Meezan Bank, Pakistan’s leading Islamic bank, has teamed up with CashNow, the country’s pioneering supply chain finance platform, to introduce Pakistan’s first digital Islamic supply chain finance product for suppliers. This groundbreaking partnership aims to transform Shariah-compliant supply chain finance, with a Memorandum of Understanding (MoU) signed at Meezan Bank’s Head Office, attended by senior officials from both organizations.
This collaboration enables CashNow, an innovative fintech platform, to deliver a fully integrated digital solution for Islamic supply chain finance, in partnership with Meezan Bank. Through this initiative, Meezan Bank’s customers can access a streamlined, digital Shariah-compliant financing process.
The two parties have co-developed a digital Islamic product designed for financing finished goods. CashNow’s platform integrates seamlessly with Meezan’s core banking system, ensuring a fully digital transaction process and providing quick access to Shariah-approved working capital for the bank’s customers.
Syed Tanveer Hussain, Group Executive Corporate, Commercial & Investment Banking at Meezan Bank, emphasized the bank’s commitment to supporting growth across all sectors, with a focus on SMEs and supply chain finance. Saeed Iqbal, Director/Co-Founder of CashNow, expressed gratitude for the trust Meezan Bank placed in CashNow for this pivotal project.
This partnership marks a significant step forward in enhancing financial and operational efficiency within supply chain management. By setting new standards in supply chain finance, Meezan Bank and CashNow are fostering innovation and contributing to the country’s economic growth.
