KARACHI: Bank Alfalah has partnered with Haball, a business to business payments aggregator catering to Shariah-compliant clients, to launch digital supply chain lending in Pakistan, a statement said on Saturday.
Haball has launched a digital lending platform, “Wisaaq”, which will be available for use to Bank Alfalah’s corporate clients. Customers seeking Islamic variants of the bank’s supply chain finance products can obtain financing through a quick and simple digital process.
“With a growing need for financing by vendors and dealers in different industry verticals, this collaboration will enable Bank Alfalah help more credit-starved businesses. Customers hesitant to obtain conventional modes of financing will now have greater access to Islamic variants of supply chain finance products,” the bank said in a statement.
Commenting on the collaboration, Saad Ur Rahman Khan, Bank Alfalah group head corporate, investment banking and international business said, “We are committed to collaborating with Fin-techs and investing in innovative products in the digital sphere. This collaboration aligns with the bank’s vision to facilitate the digitalisation of supply chain finance in Pakistan.”
“We are committed to supporting businesses with innovative solutions while playing a vital role in driving economic growth. This collaboration will facilitate B2B payments as we continue to offer a range of digitally innovative Islamic products and services,” Khan added.
"Pakistani supply chains are dominated by SMEs and they are thirsty for liquidity. They need delivery to be quick, matching seasonal needs and delivered in a Shariah-compliant way,” said Omer Bin Ahsan, CEO, Haball.
The partnership would allow Haball to scale digital supply chain financing for its corporate customers and enables Bank Alfalah to it deliver across 200 cities efficiently using cash flow transparency, he stated.