Karachi
\nIn a significant development for Islamic finance, Meezan Bank, Pakistan\u2019s leading Islamic bank has joined hands with SAFCO Microfinance Company Private Limited (SMCL) to establish its inaugural Islamic microfinance branch, operating under the brand name \u2018Yaqeen\u2019 in Hyderabad, Pakistan.
\nThis milestone reflects the collaborative effort between the two entities, with Meezan Bank playing a pivotal role in extending PKR 100 Million financing, technical support for product development, capacity building, and training.
\nThe inauguration of SMCL\u2019s first Islamic microfinance branch serves as a testament to Meezan Bank\u2019s substantial contribution to the advancement of the Islamic finance sector.
\nThrough \u2018Yaqeen,\u2019 SMCL aims to extend Shariah-compliant microfinance services to under-privileged and low-income individuals, underlining its commitment to offering a diverse range of microfinance services in strict compliance with Shariah principles.
\nAt the inauguration event, Mr. Suleman G. Abro \u2013 Founder, President & CEO of SMCL and Syed Sajjad Ali Shah, Managing Director & VP of SMCL, highlighted the company\u2019s vision for Islamic finance, emphasizing the pivotal role played by Meezan Bank\u2019s expertise and support in enabling this transformative journey.
\nMr. Ahmed Ali Siddiqui, Group Head Shariah Compliance at Meezan Bank expressed his profound satisfaction with the launch of SMCL\u2019s Islamic microfinance services and said, \u201cWe are fully committed to providing our support to SMCL\u2019s mission of evolving into a comprehensive Islamic Microfinance Institution (MFI).
\nAs the country\u2019s Premier Islamic bank, we are keen on extending our expertise in developing a strategic business conversion plan and expansion of Islamic finance network for SMCL, an endeavour that aligns with our shared vision for fostering financial inclusivity, ethical banking practices and promotion of Shariah-compliant financing in Pakistan.
\nInsha\u2019Allah this will make a lasting impact on the Islamic financial landscape, contributing to the economic well-being of the communities we serve.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi In a significant development for Islamic finance, Meezan Bank, Pakistan\u2019s leading Islamic bank has joined hands with SAFCO Microfinance Company Private Limited (SMCL) to establish its inaugural Islamic microfinance branch, operating under the brand name \u2018Yaqeen\u2019 in Hyderabad, Pakistan. This milestone reflects the collaborative effort between the two entities, with Meezan Bank playing a […]<\/p>\n","protected":false},"author":2,"featured_media":367495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-367470","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n