October 3, 204 – Pakistan Microfinance Investment Company (PMIC) has announced the launch of its new Shariah-compliant suite of financing products, expanding its offerings beyond conventional microfinance wholesale financing. This initiative includes key Islamic finance instruments such as Mudarabah and Musharakah, which will now be available to all of PMIC’s borrowing institutions. These products are designed to support organizations aiming to scale up Islamic financing solutions for underserved communities without the need for significant investment in product development.
At the Annual Microfinance Conference today, PMIC signed its first Shariah-compliant transaction with SAFCO Microfinance Company Limited, worth PKR 100 million. This groundbreaking agreement marks the beginning of a broader strategy by PMIC to partner with microfinance institutions across the country, offering Islamic finance facilities to reach untapped regions and unserved clients.
This initiative is poised to enhance financial inclusion in Pakistan by enabling microfinance providers to offer accessible, Shariah-compliant financing options for low-income populations, further empowering underserved communities.