KARACHI: Meezan Bank has recently announced a groundbreaking partnership with Finja, the country’s first dual-regulated fintech, to support MSMEs (micro, small, and medium enterprises) through Shariah-compliant digital financing, a statement said on Monday.
This partnership would allow MSMEs in the country to avail unsecured Islamic financing, the bank said adding the financing transaction would be managed digitally and in real-time and once approved the financing amount would be credited to the businesses’ Meezan Smart Wallet account. It further said Finja’s digital ecosystem would streamline and accelerate the credit evaluation and decision-making process, whereas the system would assess risks using various eligibility checks and ensure compliance to the Bank’s risk acceptance criteria. This would therefore ensure that financing decisions are taken very swiftly and Islamic financing is provided to the customer without any delay, the statement added.
The bank said this collaboration would benefit the entire supply chain eco-system, focusing on facilitating the retailers and consequently the distributors.