PESHAWAR: The Bank of Khyber (BoK) and the Khyber Pakhtunkhwa Provincial Assembly Secretariat have signed an agreement to provide Shariah-compliant vehicle financing facilities to eligible Assembly Secretariat employees.
The Memorandum of Understanding was signed by Syed Wiqar Shah, Secretary of the Provincial Assembly Secretariat, and Hassan Raza, Managing Director of the Bank of Khyber, at a ceremony in Peshawar.
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 locally assembled vehicles that are no more than four years old.
The arrangement is aimed at giving eligible employees access to Islamic vehicle financing options while strengthening institutional cooperation between the provincial legislature’s secretariat and the Bank of Khyber.
Speaker Khyber Pakhtunkhwa Assembly Babar Saleem Swati, Deputy Speaker Suriya Bibi, members of the provincial assembly and senior officials attended the signing ceremony.
Senior BoK officials, 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.
BoK said the initiative would help eligible employees meet their vehicle financing needs while supporting the bank’s broader push to expand customer-focused Islamic banking solutions across Khyber Pakhtunkhwa.
The agreement also reflects growing demand for Shariah-compliant retail financing products in the province, particularly within public-sector institutions.
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