Daraz and Meezan Bank inked MoU to promote EV bikes in Pakistan

Alibaba Group’s Daraz and Meezan Bank, the country’s foremost Islamic bank, have signed a Memorandum of Understanding (MoU), aimed at promoting and fostering the widespread adoption of electric bikes in Pakistan, contributing to sustainable transportation solutions for the nation.

In this partnership announced on Monday, Meezan Bank has pledged to extend Shariah-compliant financing options for electric bikes to Daraz’s dedicated delivery staff and riders across the entire nation.

The MoU was signed by Syed Iftikhar ul Haq, Group Head of Consumer Finance at Meezan Bank, and Ahmed Tanveer, Chief Operating Officer of Daraz Pakistan, in the presence of senior executives from both organizations.

“We are excited to collaborate with Daraz in promoting electric bikes in Pakistan. Together, we are working to reduce emissions and provide a more cost-effective and eco-friendly transportation solution that will benefit both our environment and the local community,” remarked Syed Iftikhar ul Haq while signing the agreement.

Daraz COO Ahmed Tanveer said that they were fully committed to enhancing their customers’ delivery experience while actively contributing to a greener and more sustainable Pakistan. “Through our collaboration with Meezan Bank, we hope that we are not only able to encourage environmentally responsible practices but also provide our riders with a more economically viable solution in light of rising fuel costs,” he said.