Pakistan’s largest Islamic bank Meezan and Coca-Cola Beverages Pakistan have launched a Shariah compliant digital supply chain financing platform in partnership with Islamic B2B fintech company Haball.
Known as Wisaaq, the digital financing platform connects vendors/distributors, banks and corporates on a single platform, to enhance cash flow efficiencies for clients while facilitating collateral-free early payment of invoices for distributors. It can execute digital onboarding, disbursements and payments in full compliance with Islamic principles.
The platform will serve Coca-Cola Beverage Pakistan’s distributors, allowing them access to Shariah compliant working capital to support their expansion.
“By entering into this venture, Meezan Bank aims to support SMEs in Pakistan, ensuring financial efficiency and stability of the supply chain, eventually fueling growth of the economy. The bank’s collaboration with CCI Pakistan will also allow [the] exchange of expertise and networks from two different industries, that will create sustainable business opportunities for retailers,” Meezan noted in a statement. Coca-Cola Beverage Pakistan is a subsidiary of Coca-Cola Icecek (CCI).