Peugeot cars to receive Islamic financing from Kuwait Finance House
Kuwait Finance House (M) Bhd (KFHMB) today signed an Automobile End-Financing Agreement with Nasim Sdn Bhd, official distributor for Peugeot in Malaysia. The agreement sees KFH offering attractive interest rates based on Islamic financing for customers of all Peugeot models.
Signing the agreement were the CEOs of the respective companies, En SM Nasarudin SM Nasimuddin representing Nasim and Pn Jamelah Jamaluddin representing KFH. Witnessing the ceremony were En SM Faliq SM Nasimuddin, MD of Naza TTDI, and Dr Radzuan bin Abdul Rahman, Director of KFHMB.
“We are pleased to enter into this partnership with KFHMB. With this partnership, we will be able to extend the range of financing options offered to Peugeot customers to include these Islamic financing packages from KFHMB which offer attractive rates,” said En SM Nasarudin.
“Our collaboration with Nasim demonstrates the distributor’s trust in KFHMB, and in the strength of Islamic finance products. We aim to make the Bank’s products more attractive to the consumers by adding value through reducing the cost of ownership, bundling financing products with other KFHMB products and services, and through other creative solutions,” explained Pn Jamelah.
“This year marks KFHMB’s fifth anniversary in Malaysia. The Bank first adopted a niche strategy of rolling out its products in phases, starting with corporate and investment banking, commercial banking and finally, retail and consumer banking. Moving forward, our long term plan is to further grow the Bank’s retail business to complement its present business,” she added.
Financing of automobile purchases is nothing new to KFH, who offers this facility to customers in its home market in the Middle East. In fact, KFH owns an automobile showroom itself in Shuwaikh Commercial Centre, in which customers can choose from cars of various makes and models. (ed: That sounds a little like Naza themselves…)
As part of the partnership, KFHMB plans to station its own representatives at every Nasim showroom nationwide to personally address queries from customers. KFHMB is hoping for this arrangement to be a permanent fixture, but before they pull this stunt off, it is still pending approval from Bank Negara.
