and Audi would be the same thing, more or less.

    My point is, you can get any car from any Islamic Bank that offers this facility and an MoU is not necessary. Just has to be new / used but not more than 7 years old from the manufacturing year (some restrictions apply) and you should be able to afford the periodic instalments.

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