KARACHI – Meezan Bank, the leading Islamic bank of Pakistan has recently inked a partnership with Retailo, the fastest growing B2B startup in the MENAP region. The partnership is aimed at providing deserving retailers Kamyab Jawan financing in Shariah-compliant manner to expand and support their small businesses. The MoU was signed by Group Head Consumer Finance Meezan Bank, Mr. Arshad Majeed and Mr. Wahaj Ahmed, Retailo’s co-founder along with their teams.
This financing is sourced from Prime Minister Mr. Imran Khan’s ‘Kamyab Jawan – Youth Entrepreneurship Scheme (YES)’ which is targeting young entrepreneurs and existing businesses. It will provide subsidized financing through 21 Commercial, Islamic and SME banks under the guidance and supervision of the State Bank of Pakistan. Through this scheme, the Government of Pakistan aims to increase the contribution of aspiring entrepreneurs to the economy and remove obstacles from their path of progress by providing financial backing. This partnership between Meezan and Retailo will provide much-needed Shariah-compliant financial support to empower small business enterprises and unlock their full earning potential.
As Retailo expands its operations, it is looking for more opportunities to help retailers achieve their full potential. Regarding the partnership with Meezan Bank, Retailo’s co-founder Mr. Wahaj Ahmed said, “The retail sector has vast potential to improve Pakistan’s economy. Through Retailo’s high-powered app and simplified supply chains, we are aiming to play a key role in national progress. By partnering with Meezan Bank to provide retailers with the much-needed support, we wish to make a difference in their lives on a more personal level.”
Commenting on the occasion, Mr. Arshad Majeed, Meezan Bank’s Group Head Consumer Finance said, “Meezan Bank is always ready to fulfil its role as the bank of choice and create real value for our customers. Providing growth capital to the retail sector and SMEs will create an equitable economic system and elevate livelihoods for a sector that has tremendous untapped potential.”
