KARACHI, November 13, 2024: Meezan Bank, Pakistan’s premier Islamic bank, has partnered with CashNow, the country’s leading supply chain finance platform, to introduce an innovative Shariah-compliant digital supply chain finance solution. The collaboration was formalized through a Memorandum of Understanding (MoU) signed at Meezan Bank’s Head Office, and attended by senior representatives from both organizations.
This strategic alliance is the first of its kind in Pakistan, empowering CashNow to deliver a fully integrated digital Islamic supply chain finance solution developed in collaboration with Meezan Bank. The new offering enables Meezan Bank’s customers to access Shariah-compliant financing for finished goods through an efficient, digitally streamlined platform.
Through this MoU, Meezan Bank and CashNow have co-developed a unique digital Islamic product, designed specifically for suppliers’ financing needs. CashNow’s platform integrates seamlessly with Meezan’s core banking system to digitize the transaction process, providing customers with rapid, secure, Shariah-compliant working capital.
“Meezan Bank is committed to fostering growth across all business sectors, with a strong focus on supporting SMEs and supply chain finance,” said Syed Tanveer Hussain, Group Executive of Corporate, Commercial & Investment Banking at Meezan Bank.
“We are honoured that Meezan Bank has entrusted CashNow with this pivotal Supply Chain Finance initiative,” remarked Saeed Iqbal, Director and Co-Founder of CashNow.
This groundbreaking collaboration is set to transform the landscape of supply chain finance in Pakistan, establishing new standards for operational efficiency, driving innovation, and contributing to the country’s economic growth.
