Affordability of EVs: U Bank sign MoU with Yousuf Dewan Companies

ISLAMABAD: U Micro-finance Bank (U Bank) and Yousuf Dewan Companies have entered into a strategic collaboration to leverage their combined strengths for the provision of innovative financing options for customers, making the ownership of electronic vehicles more accessible and affordable.

Under this partnership, Yusuf Dewan Companies’ customers will be able to benefit from exclusive loan offerings, as well as bundled services, for the ownership of Honri and KIA electronic vehicles, including insurance coverage and registration facilities.

The Memorandum of Understanding was signed recently at a ceremony in Islamabad, by Mohamed Essa Al Taheri, President & CEO – U Bank, and Dewan Mohammad Yousuf Farooqui, Chairman – Dewan Group, in the presence of senior management members of both organizations.

Speaking at the signing ceremony, Mohamed Essa Al Taheri, President & CEO – U Bank commented, “We are thrilled to partner with Yousuf Dewan Companies to facilitate innovative financing solutions for customers interested in EVs. This collaboration is a significant step towards enhanced accessibility to cost-effective means of mobility and will also ultimately contribute to a greener future.”

Speaking at the event, Dewan Mohammad Yousuf Farooqui, Chairman of Dewan Group, said, “This partnership with U Microfinance Bank marks a significant milestone for us in our mission to provide easy financing solutions. By making it more accessible for people to own EVs and commercial vehicles, we are not only enhancing individual mobility but also contributing to the broader goal of a more sustainable future.”

Copyright Business Recorder, 2024