Bank of Khyber (BOK) , KP Assembly Secretariat Sign MoU for Shariah-Compliant Vehicle Financing
PESHAWAR: The Bank of Khyber (BoK) has signed a Memorandum of Understanding (MoU) with the Provincial Assembly Secretariat of Khyber Pakhtunkhwa to provide Shariah-compliant vehicle financing facilities to eligible employees.
The MoU was signed by Syed Wiqar Shah, Secretary, Provincial Assembly Secretariat of Khyber Pakhtunkhwa, and Hassan Raza, Managing Director, Bank of Khyber, at a ceremony held here.
Under the agreement, BoK will offer Diminishing Musharakah Fleet Finance for the purchase of new vehicles assembled in Pakistan. The bank will also provide Sale and Lease Back Diminishing Musharakah Fleet Finance for used vehicles assembled in Pakistan and not older than four years.
Speaker Provincial Assembly Babar Saleem Swati, Deputy Speaker Suriya Bibi, members of the Provincial Assembly and senior officials attended the signing ceremony. Senior management of the Bank of Khyber, including Gul Buhar Khan, Group Head Retail Banking Group; Muhammad Fawad Sadozai, Group Head Remedial Asset Management Group; Abdullah Ghaffar, Group Head CSME & Agri Finance Group; Umer Aziz Khan, Divisional Head SME; and Ali Khan Arbab, General Manager Peshawar, were also present.
The MoU is aimed at strengthening institutional cooperation between the Bank of Khyber and public-sector institutions while providing accessible Shariah-compliant financing solutions to eligible employees.
The bank said the financing facilities would help eligible employees meet their vehicle financing needs and further expand its customer-focused Islamic banking solutions across Khyber Pakhtunkhwa.