Al Salam Bank Partners with BYD for Green Auto Financing
Al Salam Bank launches an exclusive auto financing offer with BYD, promoting sustainable mobility during Ramadan.
Summary
Al Salam Bank collaborates with BYD to offer exclusive auto financing for new energy vehicles, reinforcing its commitment to sustainability and ESG initiatives.
In a strategic move to align with global sustainability efforts, Al Salam Bank has announced an exclusive auto financing offer in collaboration with BYD, a leading manufacturer of New Energy Vehicles (NEVs). The offer, available from February 15 to March 31, 2025, is designed to encourage the adoption of eco-friendly transportation solutions, thereby contributing to the Bank's Environmental, Social, and Governance (ESG) initiatives.
The partnership with BYD is a significant step for Al Salam Bank in promoting green mobility within Bahrain, aligning with the country's sustainability agenda. Customers financing a new BYD vehicle through the bank will receive a cashback reward ranging from BHD 500 to BHD 1,000, subject to the offer's terms and conditions. Additionally, Al Salam Bank is providing flexible and competitive financing solutions to make NEV ownership more accessible to its clients.
Mohamed Buhijji, Head of Retail Banking at Al Salam Bank, stated, 'The Holy Month of Ramadan is a time when demand for new vehicles typically increases, making it an ideal opportunity to introduce financing solutions that support our clients in transitioning to new energy vehicles.' This initiative not only reinforces Al Salam Bank's commitment to sustainable mobility but also enhances the overall banking experience by offering innovative and value-driven financial solutions.
BYD's Managing Director, Mr. Mohammed Adel Fakhro, expressed that the partnership reflects a shared vision of promoting eco-friendly automotive solutions. 'Our collaboration with Al Salam Bank underscores our long-term commitment to expanding the adoption of electric mobility across the region while providing customers with reliable, high-performance solutions that align with global sustainability efforts,' he added.
For potential investors, this move by Al Salam Bank to integrate ESG principles into its offerings is a positive indicator of its strategic direction. The bank's proactive approach to sustainability, coupled with its robust financial standing, positions it well for future growth in the burgeoning green finance sector. However, given the current market dynamics and the bank's ongoing initiatives, a 'hold' recommendation is prudent for now, allowing investors to observe the impact of these initiatives on the bank's performance.
Source
Summary
Al Salam Bank, in partnership with BYD, has launched an exclusive auto financing offer for new energy vehicles in Bahrain, running from February 15 to March 31, 2025. This initiative supports the bank's Environmental, Social, and Governance (ESG) goals by promoting eco-friendly transportation. Clients financing a BYD new energy vehicle through the bank can receive a cashback reward of up to BHD 1,000, subject to terms and conditions, along with flexible financing solutions. The initiative aligns with Bahrain's sustainability agenda and the global shift towards a low-carbon economy. The offer is timed to coincide with increased vehicle demand during Ramadan. Both Al Salam Bank and BYD emphasize their commitment to sustainable mobility and providing innovative financial solutions.
