March 8th, 2024
Meezan Bank, Pakistan’s leading Islamic Bank, has recently formalized a Memorandum of Understanding (MoU) with the Pakistan Microfinance Network (PMN) – the national association for retail players in the microfinance industry. Under this agreement, the Bank will provide financial and Shariah technical support to PMN member institutions for delivering Islamic finance to the under-privileged segments of the society.
The MoU was signed by Mr. Ahmed Ali Siddiqui – Group Head, Shariah Compliance at Meezan Bank, and Syed Mohsin Ahmed – CEO of PMN, at a signing ceremony held at Avari Hotel, Lahore. Notable figures present at the event included Dr. Muhammad Imran Ashraf Usmani – Vice Chairman Shariah Board, Meezan Bank, Syed Tanveer Hussain – Group Executive Corporate, Commercial & Investment Banking Group, Meezan Bank, Mr. Murtaza Khokhar – Vice Chairman, PMN and Mr. Ali Basharat – Head of Operations, PMN along with their respective teams.
Expressing his thoughts on the collaboration, Dr. Muhammad Imran Ashraf Usmani said, “This collaboration will make a significant contribution towards expanding financial inclusion and facilitating access to finance as per the precepts of Shariah to the underserved sector of society, meeting their essential needs.” He further emphasized the significance of leveraging technology to efficiently serve microfinance customers, outlining his vision to contribute to the sector’s growth and wealth circulation within the economy.
Speaking at the occasion, Syed Mohsin Ahmed said, “The financial industry in Pakistan is at a crossroads as it transforms from conventional to Islamic finance. This partnership between Meezan Bank and PMN will be a catalyst in promoting Shariah-compliant financial services and will promote financial inclusion in the country.”
Mr. Ahmed Ali Siddiqui – Group Head, Shariah Compliance at Meezan Bank, and Syed Mohsin Ahmed – CEO of PMN, at a signing ceremony held at Avari Hotel, Lahore in presence of Dr. Muhammad Imran Ashraf Usmani – Vice Chairman Shariah Board, Meezan Bank, Syed Tanveer Hussain – Group Executive Corporate, Commercial & Investment Banking Group, Meezan Bank, Mr. Murtaza Khokhar – Vice Chairman, PMN and Mr. Ali Basharat – Head of Operations, PMN.
The Pakistan Microfinance Network (PMN) is an association of retail microfinance providers composed of Microfinance Banks – MFBs and Non-Bank Microfinance Companies – NBMFCs. Based out of Islamabad, Pakistan, the Network’s strength as of 2024 stands at 46 retail microfinance providers (MFPs) that collectively account for 99% of the total microfinance outreach in Pakistan. Over the years, PMN has emerged as an information hub publishing various reports, and papers and conducting large-scale qualitative and quantitative research studies with partners in the industry on Microfinance, Financial Inclusion, Financial literacy, Digital Microfinance, Insurance, Product Development etc.