Amana Bank recently tied up with one of Sri Lanka’s pioneers in the automobile industry, Diesel & Motor Engineering PLC (DIMO), to provide special leasing finance for all TATA range of commercial vehicles, including the popular DIMO Batta and Batti vehicles.
This strategic alliance offers any individual or business entity interested in TATA commercial vehicles a special monthly leasing rental of Rs 2,554 (inclusive of VAT) for five years on a lease finance of Rs 100,000.
Speaking on this tie up Amana Bank’s Vice President, Consumer Banking and Strategic Marketing, Siddeeque Akbar said “Amana Bank is happy to enter in to this partnership with DIMO, a company renowned for its excellence in the automobile industry for the last seven decades. We see a growing need in the market for commercial purpose vehicles and Amana Bank is eager to support this requirement by providing attractive leasing finance”.
Commenting on this strategic synergy, DIMO PLC’s General Manager – TATA Commercial Vehicles Sales, Vijiha Bandara said “It has been a great pleasure to join hands with a financing partner such as Amana Bank which works on a unique financial model. Diesel & Motor Engineering PLC is the sole agent and distributor for TATA vehicles in Sri Lanka and we are in the process of enhancing the Sri Lankan transportation and logistics sector while providing self-employment opportunities for enthusiastic youth in the country. ”
Amana Bank’s unique concept of leasing operates according to Ijara principles where the Bank will buy the vehicle the customer requires and rent it back to the customer so that he/she could enjoy using the vehicle. At the end of the agreed rental period the Bank will gift the vehicle to the customer so that the customer can enjoy the full ownership of it. Apart from this Amana Bank customers will get discounted prices, up to five year financing and if required monthly insurance payment options.
TATA vehicles offer a range of best in class products including Small Commercial Vehicles, Vans, Trucks and Buses. Trucks are available with loading capacity ranging from 600 kg mini trucks to 40 ton high power container carriers and with body length ranging from 5 ½ feet to 23 feet. Passenger carriers are available from 16 to 57 seaters to suit different applications and user requirements. TATA vehicles are supported by the DIMO warranty, on island wide DIMO sales network, superior service, genuine spare parts and 24 hour road side assistance.
Amana Bank is the first Licensed Commercial Bank in Sri Lanka which fully functions on the principles of Islamic banking. Powered by the stability and the support of its strategic shareholders Bank Islam Malaysia Berhad, the Islamic Development Bank based in Saudi Arabia and AB Bank in Bangladesh, Amana Bank is making an aggressive journey in the Sri Lankan banking industry. While already being the market leader in Sharia-based banking, Amana Bank is focused on capitalizing on the growing market potential for this unique banking concept among all communities in the country.