Pakistan’s largest Islamic bank, Meezan Bank, has partnered with Fauree Tech to establish a digital platform for Shariah compliant supply chain finance.
Fauree, which also has presence in the UAE and Oman, will be providing the digital platform, which offers real-time Islamic financing and automates the entire lifecycle of the financing process. Meezan Bank on the other hand will be providing the Islamic supply chain financing facilities catered for SMEs.
This is not Meezan Bank’s first foray into the digital supply chain finance space. Last October, the bank launched another similar platform in partnership, known as Wisaaq, with Islamic B2B fintech company Haball as well as Coca-Cola Beverages Pakistan. Wisaaq connects Coca-Cola Beverage Pakistan’s 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.
“Meezan Bank is fully committed to creating innovative Shariah compliant financing solutions, and is pleased to collaborate with Fauree for developing a digital financing platform that reaches small and medium sized suppliers, and their anchor corporates. We are hopeful, that this partnership will act as a precursor to grow the country’s most important segment,” commented Syed Tanveer Hussain, the general manager of Meezan Bank.