In a strategic move to empower small and medium enterprises (SMEs) in Sindh, BankIslami has entered into a landmark partnership with the Sindh Enterprise Development Fund (SEDF). This collaboration aims to significantly enhance access to financial resources for SMEs, marking a critical step in strengthening Pakistan’s entrepreneurial ecosystem, particularly through Shariah-compliant financing solutions.
The agreement was formalized through a Memorandum of Understanding (MoU) signed at BankIslami’s headquarters in Karachi. The event witnessed the presence of key stakeholders, including Khizar Pervaiz, CEO of SEDF; Syed Qassim Naveed Qamar, Special Assistant to the Chief Minister of Sindh; Raja Khurram Shahzad Umar, Secretary Investment; Rizwan Ata, President & CEO of BankIslami; and Imran H. Shaikh, Deputy CEO of BankIslami.
This partnership is designed to deliver targeted financial support to SMEs operating in various high-potential sectors across Sindh. Under the agreement, SEDF will offer profit subsidies based on the Karachi Interbank Offered Rate (KIBOR), easing the cost of borrowing for SMEs. On the other hand, BankIslami will provide bespoke business financing products tailored to the unique needs of small businesses, while maintaining adherence to Islamic financial principles.
Speaking at the signing ceremony, Syed Qassim Naveed Qamar emphasized the strategic importance of the initiative. “The Sindh government is committed to fostering an ecosystem that supports the growth of SMEs, which are the backbone of our economy. 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,” he stated.
Rizwan Ata, President & CEO of BankIslami, echoed this sentiment, highlighting the bank’s commitment to sustainable economic progress. “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 remarked.
The collaboration between BankIslami and SEDF is a strong example of effective public-private synergy aimed at economic inclusion. SMEs are often considered the engine of growth for emerging economies, yet many face systemic challenges in accessing affordable financing. By addressing this gap, the partnership not only supports existing businesses but also encourages new entrepreneurial ventures.
With a shared vision to empower SMEs and promote sustainable development, both institutions are setting a precedent for inclusive financial growth. As digital and Islamic finance continues to reshape the financial landscape, such initiatives reinforce the critical role of collaborative frameworks in achieving economic resilience and long-term development across Pakistan.