Meezan Bank, Retailo join hands to support youth entrepreneurs
KARACHI: Meezan Bank, the leading Islamic bank of Pakistan, has recently signed a partnership deal with Retailo, the fastest growing B2B startup in the MENAP region, a statement said on Thursday.
The partnership is aimed at providing deserving retailers Kamyab Jawan financing in Shariah-compliant manner to expand and support their small businesses, it added.
The memorandum of understanding (MoU) was signed by Meezan Bank group head of consumer finance Arshad Majeed and Retailo’s co-founder Wahaj Ahmed along with their teams.
The financing is sourced from Prime Minister Imran Khan’s “Kamyab Jawan – Youth Entrepreneurship Scheme (YES)”, which is targeting young entrepreneurs and existing businesses. It will provide subsidised financing through 21 commercial, Islamic and SME banks under the guidance and supervision of the State Bank of Pakistan.
Through this scheme, the government aims at increasing the contribution of aspiring entrepreneurs to the economy and remove obstacles from their path of progress by providing financial backing.
The partnership between Meezan Bank and Retailo will provide the much-needed Shariah-compliant financial support to empower small business enterprises and unlock their full earnings 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, Wahaj Ahmed said: “The retail sector has a 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 [the] national progress. By partnering with [the] Meezan Bank to provide retailers with the much-needed support, we wish to make a difference in their lives on a more personal level.”
Arshad Majeed 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.”
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