Wednesday, September 28, 2022
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BPP’s I-SAAF plan for Small and Medium Enterprises will be launched by Meezan Bank (SMEs)

Meezan Bank, Pakistan’s first and largest Islamic bank, was also the first to introduce the Islamic SME Asaan Finance Scheme (I-SAAF) for SMEs under the SME Asaan Finance Scheme of the State Bank of Pakistan (SBP) (SAAF). Dr. Reza Baqir, Governor, SBP, other top SBP officials, Mr. Ariful Islam, Deputy CEO, Meezan Bank, Mr. Khawaja Muhammad Hussain, President Multan Chamber of Commerce, and representatives of the business community attended the launch event at Multan Chamber of Commerce.

Also read: EnerTech Water Private Limited and a consortium led by Meezan Bank have signed an Islamic Syndicated Project Finance Facility deal worth PKR 25.5 billion

Under the Scheme, Meezan Bank will extend Shariah-compliant short-term and long-term facilities of up to PKR 10 million to eligible customers, at a subsidized rate of 9 percent per annum. The Scheme was introduced by SBP, and eight participating banks were selected through a transparent bidding process. Meezan Bank was one of the successful bidders, with a sizeable share in the overall program, and the only Islamic bank offering its Shariah-compliant alternate, in-line with its Vision of establishing ‘Islamic banking as banking of first choice…’ I-SAAF will allow access to finance to SMEs that despite being credit-worthy are unable to avail financing due to collateral or other requirements.

While distributing cheques to I-SAAF customers, Mr. Ariful Islam – Deputy CEO, Meezan Bank reaffirmed the bank’s commitment to invest in human resource and technology to ensure success of the Scheme and enable a swift and hassle-free application process for its customers. Mr. Ariful Islam also presented a memento to Dr. Reza Baqir for gracing the event with his presence.

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