Karachi: Faysal Bank Limited (FBL), one of Pakistan’s leading Islamic banks, has taken a groundbreaking step toward digital transformation in Islamic finance. In collaboration with fintech innovator Fauree, FBL has signed a Memorandum of Understanding (MoU) to develop and deploy a comprehensive Islamic Digital Supply Chain Finance (SCF) and Agri-Digitization ecosystem. The MoU was signed by Mr. Altaf Hussain Saqib, Head of Commercial Banking Small Business Enterprise (CBSME), Fleet & Agri, Faysal Bank Ltd., and Mr. Azhar Tasadduq, Co-Founder and CEO, Fauree.
Formalized at Faysal Bank’s office the MoU establishes a strategic partnership that will drive innovation through the co-creation of tech driven, Shariah-compliant digital financial solutions, including SCF offerings such as invoice financing, inventory financing, distributor financing, export financing for indirect exporters and an Agri-digitization platform - tailored for growers, millers, and stakeholders in the agricultural value chain.
Commenting on the development, Mr. Yousaf Hussain, President & CEO, Faysal Bank said,
“As pioneers in Agri-Digitization within Pakistan’s Islamic banking sector, this partnership reinforces our commitment to expand and enhance predictive, paperless Islamic financing solutions across Pakistan. With best-in-class technology embedded into our CBSME & Agri verticals, we are poised to offer innovative, real-time financing for crops, livestock, and supply chains, in line with Shariah principles.”
Speaking on the occasion, Mr. Azhar Tasadduq, Co-Founder and CEO of Fauree, commented,
“This collaboration is a remarkable step forward in Pakistan’s agricultural economics. The integration of an advanced digital platform with Faysal Bank’s Islamic finance expertise is poised to establish Pakistan’s first Shariah-compliant digital SCF ecosystem. By integrating a multi-product approach, we aim to digitize entire Agri-value chains and SME supply networks, from farm-level financing to working capital support for exporters.”
The alliance is set to bring about a new era of financial inclusion and operational efficiency by deploying a Smart SCF Platform (digital financing for suppliers, distributors, and retailers) and Agri-Tech Integrations (Real-time, crop-agnostic financing and facilitating).
Faysal Bank and Fauree are laying the foundation for a robust digital financial ecosystem that empowers underserved sectors with accessible, ethical, and technology-driven financing solutions.
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