In a significant development for Islamic finance, Meezan Bank, Pakistan’s 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 ‘Yaqeen’ in Hyderabad, Pakistan. This 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. The inauguration of SMCL’s first Islamic microfinance branch serves as a testament to Meezan Bank’s substantial contribution to the advancement of the Islamic finance sector. Through ‘Yaqeen,’ SMCL aims to extend Shariahcompliant 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. https://shorturl.at/quHK4
Source: IBP