NASIM AND KUWAIT FINANCE HOUSE SIGN AUTO-FINANCING TREATY
2010-08-11 18:15:20 Author: admin Source:
Nasim Sdn Bhd., sole distributor and importers of Peugeot vehicles in Malaysia, has announced another benchmark in the automotive industry through its latest alliance pact with the Kuwait Finance House Malaysia Berhad(KFHMB). Kuwait Finance House, a foreign Islamic bank, has signed an agreement with Nasim to offer Auto end-financing to potential Peugeot purchasers. The pact also witnessed Kuwait Finance House's first foray into the Automotive industry.
Through the agreement, future Peugeot cars buyers would get swift auto financing facilities based on Syariah concept at attractive rates. Led by the respective companies' CEOs, Nasim's En. Nasarudin SM Nasimuddin and KFHMB's Pn. Jamelah Jamaluddin, the Nasim-Kuwait Finance collaboration sees more auto financing options, attractive interest rates and diverse financing products on the horizon to be offered to Peugeot customers.
"The landscape of the automotive industry both in Malaysia and globally is rapidly changing. The financial crisis last year has demonstrated just how fragile the global automotive market is and carmakers are looking at mergers and alliances to consolidate their strengths and reduce operating costs. Since assuming the brand in January 2008, the company has witnessed the Peugeot brand rise to become the second best selling European marque in the country with a total of 3,766 units sold last year, which accounted for 86% of Peugeot sales in the Asean region," commented Nasarudin, who's also Joint Group Executive Chairman of the Naza Group of Companies.
He added, "We are committed to grow the brand in the country and feel that it is prudent for us to offer our customers a wide range of financing options. As such, we believe KFHMB's wealth of experience in Islamic financing will be the right partner for us to tap into the demand for Islamic financing products."
Earlier this year, the French marque has selected Malaysia as the manufacturing hub for right-hand drive markets in the region. Nasim is ultimately the beneficiary to facilitate the first foreign carmaker's manufacturing hub. With a probable lower pricing of Peugeot vehicles in the near future, Nasim's new financing arm KFHMB plans to make its financing products available to existing owners and new buyers. As their first act, KFHMB will send representatives to respective Nasim showrooms nationwide to address queries on all ranges of financing packages, particularly on the auto-financing facility. Next, the foreign Islamic bank will engage the Nasim and Peugeot dealers to participate in the program.
In view of this coalition, KFHMB will yield the Peugeot market through Nasim's extensive customers database and benefit from a positive start in auto-financing through concerted and focused services and efforts. In addition, both partners will be able to cross leverage and jointly run marketing and promotional activities. KFHMB also plans to develop innovative packages to better meet the market demand in the future.
