Meezan Bank, Pakistan’s leading Islamic Bank, has recently formalised a Memorandum of Understanding (MoU) with the Pakistan Microfinance Network (PMN) – the national association for retail players in the microfinance industry. Under this agreement, the Bank will provide financial and Shariah technical support to PMN member institutions to deliver Islamic finance to the underprivileged segments of society.

The MoU was signed by Mr Ahmed Ali Siddiqui – Group Head, Shariah Compliance at Meezan Bank, and Syed Mohsin Ahmed – CEO of PMN, at a signing ceremony held at Avari Hotel, Lahore. Notable figures present at the event included Dr. Muhammad Imran Ashraf Usmani – Vice Chairman of Shariah Board, Meezan Bank; Syed Tanveer Hussain – Group Executive Corporate, Commercial & Investment Banking Group, Meezan Bank; Mr Murtaza Khokhar – Vice Chairman, PMN and Mr Ali Basharat – Head of Operations, PMN along with their respective teams.

Expressing his thoughts on the collaboration, Dr Muhammad Imran Ashraf Usmani said, “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 emphasised 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 at the occasion, ” Pakistan’s financial industry 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.”