Karachi: 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 Shariah-compliant 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.

At the inauguration event, Mr. Suleman G. Abro – Founder, President & CEO of SMCL and Syed Sajjad Ali Shah, Managing Director & VP of SMCL, highlighted the company’s vision for Islamic finance, emphasizing the pivotal role played by Meezan Bank’s expertise and support in enabling this transformative journey.

Mr. Ahmed Ali Siddiqui, Group Head Shariah Compliance at Meezan Bank expressed his profound satisfaction with the launch of SMCL’s Islamic microfinance services and said, “We are fully committed to providing our support to SMCL’s mission of evolving into a comprehensive Islamic Microfinance Institution (MFI). As the country’s Premier Islamic bank, we are keen on extending our expertise in developing a strategic business conversion plan and expansion of Islamic finance network for SMCL, an endeavour that aligns with our shared vision for fostering financial inclusivity, ethical banking practices and promotion of Shariah-compliant financing in Pakistan. Insha’Allah this will make a lasting impact on the Islamic financial landscape, contributing to the economic well-being of the communities we serve.”