BankIslami has joined forces with the Sindh Enterprise Development Fund (SEDF) to expand and enhance financing opportunities for small and medium enterprises (SMEs) throughout Sindh. This collaboration aims to improve financial access for SMEs, which play a crucial role in driving the province’s economic growth and job creation.
Under the terms of the partnership, formalized through a Memorandum of Understanding (MoU) signed at BankIslami’s Karachi headquarters, SEDF will provide financial incentives such as KIBOR-based profit subsidies to reduce the cost of financing. Meanwhile, BankIslami will offer customized business financing solutions tailored to the specific needs of SMEs to support their development and sustainability.
The signing ceremony was attended by prominent leaders from both organizations, including Khizar Pervaiz, CEO of SEDF; Syed Qassim Naveed Qamar, Special Assistant to the Chief Minister of Sindh; Raja Khurram Shahzad Umar, Secretary Investment; Rizwan Ata, President & CEO of BankIslami; and Imran H. Shaikh, Deputy Chief Executive Officer of BankIslami.
Syed Qassim Naveed Qamar emphasized the government’s dedication to building a robust ecosystem for SME growth, calling SMEs the backbone of Sindh’s economy. He stated, “This partnership with BankIslami is a key step in providing the necessary resources for entrepreneurs, especially in sectors with significant potential for job creation and sustainable development.”
Rizwan Ata, BankIslami’s President and CEO, highlighted the bank’s commitment to supporting sustainable economic progress in Sindh. He said, “We are pleased to join hands with SEDF and play our role in driving sustainable economic growth in Sindh. At BankIslami, we are focused on creating an accessible and impactful Islamic financing system that makes it easier for SMEs and small businesses to grow. This initiative aims to foster innovation and economic advancement, particularly in sectors that can drive overall growth.”
The partnership exemplifies a successful public-private collaboration aimed at catalyzing sustainable development within high-potential sectors. By providing SMEs with the necessary financial support, incentives, and tailored services, BankIslami and SEDF are helping to create a foundation for long-term business success and economic resilience across Sindh.
This initiative is expected to empower entrepreneurs with improved access to affordable finance, enabling them to scale their operations and contribute meaningfully to Sindh’s economic landscape. The collaboration underscores the increasing role of Islamic banking in supporting SMEs and fostering inclusive economic growth in Pakistan.
