KARACHI: Faysal Bank has entered into an agreement to finance its customers in buying grocery in installment at zero mark-up.
The bank has signed the agreement with retail chain Naheed Pakistan to offer grocery at installment with zero markup.
The partnership aims to improve payment cycles for Faysal Bank’s merchant partners while making payments easier for Faysal Bank customers through Naheed Pakistan. Naheed benefits from a higher conversion rate, improved average order value, and an increase in sales by offering installments at checkout.
This facility can be availed to all Faysal Islami Noor Card customers at a 0% profit rate. This collaboration marks the first time in Pakistan that customers can avail installment financing on grocery shopping in a shariah compliant way, providing greater convenience and ease in their lives. Customers can avail financing on a minimum spend of Rs. 25000/- with Naheed.
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The partnership aims to improve payment cycles for Faysal Bank’s merchant partners while making payments easier for Faysal Bank customers through Naheed Pakistan. Naheed benefits from a higher conversion rate, improved average order value, and an increase in sales by offering installments at checkout.
Feroz Khan, Head Unsecured Business & Payment Services, Consumer Finance, Faysal Bank, expressed his excitement about the partnership, “This partnership is a testament to our vision of empowering customers with Shariah Compatible flexible financing options. This product will also support merchants to get more sales during this period of continued economic uncertainty.”
FBL carries the highest local Sharia rating of SCFR1 by the International Islamic Rating Agency (IIRA) and provides the best and widest range of Shariah-compliant banking products and services to meet their customer’s Halal banking needs with convenience. With an expanding network of 700 Islamic branches, Faysal Bank has a footprint in over 270 cities/towns across Pakistan.
