BankIslami Pakistan Limited (BIPL) has entered into a strategic partnership with the Sindh Enterprise Development Fund (SEDF) to expand access to financing for small and medium enterprises (SMEs) across the province of Sindh. The collaboration is designed to empower entrepreneurs through tailored financial solutions and strategic support, with the goal of fostering long-term economic growth and resilience in the region.
The official signing ceremony of the Memorandum of Understanding (MoU) was held at BankIslami’s headquarters in Karachi. The event was attended by senior representatives from both organizations, including Mr. Khizar Pervaiz, CEO of SEDF; Mr. Syed Qassim Naveed Qamar, Special Assistant to the Chief Minister of Sindh; Mr. Raja Khurram Shahzad Umar, Secretary Investment; Mr. Rizwan Ata, President & CEO of BankIslami; and Mr. Imran H. Shaikh, Deputy Chief Executive Officer of BankIslami.
Under the terms of the partnership, BankIslami will offer customized Islamic financing products to SMEs, while SEDF will provide financial incentives such as KIBOR-based profit subsidies. These measures aim to reduce the cost of borrowing for small businesses and encourage entrepreneurial development in high-potential sectors throughout Sindh.
This joint effort between a leading Islamic bank and a provincial development fund marks a significant move toward inclusive and sustainable economic development. By reducing barriers to credit and delivering practical financial support, the initiative is set to enhance the financial ecosystem for SMEs—often considered the backbone of emerging economies.
Speaking at the event, Mr. Syed Qassim Naveed Qamar emphasized the importance of this collaboration in supporting the Sindh government’s vision for SME development. “The Sindh government is committed to fostering an ecosystem that supports the growth of SMEs, which are the backbone of our economy,” he stated. “This partnership with BankIslami is a key step in providing the necessary resources for entrepreneurs, especially in sectors that have significant potential for job creation and sustainable development.”
Mr. Rizwan Ata, President & CEO of BankIslami, also shared his perspective on the collaboration, highlighting its alignment with the bank’s mission. “We are pleased to join hands with SEDF and play our role in driving sustainable economic growth in Sindh. At BankIslami, we are committed to creating an accessible and impactful financial system that makes Islamic financing easy and accessible for SMEs and small businesses. Through this initiative, we aim to foster innovation and economic progress, particularly in sectors with potential to drive economic growth,” he said.
This partnership exemplifies the potential of public-private collaboration in addressing systemic economic challenges. By combining the financial expertise of BankIslami with the developmental vision of SEDF, the initiative is poised to unlock new opportunities for entrepreneurs across Sindh. In doing so, it not only supports individual business growth but also contributes to the wider objective of building a resilient and diversified provincial economy.
As the program moves forward, its success could serve as a model for similar collaborations in other provinces, further cementing the role of Islamic banking in promoting inclusive development and financial empowerment.