LAHORE (PR): Faysal Bank Limited (FBL) and technology firm Fauree have signed a Memorandum of Understanding (MoU) to jointly develop a Shariah-compliant digital platform for supply chain finance and agriculture sector digitization in Pakistan.
The signing took place at Faysal Bank’s office in Lahore. The MoU was signed by Mr. Altaf Hussain Saqib, Head of Commercial Banking Small Business Enterprise (CBSME), Fleet & Agri at FBL, and Mr. Azhar Tasadduq, Co-Founder and CEO of Fauree.
Under the agreement, the two organizations will work together to design and implement a range of Islamic financial products using digital tools. These will include supply chain finance options such as invoice financing, inventory financing, distributor financing, and export financing for indirect exporters. The platform will also support digital services for the agriculture sector, targeting farmers, millers, and other participants in the value chain.
FBL President and CEO Yousaf Hussain stated that the initiative is intended to support Islamic finance in the agricultural and small business sectors by using technology to streamline financing processes.
Fauree CEO Azhar Tasadduq noted that the platform will combine financial services with digital infrastructure to support agriculture and SME supply chains.
The project will include the development of a digital supply chain finance platform and agriculture-related tools that provide real-time financing options. Both organizations stated that the platform will be developed in accordance with Islamic banking principles.
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