KARACHI - Bank Alfalah, Pakistan’s premier financial institution providing both Sharia compliant and conventional banking services,recently signed a memorandum of understanding with Indus Motor Company Limited (IMC) for a joint launch of a portal Toyota Smart Finance (TSF) to promote Toyota products through the former’s auto financing services.
In line with the commitment to facilitate customers in every possible way and taking a step further to digitalize the financing process “Toyota Smart Finance” has been launched to the mutual customer base of both entities. Toyota Smart finance is not only a one stop online financing solution for customers but also empowers dealerships to initiate credit process from the floor by electronically engaging with either Bank Alfalah Islamic or Conventional. The strategic partnership will cater to evolving financial needs of mutual customers by delivering innovative solutions with value-added benefits. The combined expertise of the companies will help save time, reduce hassle, and create a seamless purchase & financing experience for customers.
Indus Motor Company Limited (IMC) is a joint venture between House of Habib of Pakistan, Toyota Motor Corporation (TMC) and Toyota Tsusho Corporation (TTC) of Japan. Incorporated in 1989, the company manufactures and markets Toyota brand vehicles in Pakistan.
Dr. Muhammad Imran– Group Head, Bank Alfalah Islamic Banking Division, said: “The alliance between both the parties will boost a healthy competition in the market. Through this partnership, we will be providing an attractive Shariah compliant financing package for Toyota variants. We also appreciate the efforts of IMC team towards developing portal, which will ease the journey of the customers”
Abdul Rab–Senior General Manager Marketing & Sales, while highlighting the unique features of the vehicles, said, “Toyota customers will experience modern, multi-functional vehicles with affordable price ranges. Alliance with Bank Alfalah Islamic will provide Toyota customers with one of the best financing options in the market. Through the portal, customers can digitally check the status of their application and they will also receive SMS on each step of the process”.
Syed Muhammad Asif – Head of Consumer Finance, Bank Alfalah Conventional said: “I am honored to collaborate with partners like IMCL and to be part of a banking team that constantly strives for excellence, crosses new boundaries, faces challenges head-on and shines throughout this journey. This ambitious and strategic journey will create a tri-party connect between the customers, Bank Alfalah and Toyota Manufacturers & Dealers, offering Toyota Vehicles on exclusive terms. The Toyota Smart Finance program will elevate the experience of financing of Toyota vehicles. TSF is a very promising financing solution that will play an integral role to seamlessly enable the forecasted demand and supply chain.
This is one of the many initiatives of Alfalah Auto Loan to offer leading digital solutions and to become the ultimate destination for auto financing customers. I would like to take this opportunity to thank our partners IMCL for designing the TSF portal and the team at Bank Alfalah for making this happen.”
The signing ceremony took place at House of Habib, in the presence of Bank Alfalah Islamic, Group Head - Dr Muhammad Imran, Talat Khurshid Mian – Retail Head, Syed Nabeel Ahmed Rizvi– Business Head Auto Finance, Abdul Rab - SGM Marketing & Sales, Alam Ayub - DM Marketing Planning and Sarim Jamal - AM Marketing Planning, Wajih Ur Rehman – RSM Autos CFG, Javed Amir – National Sales Manager Autos CFG and Iftikhar Javed – Head Autos Business CFG.
TSF Portal will help the customers to finance the Toyota vehicles with a quick and easy process which will involve minimal documentation and application fee. Through the portal customers can avail their desired vehicle from any dealerships across Pakistan. Applicants can apply for auto financing with 15% security deposit and with a tenure of up to 7 years.
With the Bank Alfalah Islamic Auto Finance program, customers will be able to finance the vehicle with no upfront Takaful charges. Additionally, no rentals will be required before the delivery of the vehicle.