Midland Bank PLC. (MDB) has signed a Memorandum of Understanding (MoU) with Akij Renewable Energy & Automobiles Ltd. (AREAL), a subsidiary of Akij Venture Group, to establish a strategic partnership. This collaboration aims to promote and facilitate financing for electric vehicles (EVs) and provide special benefits to customers.

The MoU was signed on September 23, 2026, in Dhaka, 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 organizations.

Under the agreement, customers purchasing electric vehicles directly from AREAL will have access to preferential auto financing facilities from Midland Bank. These benefits include special interest rates and reduced loan processing fees, subject to the Bank’s applicable policies and regulatory requirements. Additionally, AREAL will offer special discounts on the purchase of brand-new or reconditioned vehicles to eligible Midland Bank credit, debit, and prepaid cardholders, Priority Clients, and employees across its outlets.

The partnership will also introduce a fast-track financing mechanism for EV customers. Midland Bank will provide dedicated support for EV financing, aiming to complete end-to-end loan processing within three working days after the submission of complete documentation. Priority processing will be available for customers referred by AREAL, with a dedicated Relationship Manager coordinating the financing process. The collaboration also includes digital initiatives such as financing pre-screening and QR-based application facilities at product galleries.

Both organizations will also collaborate on promotional and customer awareness initiatives. These efforts will focus 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.

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

From Akij Venture Group, 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., were also present at the signing ceremony.