According to a statement, Meezan Bank is the first bank in the country to launch an Islamic financing scheme for Small and Medium Enterprises (I-SAAF).
Dr. Reza Baqir, Governor of the State Bank of Pakistan (SBP), other senior SBP officials, Ariful Islam, Deputy CEO of Meezan Bank, Khawaja Muhammad Hussain, President of the Multan Chamber of Commerce, and members of the business community joined the launching ceremony.
Meezan Bank will provide Shariah-compliant short-term and long-term services of up to Rs10 million to eligible customers at a subsidized rate of 9% per annum under the Scheme.
SBP launched the Scheme, and eight participating banks were chosen through an open bidding process.
Meezan Bank was one of the successful bidders, with a significant share of the overall program, and the only Islamic bank offering a Shariah-compliant alternative, in-line financing.
I-SAAF will provide financing to SMEs that, despite being creditworthy, are unable to obtain financing due to collateral or other requirements.
Mr. Ariful Islam – Deputy CEO, Meezan Bank – reaffirmed the bank’s commitment to invest in human resources and technology to ensure the Scheme’s success and to enable a quick and hassle-free application process for its customers while distributing cheques to I-SAAF customers. Ariful Islam also gave Dr. Reza Baqir a token of appreciation for his presence at the event.
