KARACHI: Meezan Bank Limited, Pakistan’s first and largest Islamic bank, also became the first bank to launch the Islamic SME Asaan Finance Scheme (I-SAAF) for Small and Medium Enterprises (SMEs) under the State Bank of Pakistan’s (SBP) SME Asaan Finance Scheme (SAAF), a statement said on Wednesday.

The launching ceremony was held at the Multan Chamber of Commerce and Industry and was attended by State Bank of Pakistan Governor Dr Reza Baqir, other senior officials of the central bank, Ariful Islam, deputy chief executive officer of Meezan Bank, Khawaja Muhammad Hussain, president of the Multan Chamber of Commerce and Industry and members of the business community.

Under the scheme, Meezan Bank will extend Shariah-compliant short- and long-term facilities of up to Rs10 million to eligible customers, at a subsidised rate of 9 per cent/annum. The scheme was introduced by the SBP and eight participating banks were selected through a transparent bidding process.

Meezan Bank was one of the successful bidders, with a sizeable share in the overall programme and the only Islamic bank offering its Shariah-compliant alternative, in line with its vision of establishing “Islamic banking as banking of first choice…” I-SAAF will allow access to finance to the SMEs that despite being creditworthy are unable to avail financing due to collateral or other requirements.

While distributing cheques to I-SAAF customers, Ariful Islam reaffirmed the bank’s commitment to invest in human resource and technology to ensure success of the scheme and enable a swift and hassle-free application process for its customers.

Ariful Islam also presented a memento to Dr Reza Baqir for gracing the event with his presence.

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