KARACHI: Meezan Bank became the first and only Islamic bank to disburse Rs1 billion under Prime Minister’s Kamyab Jawan-Youth Entrepreneurship Scheme (PMKJ-YES) for the Small and Medium Enterprises (SMEs), a statement said on Friday.
Meezan Bank’s Founding President and Chief Executive Officer Irfan Siddiqui said that the bank, following its vision of establishing Islamic banking as banking of first choice, stands committed to the government of Pakistan and State Bank of Pakistan (SBP) in playing a key role in the success of PMKJ-YES and other schemes to promote financial inclusion, by providing Shariah-compliant financing products and solutions.
Special Assistant to the Prime Minister on Youth Affairs Usman Dar and Member of the Provincial Assembly of Sindh Haleem Adil Sheikh graced the ceremony hosted by Siddiqui, and Meezan Bank Deputy Chief Executive Officer Ariful Islam.
The event was also attended by the PMKJ-YES teams and senior management of the bank.
PMKJ–YES will allow access to Islamic finance to those SMEs who, despite being credit-worthy, are unable to avail financing due to various documentary and collateral related issues.
Under this scheme, Meezan Bank will extend Shariah-compliant financing facilities of up to Rs25 million to eligible customers at subsidised rates.