Meezan Bank, a well-known Islamic bank in Pakistan, and SAFCO Microfinance Company Private Limited (SMCL) have struck a major partnership to open Meezan Bank’s first Islamic microfinance branch in Hyderabad, Pakistan. The branch will be called Yaqeen. This collaboration highlights the combined efforts of the two organizations and represents an important advancement in the field of Islamic finance. Meezan Bank’s contribution of PKR 100 million in funding, technical assistance for product development, capacity building, and training has been crucial.
The opening of the first Islamic microfinance branch of SMCL highlights Meezan Bank’s significant contribution to the advancement of Islamic finance. Yaqeen’s mission is to provide low-income and disadvantaged people with microfinance services that are compliant with Shariah while upholding the highest standards of Islamic law.
Mr. Suleman G. Abro, Founder, President, and CEO of SMCL, and Syed Sajjad Ali Shah, Managing Director and Vice President of SMCL, emphasized the company’s vision for Islamic finance during the inauguration event. They also thanked Meezan Bank for its invaluable knowledge and assistance in making this revolutionary journey possible.
Group Head of Shariah Compliance at Meezan Bank, Mr. Ahmed Ali Siddiqui, expressed his deep happiness with the introduction of Islamic microfinance services by SMCL. He underlined their dedication to helping SMCL realize its goal of developing into an all-encompassing Islamic microfinance institution (MFI). Being the top Islamic bank in Pakistan, they are keen to share their knowledge in order to create a strategic plan for company conversion and grow SMCL’s Islamic financing network. This is in line with their common goals of advancing ethical banking methods, financial inclusion, and finance that complies with Shariah in Pakistan. The project is anticipated to improve the economic well-being of the communities it serves and leave a lasting impression on the Islamic financial scene.
