In a significant move to empower small and medium enterprises (SMEs) and foster economic growth in Sindh, BankIslami has entered into a strategic partnership with the Sindh Enterprise Development Fund (SEDF). This collaboration is aimed at enhancing access to finance for SMEs, a sector often underserved in traditional banking frameworks, especially in developing regions.
The partnership was formalized through the signing of a Memorandum of Understanding (MoU) at BankIslami’s headquarters in Karachi. The ceremony witnessed the presence of key stakeholders and senior leadership from both institutions. Notable attendees included Khizar Pervaiz, CEO of SEDF; Syed Qassim Naveed Qamar, Special Assistant to the Chief Minister of Sindh; Raja Khurram Shahzad Umar, Secretary Investment; Rizwan Ata, President & CEO of BankIslami; and Imran H. Shaikh, Deputy Chief Executive Officer of BankIslami.
This public-private collaboration is designed to bring financial solutions tailored specifically to the needs of SMEs. As part of the agreement, SEDF will provide key financial incentives, including profit subsidies linked to the Karachi Interbank Offered Rate (KIBOR), making business financing more affordable for entrepreneurs. On the other hand, BankIslami will extend Shariah-compliant financial services that are customized to support the operational and growth requirements of SMEs, reinforcing its commitment to inclusive Islamic banking.
Speaking on the occasion, Syed Qassim Naveed Qamar emphasized the Sindh government’s focus on strengthening the SME ecosystem:
“The Sindh government is committed to fostering an ecosystem that supports the growth of SMEs, which are the backbone of our economy. This partnership with BankIslami is a key step in providing the necessary resources for entrepreneurs, especially in sectors that have significant potential for job creation and sustainable development.”
Rizwan Ata, President & CEO of BankIslami, echoed the sentiment, underscoring the importance of accessible Islamic finance in driving inclusive growth:
“We are pleased to join hands with SEDF and play our role in driving sustainable economic growth in Sindh. At BankIslami, we are committed to creating an accessible and impactful financial system that makes Islamic financing easy and accessible for SMEs and small businesses. Through this initiative, we aim to foster innovation and economic progress, particularly in sectors with potential to drive economic growth.”
This initiative comes at a time when there is an increasing recognition of the vital role SMEs play in job creation, economic diversification, and innovation. Despite their importance, many SMEs face barriers in securing funding due to high financing costs and limited access to banking services—challenges this collaboration seeks to address.
By combining SEDF’s public sector backing with BankIslami’s expertise in Islamic financial solutions, this partnership represents a milestone in fintech-driven development. It showcases how targeted financial tools, when integrated with sector-specific support, can serve as powerful enablers of economic resilience and sustainability.
The move also reaffirms BankIslami’s strategic vision of leveraging Islamic banking principles to support real-world impact in underserved markets. As Pakistan continues to invest in the digitization and modernization of its financial landscape, initiatives like this pave the way for a more inclusive, innovation-driven economy.
