Karachi, June 6, 2023: Meezan Bank, Pakistan’s leading Islamic bank, has forged a strategic partnership with Fauree Tech Pvt Limited, a fintech company specializing in supply chain solutions.
This collaboration aims to establish a cutting-edge digital platform to finance suppliers engaged in well-organized logistical supply chains linked to reputable corporations.
The signing ceremony witnessed the presence of senior management from both Meezan Bank and Fauree, including Syed Tanveer Hussain, the General Manager of Meezan Bank, and Azhar Tasadduq, the CEO of Fauree, alongside their respective teams. Notably, Dr. Saleh AlAmr from Saudi Arabia, Founder and Group CEO of Jawa Investment, graced the occasion virtually.
By joining forces, Meezan Bank and Fauree will empower small and medium-sized enterprises (SMEs) by granting them access to Shariah-compliant Islamic finance facilities. This collaboration comes at a critical time when SMEs require robust working capital to sustain their operations amidst the challenging economic climate. Under the agreement, Meezan Bank will offer Islamic digital supply chain financing, while Fauree will provide a comprehensive digital platform that ensures real-time Islamic financing and digitization throughout the financing process lifecycle.
During the ceremony, Syed Tanveer Hussain, General Manager of Meezan Bank, expressed the bank’s unwavering commitment to developing innovative Shariah-compliant financing solutions. He remarked, “Meezan Bank is fully dedicated to creating groundbreaking Shariah-compliant financing solutions and is delighted to collaborate with Fauree in developing a digital financing platform that reaches small and medium-sized suppliers, as well as their anchor corporates. We are optimistic that this partnership will pave the way for growth in Pakistan’s most important segment.”
Azhar Tasadduq, CEO of Fauree, emphasized the company’s core vision of supporting and bridging the funding gap for small and medium enterprises (SMEs). He acknowledged the thousands of SMEs engaged in business with large anchor buyers who struggle to secure appropriate funding solutions. Tasadduq highlighted the significant role played by SMEs in the country’s development and financial well-being. He expressed gratitude to Meezan Bank for providing Fauree with an opportunity and for placing trust in their capabilities.
The collaboration between Meezan Bank and Fauree holds immense potential for the Pakistani business landscape, particularly for SMEs. Through this innovative digital financing platform, SMEs can access the necessary capital to thrive and contribute to the nation’s economic growth.