Faysal Bank has agreed to finance its customers’ grocery purchases in installments with no markup.
The bank and retail chain Naheed Pakistan have signed an agreement to provide groceries on installment with no markup.
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Through Naheed Pakistan, the partnership aims to speed up payment cycles for Faysal Bank’s merchant partners while facilitating payments for Faysal Bank customers. By allowing for installment payments at the point of purchase, Naheed sees an improvement in its conversion rate, average order value, and sales.
All holders of Faysal Islami Noor Cards may use this service with a 0% profit margin. Due to this partnership, customers can now purchase groceries using installment financing that complies with shariah, giving them greater convenience and ease in their daily lives. Customers can use financing from Naheed with a minimum purchase of Rs. 25000.
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Through Naheed Pakistan, the partnership aims to speed up payment cycles for Faysal Bank’s merchant partners while facilitating payments for Faysal Bank customers. By allowing for installment payments at the point of purchase, Naheed sees an improvement in its conversion rate, average order value, and sales.
“This partnership is a testament to our vision of empowering customers with Shariah Compatible flexible financing options,” said Feroz Khan, Head of Unsecured Business & Payment Services, Consumer Finance, of Faysal Bank. During this period of ongoing economic uncertainty, this product will also help retailers increase sales.
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FBL offers the best and broadest selection of Shariah-compliant banking products and services to conveniently meet the needs of their customers who require halal banking. FBL has the highest local Sharia rating of SCFR1 by the International Islamic Rating Agency (IIRA). Faysal Bank has a presence in more than 270 cities and towns throughout Pakistan thanks to its expanding network of 700 Islamic branches.
