Midland Bank, Akij Renewable Energy sign MoU to facilitate EV financing

Midland Bank PLC (MDB) has signed a memorandum of understanding (MoU) with Akij Renewable Energy and Automobiles Ltd (AREAL), a subsidiary of Akij Venture Group, to establish a strategic partnership aimed at promoting and facilitating financing for electric vehicles (EVs) while providing special benefits to customers.

The MoU was signed in Dhaka on September 23, 2026, by Md Zahid Hossain, Deputy Managing Director of Midland Bank PLC, and Sayed Joynul Abedin, CEO of Akij Renewable Energy & Automobiles Ltd, on behalf of their respective organisations.

Under the agreement, customers purchasing electric vehicles directly from AREAL will be eligible for preferential auto financing facilities from Midland Bank. The facilities will include special interest rates and reduced loan processing fees, subject to the bank’s applicable policies and regulatory requirements.

AREAL will also offer special discounts on brand-new or reconditioned vehicles to eligible Midland Bank credit, debit and prepaid cardholders, Priority Clients and employees at its outlets.

The partnership will introduce a fast-track financing mechanism for EV customers. Midland Bank will provide dedicated support for EV financing, with the aim of completing end-to-end loan processing within three working days after submission of complete documentation.

Customers referred by AREAL will receive priority processing, with a dedicated Relationship Manager coordinating the financing process. The partnership will also include digital initiatives such as financing pre-screening and QR-based application facilities at product galleries.

Both organisations will collaborate on promotional and customer awareness initiatives focusing on the benefits of EV ownership, including financing affordability, cost savings, environmental advantages and charging infrastructure.

The MoU will remain valid for one year from the date of execution.

Officials from Midland Bank present at the signing ceremony included Mohd Javed Tarek Khan, SEVP and Head of Institutional Banking Division; Mohammed Rashadul Anwar, VP, Coordinator of Retail Distribution and Head of Public Relations Division; Shahed Mahmood Reza, VP and Head of Unit-04, Institutional Banking Division; and Mohammad Asif Hossain, FAVP and Relationship Manager, Unit-04, Institutional Banking Division.

Representing Akij Venture Group were Amit Saha, AGM, Finance & Accounts, Akij Food & Beverage Ltd; Raquibul Ahsan, Senior Manager, Brand, Akij Renewable Energy & Automobiles Ltd; Tashfeen Ahmad, Assistant Manager, Brand, Akij Renewable Energy & Automobiles Ltd; and Md Yousuf Sazid, Assistant Manager, Operations, Akij Bicycle & Engineering Ltd.