ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has announced the approval of Shariah-compliant digital financing for small businesses.
According to details, taking a significant step toward promoting small businesses, the SECP has approved Shariah-compliant digital financing facilities.
Under this new facility, small business owners will be able to obtain financing of up to 3 million rupees through a digital application.
According to the SECP, through this app named “Shamil Kar Tajir,” traders will easily be able to secure financing to purchase business inventory from approved suppliers.
The primary objective of this digital financing facility is to provide small businesses with easy access to a formal and legal credit system.
SECP Chairman Dr. Kabir Ahmed Sidhu stated that through digital distribution, they will make the provision of loans possible for underserved small businesses.
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He also expressed the resolve that while expanding the scope of digital financing, consumer rights and their protection are being fully ensured.
According to data released by the SECP, over the past year, non-banking companies have provided 253 billion rupees in loans to small businesses nationwide, with financing extended to approximately 2.5 million people for small-scale enterprises during this one-year period.
