Fauree and Meezan Bank Signs MOU
In significant collaboration to support small and medium-sized-enterprises (SMEs), Meezan Bank and Fauree Tech Pvt.Limited, a leading fintech company specializing in supply chain finance solutions, have joined forces. This partnership aims to establish a digital financing platform for suppliers involved in well-organized logistical supply chain associated with reputable corporations. By providing access to Shariah-Complaint Islamic Finance facilities, this collaboration will enable SMEs to sustain their operations and secure critical working capital in today’s challenging economic climate.
The Signing Ceremony
Through this collaboration, Meezan bank and Fauree are dedicated to empowering small and medium-sized businesses businesses by providing them with access to Islamic Finance facilities in a fully Shariah-compliant manner. The partnership primary focus is to ensure SMEs can sustain their operations and overcome financial challenges, all while adhering to Islamic principles.
The Digital Financing Platform
Under the agreement, Meezan bank will offer Islamic digital supply chain financing, while Fauree will provide the digital platform. This platform offers real-time Islamic financing and ensure complete digitization throughout the entire lifecycle of financing process. By leveraging digital technology, the platform simplifies and streamlines the financing journey for SMEs, enhancing efficiency and accessibility.
Discover Fauree Tech’s innovative platform, empowering Pakistani SMEs with Shariah-compliant digital financing.
Creating Innovative Financing Solutions
Syed Tanveer Hussain, General Manager of Meezan Bank, emphasized the bank’s commitment to creating innovative Shariah-compliant financing solutions. He expressed enthusiasm about collaboration with Fauree to develop a digital financing platform that targets small and medium-sized suppliers and their anchor corporations. Hussain believes this partnership will serve as a catalyst for growth within this crucial segment of the economy.
Supporting SMEs: Filling the Financing Gap
Azhar Tasadduq, CEO of Fauree, highlighted the company’s vision of supporting SMEs and addressing the existing financing gap in the market. While numerous small and medium-sized suppliers engage in business with large anchor buyers, they often struggle to find suitable financing solutions. Tasadduq emphasized the significant role that SMEs play in the
development and financial well-being of the country, further underscoring the importance of this collaboration.
The collaboration between Meezan Bank and Fauree Tech Pvt.Limited signifies the powerful step towards empowering small and medium-sized enterprises in Pakistan. By establishing a digital financing platform that provides Shariah-compliant solutions, this partnership will enable SMEs to access critical working capital, sustain their operations and drive economic growth. With a shared commitment to supporting SMEs and filling the financing gap, Meezan Bank and Fauree are poised to make a substantial impact on the financial well-being and development of the country.
Reference: Daily News