Midland Bank, Akij Renewable Energy sign MoU to facilitate EV financing
Midland Bank and Akij Renewable Energy Join Hands to Support Electric Vehicle Buyers
Thebangladaily.com – Electric vehicle buyers in Bangladesh may soon find financing more accessible through a new partnership between Midland Bank PLC and Akij Renewable Energy and Automobiles Ltd (AREAL). The two organisations have signed a memorandum of understanding designed to make EV purchases easier through preferential loan facilities, customer discounts and a faster application process.
The agreement was executed in Dhaka on September 23, 2026. Md Zahid Hossain, Deputy Managing Director of Midland Bank PLC, signed for the bank, while Sayed Joynul Abedin, Chief Executive Officer of Akij Renewable Energy & Automobiles Ltd, signed on behalf of AREAL, a concern of Akij Venture Group.
Preferential financing for EV purchases
Under the arrangement, customers who buy electric vehicles directly from AREAL will be able to apply for special auto-financing facilities through Midland Bank. These facilities are expected to include preferential interest rates and lower loan-processing charges, subject to the bank’s internal policies and applicable regulatory conditions.
The initiative brings together vehicle sales and banking support at a point where prospective customers are making a purchase decision. For buyers, the availability of financing can be an important consideration alongside the vehicle’s price, expected operating costs, charging needs and suitability for daily travel.
Midland Bank and AREAL also plan to establish a fast-track route for eligible EV financing applications. Once complete documentation has been submitted, Midland Bank aims to complete the end-to-end loan process within three working days. Customers sent to the bank through AREAL will receive priority handling, with a dedicated Relationship Manager assigned to coordinate the financing journey.
Discounts for Midland Bank customer groups
In addition to loan-related benefits, AREAL will provide special price reductions on both new and reconditioned vehicles at its outlets. The offer will be available to eligible holders of Midland Bank credit, debit and prepaid cards, as well as the bank’s Priority Clients and employees.
The discount component broadens the partnership beyond financing alone. It gives qualifying customers a potential purchase incentive while allowing the two companies to connect banking services with EV ownership options available through AREAL.
The arrangement is scheduled to remain in force for one year from the date it was signed. During that period, the partners will work on initiatives intended to make the customer experience more convenient from initial interest through loan application and vehicle purchase.
Digital tools planned at product galleries
Digital services form another part of the collaboration. The companies intend to introduce financing pre-screening and QR-code-based application options at product galleries. These measures could allow interested customers to begin the financing process while visiting a showroom, rather than treating the vehicle selection and loan inquiry as entirely separate steps.
Pre-screening can help customers understand whether they may meet initial financing requirements before they proceed further with an application. QR-based access may also make it easier to direct prospective buyers to relevant forms or banking channels while they are considering a vehicle.
Any approved financing will continue to depend on Midland Bank’s relevant policies and regulatory requirements. Buyers will therefore need to provide complete documentation and satisfy the conditions attached to the applicable loan facility.
Focus on EV awareness and ownership considerations
Midland Bank and AREAL will jointly undertake promotional and awareness activities focused on the practical aspects of electric vehicle ownership. Their planned messaging will cover affordability of financing, potential cost savings, environmental considerations and charging infrastructure.
For customers assessing an EV purchase, financing is only one part of the decision. Understanding repayment terms, available offers, charging arrangements and the broader cost of owning a vehicle can help buyers make a more informed choice. The partnership’s awareness efforts are intended to address these areas alongside the available banking facilities.
The agreement reflects a strategic effort by both organisations to encourage the use of electric vehicles through a combination of sales benefits, banking support and customer guidance. By offering a dedicated processing route and linking eligible buyers with relationship-management support, the partners aim to reduce friction in the purchase-financing process.
Representatives present at the signing
Midland Bank officials attending the signing included Mohd Javed Tarek Khan, SEVP and Head of the Institutional Banking Division; Mohammed Rashadul Anwar, VP, Coordinator of Retail Distribution and Head of the Public Relations Division; Shahed Mahmood Reza, VP and Head of Unit-04 of the Institutional Banking Division; and Mohammad Asif Hossain, FAVP and Relationship Manager at Unit-04 of the Institutional Banking Division.
Akij Venture Group was represented by Amit Saha, AGM of Finance & Accounts at Akij Food & Beverage Ltd; Raquibul Ahsan, Senior Manager, Brand, at Akij Renewable Energy & Automobiles Ltd; Tashfeen Ahmad, Assistant Manager, Brand, at Akij Renewable Energy & Automobiles Ltd; and Md Yousuf Sazid, Assistant Manager, Operations, at Akij Bicycle & Engineering Ltd.
Through the MoU, Midland Bank and AREAL are positioning financing, vehicle offers and application support as connected elements of the EV buying experience. Eligible customers purchasing directly from AREAL will be able to explore the proposed benefits for the one-year term of the agreement.
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