The Kamyab Jawan – Youth Entrepreneurship Scheme (YES), was started by the government to uplift young entrepreneurs and help them contribute to the economy by providing financial support for their ventures. Subsidized financing will be provided to businesses under this program through 21 commercial, Islamic, and SME banks, which will be overseen by the State Bank of Pakistan. This new partnership between Meezan Bank and Retailo will supplement this program through the provision of Shariah compliant financing for deserving enterprises in order for them to expand and bolster their businesses.
A Memorandum of Understanding (MoU) was signed to induct this partnership by Arshad Majeed, the Group Head Consumer Finance at Meezan Bank, and Wahaj Ahmed, the co-founder of Retailo, with their respective teams in attendance.
Wahaj Ahmed, the co-founder of Retailo Technologies, said regarding the partnership, “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.”
Arshad Majeed, Group Head Consumer Finance at Meezan Bank, said, “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.”