KARACHI: Meezan Bank has signed a Memorandum of Understanding (MoU) with the Pakistan Microfinance Network (PMN) to provide financial and Shariah technical support to PMN member institutions for delivering Islamic finance to the under-privileged segments of the society.

The MoU was signed by Ahmed Ali Siddiqui Group Head, Shariah Compliance at Meezan Bank, and Syed Mohsin Ahmed CEO of PMN in presence of Dr. Muhammad Imran Ashraf Usmani Vice Chairman Shariah Board Meezan Bank, Syed Tanveer Hussain Group Executive Corporate Commercial & Investment Banking Group Meezan Bank, Murtaza Khokhar Vice Chairman PMN and Ali Basharat Head of Operations PMN along with their respective teams.

On this development, Dr. Muhammad Imran Ashraf Usmani said that this collaboration will make a significant contribution towards expanding financial inclusion and facilitating access to finance as per the precepts of Shariah to the underserved sector of society, meeting their essential needs.

He further emphasized the significance of leveraging technology to efficiently serve microfinance customers, outlining his vision to contribute to the sector's growth and wealth circulation within the economy.

Syed Mohsin Ahmed said that the financial industry in Pakistan is at a crossroads as it transforms from conventional to Islamic finance. This partnership between Meezan Bank and PMN will be a catalyst in promoting Shariah-compliant financial services and will promote financial inclusion in the country, he added.

Copyright Business Recorder, 2024