KARACHI: Meezan Bank has become the first bank in the country to launch Islamic financing scheme for Small and Medium Enterprises (I-SAAF), a statement said on Wednesday.
The launching ceremony was held at Multan Chamber of Commerce and was attended by Dr. Reza Baqir – Governor, State Bank of Pakistan (SBP), other senior officials of SBP, Ariful Islam – Deputy CEO, Meezan Bank, Khawaja Muhammad Hussain – President Multan Chamber of Commerce – and members of the business community.
READ MORE: Meezan Bank to provide eBiz+ services to G&T Group
Under the Scheme, Meezan Bank will extend Shariah-compliant short-term and long-term facilities of up to Rs10 million to eligible customers, at a subsidized rate of 9 percent per annum.
The Scheme was introduced by SBP, and eight participating banks were selected through a transparent bidding process.
Meezan Bank was one of the successful bidders, with a sizeable share in the overall program, and the only Islamic bank offering its Shariah-compliant alternate, in-line with its Vision of establishing ‘Islamic banking as banking of first choice…’
READ MORE: Meezan Bank, Retailo sign agreement to finance youth
I-SAAF will allow access to finance to SMEs that despite being credit-worthy are unable to avail financing due to collateral or other requirements.
While distributing cheques to I-SAAF customers, Mr. Ariful Islam – Deputy CEO, Meezan Bank reaffirmed the bank’s commitment to invest in human resource and technology to ensure success of the Scheme and enable a swift and hassle-free application process for its customers. Ariful Islam also presented a memento to Dr. Reza Baqir for gracing the event with his presence.