Karachi, November 10, 2023 – Meezan Bank, Pakistan’s leading Islamic bank, has entered into a groundbreaking collaboration with SAFCO Microfinance Company Private Limited (SMCL) to launch the country’s first Islamic microfinance branch, named ‘Yaqeen,’ in Hyderabad, Pakistan.
This significant milestone marks a joint initiative between Meezan Bank and SMCL, with Meezan Bank taking a central role in providing PKR 100 Million in financing. Additionally, the collaboration includes technical support for product development, capacity building, and training. ‘Yaqeen’ aims to provide Shariah-compliant microfinance services to underprivileged and low-income individuals, reaffirming SMCL’s commitment to delivering a diverse range of microfinance services in strict adherence to Shariah principles.
The inauguration of SMCL’s inaugural Islamic microfinance branch not only underscores the commitment of both institutions to financial inclusivity but also highlights Meezan Bank’s significant contribution to advancing the Islamic finance sector in Pakistan.
During the inauguration event, Suleman G. Abro, Founder, President & CEO of SMCL, and Syed Sajjad Ali Shah, Managing Director & VP of SMCL, shared their vision for Islamic finance. They emphasized the pivotal role played by Meezan Bank in providing expertise and support, enabling SMCL to embark on this transformative journey toward Shariah-compliant microfinance services.
Ahmed Ali Siddiqui, Group Head Shariah Compliance at Meezan Bank, expressed profound satisfaction with the launch of SMCL’s Islamic microfinance services. Siddiqui stated, “We are fully committed to providing our support to SMCL’s mission of evolving into a comprehensive Islamic Microfinance Institution (MFI). As the country’s Premier Islamic bank, we are keen on extending our expertise in developing a strategic business conversion plan and the expansion of the Islamic finance network for SMCL. This endeavor aligns with our shared vision for fostering financial inclusivity, ethical banking practices, and the promotion of Shariah-compliant financing in Pakistan. Insha’Allah, this will make a lasting impact on the Islamic financial landscape, contributing to the economic well-being of the communities we serve.”
The collaboration between Meezan Bank and SMCL signifies a strategic alliance aimed at leveraging their respective strengths to drive the growth of Islamic microfinance in Pakistan. ‘Yaqeen’ is poised to become a beacon for Shariah-compliant financial services, providing an ethical and inclusive approach to microfinance in the country.
As the ‘Yaqeen’ Islamic microfinance branch takes its first steps, it holds the promise of transforming the financial landscape, empowering underserved communities, and contributing to the overall economic development of Pakistan through ethical and inclusive financial practices.
