Karachi: President and CEO of Meezan Bank, Dr. Syed Amir Ali, announced a new initiative to allocate a PKR 10 million seed fund for startups recommended by the Korangi Association of Trade and Industry (KATI). The announcement was made during a meeting with industrialists at KATI, where Dr. Ali detailed that the financing would be offered at the KIBOR rate without any additional markup, providing crucial early-stage capital for emerging businesses.
According to Korangi Association of Trade and Industry, the event was attended by key figures including KATI President Muhammad Ikram Rajput and Acting Patron-in-Chief Zubair Chhaya, among others. Dr. Ali emphasized that Meezan Bank, which began operations in 2002 and is now one of Pakistan's top five banks, offers a variety of products for industrialists, notably supply chain financing that allows vendors and suppliers to access shipment-based financing on easy terms without collateral. He also highlighted the bank's digital integration with ERP systems, enabling financing approvals within minutes. The pilot phase of this program has already seen PKR 1.5 billion disbursed, with expectations to exceed PKR 3 billion.
KATI President Muhammad Ikram Rajput underscored the importance of Shariah-compliant financing and specialized banking solutions for SMEs and the export sector. He praised Meezan Bank's commitment to economic stability and financial inclusion, noting that such priorities help fortify ties between industry and the banking sector. Rajput encouraged KATI members to leverage Meezan Bank's Islamic banking expertise for business expansion.
Acting Patron-in-Chief Zubair Chhaya acknowledged the challenges faced by the local industry, including high interest rates and energy costs, which hinder bank borrowing. He expressed confidence in Meezan Bank's ability to facilitate SME access to financing, which he believes could boost national economic growth. Chhaya also announced KATI's readiness to act as a brand ambassador for Meezan Bank to bridge gaps between banks and industry.
The meeting concluded with suggestions from Standing Committee Chairman Rashid Siddiqui and other KATI officials on utilizing CSR initiatives for vocational training and startup support in industrial zones.