Hyderabad: 26 October 2023: SAFCO has launched first Islamic microfinance branch at Hyderabad with Islamic Shariah principles and initially provided assets for cattle, solar, bike and laundry businesses. Safco Microfinance Company, a provider of traditional financial services for small and medium enterprises, has established its first branch of the service named 'Yaqeen Islamic Financing' in Heerabad, Hyderabad in collaboration with Meezan Bank and PMIC.
which was inaugurated yesterday by SAFCO Microfinance Company Founder, President and CEO Suleman G. Abro along with Senior Executive Vice President and Shariah Compliance Group Head of Meezan Bank private limited Ahmed Ali Siddiqui, Executive Vice President and Head of Agriculture Finance Kamran Bakshi, Vice President and Sharia Advisory Unit Head, Adil Masood of 'PMIC', Hamza and MD Safco Microfinance Company Syed Sajjad Ali Shah.
Speaking on the occasion, Ahmed Ali Siddiqui said that in the field of microfinance, SAFCO is the first institution that has started providing financial services under Islamic Shariah principles, which is an example for other institutions working in the financial sector. He said that Islamic banking system exists in some form in 120 countries of the world, while Iran and Sudan have a completely Islamic financial system. He said that the Islamic financial system is the same for everyone, be it Shia or Sunni.
Speaking at the ceremony, Suleman G. Abro said that the Islamic financial
system has so much capacity that its implementation can change the destiny of nations. He said that we have started providing financial services based on Islamic and Shariah principles for people who avoid getting financial services under the normal financial system.
Earlier, Syed Sajjad Ali Shah thanked the guests and briefed them about the vision of Islamic financial system and business strategy of SAFCO.