Recently, the leading Islamic bank of Pakistan, Meezan Bank has entered into a partnership with Retailo, the fastest-growing B2B startup in the MENAP region. The alliance is directed at presenting worthy young entrepreneurs with Kamyab Jawan financing in a Shariah-compliant practice to grow and support their small businesses. The MoU was signed by Group Head Consumer Finance Meezan Bank, Mr. Arshad Majeed, and Mr. Wahaj Ahmed, Retailo’s co-founder along with their associates.
Furthermore, this funding is sourced from Prime Minister Mr. Imran Khan’s ‘Kamyab Jawan – Youth Entrepreneurship Scheme (YES)’ which is targeting fresh entrepreneurs and currently growing businesses. It will grant subsidized investment by 21 Commercial, Islamic, and SME banks following the direction and administration of the State Bank of Pakistan (SBP).
Through Kamyab Jawan Program Government Intends to Help Young Entrepreneurs
In addition to this, through this plan, the Government of Pakistan intends to raise the participation of ambitious young entrepreneurs in the economy and eliminate hindrances from their path of growth by contributing monetary support. This collaboration between Meezan and Retailo will contribute much-needed Shariah-compliant monetary support to enable small business operations and unlock their full earning capacity.
The Retail Sector of Pakistan can Immensely Improve the Economy
Moreover, as Retailo extends its services, it is exploring more opportunities to support retailers attain their full potential. Concerning the partnership with Meezan Bank, Retailo’s co-founder Mr. Wahaj Ahmed said, “The retail sector has vast potential to improve Pakistan’s economy. Through Retailo’s high-powered app and simplified supply chains, we are aiming to play a key role in national progress. By partnering with Meezan Bank to provide retailers with the much-needed support, we wish to make a difference in their lives on a more personal level.”
Retail Sector Has Tremendous Untapped Potential
Furthermore, reflecting on the event, Mr. Arshad Majeed, Meezan Bank’s Group Head Consumer Finance stated, “Meezan Bank is always ready to fulfill its role as the bank of choice and create real value for our customers. Providing growth capital to the retail sector and SMEs will create an equitable economic system and elevate livelihoods for a sector that has tremendous untapped potential.”