Karachi, March 7, 2024 – In a move aimed at promoting financial inclusion and Shariah-compliant services, Meezan Bank has officially entered into a Memorandum of Understanding (MoU) with the Pakistan Microfinance Network (PMN), the national association for retail players in the microfinance industry.
This partnership seeks to provide financial and Shariah technical support to PMN member institutions, ultimately catering to the underprivileged segments of society through Islamic finance.
The MoU was formalized through a signing ceremony at Avari Hotel, Lahore, where Ahmed Ali Siddiqui, Group Head of Shariah Compliance at Meezan Bank, and Syed Mohsin Ahmed, CEO of PMN, put pen to paper. The event was graced by notable figures, including Dr. Muhammad Imran Ashraf Usmani, Vice Chairman of the Shariah Board at Meezan Bank, Syed Tanveer Hussain, Group Executive Corporate, Commercial & Investment Banking Group at Meezan Bank, Mr. Murtaza Khokhar, Vice Chairman of PMN, and Mr. Ali Basharat, Head of Operations at PMN, along with their respective teams.
Dr. Muhammad Imran Ashraf Usmani expressed optimism about the collaboration’s potential impact on expanding financial inclusion and providing Shariah-compliant financial services to the underserved sectors of society. He emphasized the importance of leveraging technology to efficiently serve microfinance customers and outlined a vision for contributing to the sector’s growth and wealth circulation within the economy.
“This collaboration will make a significant contribution towards expanding financial inclusion and facilitating access to finance as per the precepts of Shariah to the underserved sector of society, meeting their essential needs,” stated Dr. Usmani.
Syed Mohsin Ahmed highlighted the transformative phase the financial industry in Pakistan is undergoing as it shifts from conventional to Islamic finance. He underscored the partnership between Meezan Bank and PMN as a catalyst for promoting Shariah-compliant financial services, ultimately advancing financial inclusion across the country.
“The financial industry in Pakistan is at a crossroads as it transforms from conventional to Islamic finance. This partnership between Meezan Bank and PMN will be a catalyst in promoting Shariah-compliant financial services and will promote financial inclusion in the country,” said Syed Mohsin Ahmed.
The collaboration signifies a commitment to fostering inclusive financial practices aligned with Islamic principles. By pooling resources and expertise, Meezan Bank and PMN aim to bridge the financial gap and empower marginalized communities, ensuring that they have access to essential financial services while adhering to Shariah guidelines.
As the partnership progresses, it is expected to play a pivotal role in promoting sustainable economic growth, empowering individuals, and contributing to the overall prosperity of the nation. The collaboration reflects a shared commitment to combining financial expertise with ethical considerations for the betterment of society.
