• Legacy
  • Academy
  • Business
  • PayTech
  • Ignite
  • Cellcos
  • Wired
  • CovidTech
  • Library
  • Touch Base
Subscribe
CW Pakistan

Computerworld Pakistan

CW Pakistan
  • Legacy
  • Academy
  • Business
  • PayTech
  • Ignite
  • Cellcos
  • Wired
  • CovidTech
  • Library
  • Touch Base
  • Business
  • News

Financial Enablement for Kirana Stores via Meezan Bank, Finja Partnership

  • August 31, 2020
  • Content Desk
Total
0
Shares
0
0
0

Meezan Bank, Finja To Provide Financing To Small Kirana Stores

Press Release: Meezan Bank has announced a groundbreaking partnership with Finja. In order to support MSMEs (Micro, Small, and Medium Enterprises) through Shariah-compliant digital financing.

Local small businesses play a major role in the country’s economy but unfortunately, this sector has had limited access to the formal financial sector. With the outbreak of the Coronavirus pandemic, consumer preferences have moved swiftly from large grocery outlets to their neighborhood ‘Kirana’ stores from where they can safely purchase daily essentials. Given their growing importance, Meezan Bank recognized that this segment is in dire need of financing to optimize their sales cycle and achieve business growth.

The partnership between Meezan Bank and Finja will allow MSMEs in the country to avail unsecured Islamic financing. The financing transaction will be managed digitally and in real-time and once approved the financing amount will be credited to his Meezan Smart Wallet account. Finja’s digital ecosystem will streamline and accelerate the credit evaluation and decision-making process.

Image by Unsplash

The system will assess risks using various eligibility checks and ensure compliance to the Bank’s risk acceptance criteria. Therefore ensuring that financing decisions are taken very swiftly and Islamic financing is provided to the customer without any delay.

Mr. Qasif Shahid – CEO and Co-founder, Finja, remarked,

“In a short span, we have crafted relationships with over 5,000 merchants in multiple cities and have extended short term digital loans of over Rs. 500 Million to this segment at the back of our NBFC (Non-Banking-Financial Corporation) status. The response from this segment has been fantastic with a deep integrity-driven relationship leading to the build-up of a healthy portfolio.”

Mr. Ariful Islam – Deputy CEO, Meezan Bank, said,

“Meezan Bank realizes how important it is for small businesses to receive timely financing during these challenging times. Our partnership with Finja will allow us the digital platform to provide quick, convenient Shariah-compliant financing to customers. This serves as a precursor to growing the country’s supply chain segment.”

This collaboration will benefit the entire supply chain eco-system, focusing on facilitating the retailers and consequently, the distributors.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Related Topics
  • Breaking News
  • digital banking
  • digital financing
  • E-commerce
  • featured
  • financial enablement
  • Finja
  • grocery stores
  • Islamic Banking
  • Kirana stores
  • Meezan Bank
  • micro loans
  • nextwallet
  • press release.
  • Shariah compliant banking
Content Desk

Previous Article
  • Computerworld

Digital Pakistan introduces new application to aid authorities and travellers arriving in Pakistan

  • August 30, 2020
  • Content Desk
View Post
Next Article
  • Computerworld
  • DEMO PAKISTAN
  • Ignite

First Madrassa-based Business Incubation Center In The Works: Pakistan

  • August 31, 2020
  • Content Desk
View Post
You May Also Like
View Post
  • Business
  • Wired

Flat-lining ICT exports

  • Sub Editor
  • January 26, 2023
View Post
  • Business
  • Wired

All You Need to Know About Pakistan’s Influencer Industry – Walee Pak Influencer Industry Insights Report 2021-22

  • Sub Editor
  • January 24, 2023
View Post
  • Business
  • Wired

The fastest growing jobs in Pakistan right now

  • Sub Editor
  • January 20, 2023
View Post
  • Business
  • Wired

SBP makes it easier for IT exporters to increase their income

  • Sub Editor
  • January 15, 2023
View Post
  • Business
  • Cellcos

Annual Report on Cybersecurity 2022 by PTA

  • Sub Editor
  • January 11, 2023
View Post
  • Business
  • PayTech

Businessmen in Islamabad want investors to turn profits into cryptocurrency assets.

  • Sub Editor
  • January 6, 2023
View Post
  • Business

Researchers developed a risky quantum decryption technique.

  • Sub Editor
  • December 23, 2022
View Post
  • Business
  • Wired

Zong 4G, Hands Pakistan Partner with Parks & Horticulture Authority to Develop Urban Forest in Multan

  • Sub Editor
  • December 13, 2022
View Post
  • Business

Jazz Signs Agreement: Garaj For Cloud Services

  • Sub Editor
  • December 3, 2022
View Post
  • Business

A Look At Karachi Qualifying Round Of Digital Pakistan Cyber Security Hackathon 2022 By Ignite

  • Sub Editor
  • December 2, 2022
View Post
  • Business

Sen. Senate: Google Will Soon Start Doing Business in Pakistan.

  • Sub Editor
  • November 24, 2022
View Post
  • Business

PTA Grants IoT Licences To Two Fresh Businesses

  • Sub Editor
  • November 10, 2022
View Post
  • Business
  • Wired

Pakistan at 75: LSE Summit in 2022

  • Sub Editor
  • October 28, 2022
View Post
  • Business

SECP Fixes Massive Data Leak Of Registered Company Information

  • webdesk
  • September 13, 2022
View Post
  • Business

Massive Data Breach The EDF Website of the Commerce Ministry

  • webdesk
  • September 1, 2022
View Post
  • Business

PTA Offers Two Local Businesses LDI Licenses

  • webdesk
  • August 2, 2022
View Post
  • Business

Permitting WeChat Service: SECP Says Go!

  • webdesk
  • August 2, 2022
View Post
  • Business

SBP Management Attends OICCI Interactive Meeting With Members To Allay Concerns

  • webdesk
  • August 2, 2022
View Post
  • Business

SECP To Introduce Companies for Digital Asset Management

  • webdesk
  • August 1, 2022
View Post
  • Business

STZA Signs Letter Of Intent with China’s SEDA To Further Technical Collaboration

  • webdesk
  • August 1, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about
About
Launched in 1967 internationally, Computerworld Magazine is the oldest tech magazine/media property brand in the world. Today Computerworld (abbreviated as CW) is an ongoing decades old professional publication which in 2014 "went digital”. In Pakistan Computerworld was launched in 1995. Initially providing news to IT executives only, once CIO Pakistan from the same family launched, and took over the domain, CW Pakistan has slowly emerged as a holistic technology news platform reporting everything tech in the country. It remains the oldest running continuous IT media publishing platform in the country and approaching 3 decades of existence, it has been the industry’s biggest benchmark and hopes to continue for years to come.
Read more
Explore Computerworld Sites Globally
  • ComputerWorld.es
  • computerworld.com.pt
  • Computerworld.com
  • cw.no
  • computerworldmexico.com.mx
  • computerwoche.de
  • computersweden.idg.se
  • computerworld.hu
  • cwi.it
  • project.nikkeibp.co.jp
Content from other IDG brands
  • PCWorld
  • Macworld
  • Infoworld
  • TechHive
  • GameStar
  • Network world
CW Pakistan
  • CWPK
  • CXO
  • WALLET
  • Demo
CW Media & all its sub brands are copyrighted to SPIN-IDG Wakhan Media Inc., the publishing arm of NCC-RP Group. Site is designed by Crunch Collective ©️ 2022

Input your search keywords and press Enter.