Karachi: Meezan Bank, Pakistan's leading Islamic bank, has entered into a strategic alliance with CashNow, the country's pioneering supply chain finance platform, to introduce a revolutionary Shariah-compliant supply chain finance product. A Memorandum of Understanding (MoU) was signed at Meezan Bank's Head Office, marking the commencement of this collaborative effort, in the presence of senior management from both organizations.

According to Meezan Bank Limited, this partnership, a first in Pakistan, empowers CashNow—a fintech innovator—to create a fully integrated digital Islamic supply chain finance solution for suppliers in collaboration with Meezan Bank. This initiative aims to provide Meezan Bank's customers with streamlined access to Shariah-compliant financing through a digital platform.

The MoU outlines a co-developed digital Islamic product for finished goods financing, wherein the CashNow platform seamlessly integrates with Meezan's core banking system. This integration digitizes the transaction process, enabling the bank's customers to access Shariah-approved working capital efficiently.

Syed Tanveer Hussain, Group Executive Corporate, Commercial and Investment Banking at Meezan Bank, emphasized the bank's commitment to fostering growth across all business sectors, with a particular focus on supporting SMEs and supply chain finance. Saeed Iqbal, Director/Co-Founder of CashNow, expressed honor at being entrusted with this pivotal Supply Chain Finance initiative by Meezan Bank.

This collaboration marks a significant advancement in financial and operational excellence within supply chain management, setting new standards and driving innovation. It is poised to support Pakistan's economic growth through improved supply chain finance solutions.