Karachi, November 21, 2024: BankIslami, a leading Islamic bank in Pakistan, recently celebrated Women Entrepreneurship Day at its branches across the country along with the State Bank of Pakistan. The celebrations were marked by the strong presence of senior women officials from the apex bank, many of whom commended the BankIslami on its initiative for the promotion of women’s financial inclusion.
Committed to gender diversity, inclusivity, and ethical banking practices, BankIslami positions itself as a bank for the people, offering riba-free financial solutions that align with the values and beliefs of a diverse clientele, belonging to all walks of life. BankIslami’s vision of ‘Saving humanity from Riba’ highlights a commitment to making banking inclusive and accessible to all, regardless of background or financial status.
BankIslami supports the State Bank of Pakistan for its initiatives for Women Entrepreneurship Day, which encompass a series of activities designed to mentor, inspire, and support women entrepreneurs, as well as enhance their access to finance and celebrate their achievements.
On its part, BankIslami has disbursed Mashal Business Finance, a low-cost financing facility under the SBP Islamic Refinance and Credit Guarantee Scheme for Women Entrepreneurs (IRCGS-WE) to new-to-bank women entrepreneurs, helping them run and grow their businesses, under the SBP’s EmpowerHER Finance Campaign since July 1st, 2024.
Speaking at the occasion in one of the branches of BankIslami in Karachi, Ms. Sara Sajjad, Deputy Chief Manager, Financial Inclusion Division, SBP Banking Services Corporation, stated: “Bank Islami’s zeal to promote Female Entrepreneurship is evident from their highly effective sessions, attended by a diverse audience from various walks of life. I hope that these efforts will play a part in further strengthening female entrepreneurship, large and small.”
Highlighting the struggles of women entrepreneurs, Ms. Ayesha Ashraf Jangda, Senior Manager, Women Financial Services Department, BankIslami, said: “One of the reasons women entrepreneurs are unable to scale up their business and make them sustainable is due to lack of awareness of subsidized financing facilities and Islamic banking solutions tailored for them. By celebrating Women Entrepreneurship Day, we aim to highlight the financing available to Women Business owners, support the women entrepreneurial ecosystem and facilitate the economic growth of Pakistan.”
Moreover, the Bank recently signed a Technical Assistance Agreement with Asian Development Bank-Women’s Finance Exchange (gWFX) for piloting an alternative credit scoring technology solution selected from the ADB-WFX’s technology innovation challenge. It will assist BankIslami to obtain a broader view on the creditworthiness of the women entrepreneurs and women-owned small and medium enterprises (WSMEs) financing applicants in a more effective manner.