Meezan Bank, CashNow sign MoU to transform Islamic finance

November 13, 2024 (MLN): Meezan Bank, Pakistan’s leading Islamic bank, has entered into a strategic alliance with CashNow, Pakistan's pioneering supply chain finance platform, to revolutionize Shariah-compliant supply chain finance. 

A Memorandum of Understanding (MoU) was signed at Meezan Bank’s Head Office in the presence of senior management from both organizations.

This partnership, the first of its kind in Pakistan, enables CashNow—a cutting-edge fintech platform—to power a fully integrated digital Islamic supply chain finance solution for suppliers, developed in collaboration with Meezan Bank.

Through this initiative, Meezan Bank’s customers will gain access to digitally streamlined Shariah-compliant financing.

Under the terms of this MoU, Meezan Bank and CashNow have co-developed a digital Islamic product for finished goods financing.

The CashNow platform integrates with Meezan’s core banking system to fully digitize the transaction process, offering the Bank’s customers rapid access to Shariah-approved working capital.

“Meezan Bank is committed to fostering growth across all business sectors, with a strong focus on supporting SMEs & Supply Chain finance,” said Syed Tanveer Hussain - Group Executive Corporate, Commercial & Investment Banking, Meezan Bank.

“We are honored that Meezan Bank has entrusted CashNow with this pivotal Supply Chain Finance initiative,” remarked Saeed Iqbal - Director/Co-Founder, CashNow.

This collaboration is a significant step towards advancing financial and operational excellence in supply chain management.

Through this initiative, new standards in supply chain finance are being set, driving innovation, and supporting the country’s economic growth.

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