Al Salam Bank Partners with MG Motor for Auto Financing
Al Salam Bank has teamed up with MG Motor to launch a comprehensive auto financing offer, easing the financial burden for new car owners.
Summary
Al Salam Bank partners with MG Motor to provide a comprehensive auto financing offer, covering fees and expenses for new car purchases, enhancing customer experience.
In a strategic move to enhance its suite of client-centric offerings, Al Salam Bank, a prominent player in the Islamic banking sector, has announced a partnership with MG Motor, a brand under Zayani Motors. This collaboration aims to launch a comprehensive auto financing offer that promises to ease the financial burden of car ownership for clients in the Kingdom of Bahrain.
The offer, valid until 31 December 2025, is designed to cover all fees and expenses associated with purchasing a car during the initial years of ownership. It includes a flexible financing plan with special prices on selected MG models, a three-year service package, Takaful insurance coverage, and a six-year warranty. Clients can benefit from affordable monthly installments starting from BD 68, depending on the selected model.
Mr. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, expressed his enthusiasm for the initiative, stating, 'We are pleased to announce our partnership with MG Motor to deliver this unique financing offer, which reflects our ongoing commitment to providing innovative and client-centric solutions. Through this collaboration, we aim to simplify the car buying experience by covering all upfront costs within the monthly installments.'
From the perspective of MG Motor, Mr. Rizwan Tariq Abdulrahman, General Manager of Zayani Motor, highlighted the significance of the partnership, noting, 'We are delighted to collaborate with Al Salam Bank on this comprehensive financing offer, which is a significant step towards making MG vehicles more accessible to a wider range of clients in Bahrain.'
This partnership exemplifies Al Salam Bank's commitment to integrating innovative solutions that align with client needs. By covering registration fees, service packages, and insurance within the monthly installments, the bank provides a well-rounded financing solution that ensures peace of mind for its clients.
In terms of investment, the strategic partnership between Al Salam Bank and MG Motor reflects a forward-thinking approach that could bolster the bank's market position and attract a broader client base. However, given the competitive landscape of the banking sector, potential investors might consider a 'hold' position on Al Salam Bank shares as the partnership's impact on financial performance unfolds over time.
Source
Summary
Al Salam Bank has formed a strategic partnership with MG Motor, owned by Zayani Motors, to offer a comprehensive auto financing package available until December 31, 2025. This offer includes special pricing on selected MG models and covers all initial fees and expenses, such as registration fees, a service package, Takaful insurance, and a 6-year warranty. Al Salam Bank clients can benefit from affordable monthly installments starting at BD 68, subject to terms and conditions. This initiative aims to ease the financial burden on clients during the early years of car ownership. The partnership reflects Al Salam Bank's commitment to providing innovative and client-focused financial solutions, while MG Motor sees it as a way to make their vehicles more accessible in Bahrain. For more details, interested parties can contact Al Salam Bank's Relationship Managers or visit their website.
