Meezan Bank and SAFCO Microfinance Join Forces to Launch Islamic Microfinance Services in Hyderabad

Karachi, In a notable advancement for Islamic finance in Pakistan, Meezan Bank, the country’s leading Islamic bank, has partnered with SAFCO Microfinance Company Private Limited (SMCL) to open the first Islamic microfinance branch in Hyderabad, operating under the brand name ‘Yaqeen.’ This collaboration marks a significant step in expanding Shariah-compliant financial services to underserved communities.

According to Meezan Bank Limited, Meezan Bank has played a crucial role in this initiative by providing PKR 100 Million in financing, along with technical support for product development, capacity building, and training. The launch of ‘Yaqeen’ by SMCL is a significant stride towards delivering diverse microfinance services in strict accordance with Shariah principles, targeting underprivileged and low-income individuals.

The inauguration event was marked by the presence of Mr. Suleman G. Abro, Founder, President & CEO of SMCL, and Syed Sajjad Ali Shah, Managing Director & VP of SMCL, who shared their vision for Islamic finance and acknowledged Meezan Bank’s pivotal support in this venture.

Mr. Ahmed Ali Siddiqui, Group Head of Shariah Compliance at Meezan Bank, expressed his satisfaction with the launch and reaffirmed Meezan Bank’s commitment to supporting SMCL’s transformation into a comprehensive Islamic Microfinance Institution (MFI). Siddiqui emphasized Meezan Bank’s dedication to fostering financial inclusivity, ethical banking practices, and the expansion of Shariah-compliant financing in Pakistan, aligning with the shared vision of both institutions.

The partnership between Meezan Bank and SMCL reflects a shared commitment to enhancing the Islamic financial landscape and contributing to the economic well-being of communities in Pakistan.

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