KARACHI: Haball, a Pakistan fintech firm, raised $52 million to expand its shariah-compliant supply chain financing and payments services, the company said on Tuesday.<\/p>\n\n\n\n
The funding, led by Zayn VC and Meezan Bank, includes $5 million in equity and $47 million in strategic financing, and will support Haball’s\u00a0growth plans for\u00a0the country, the company said in a statement.The money will also help Haball’s expansion into the Middle East, starting with Saudi Arabia this year, it added.<\/p>\n\n\n\n
“Supply chain finance in Pakistan is nascent but is expected to be worth over $9 billion; driven by the severe financing gap faced by the country\u2019s SMEs \u2014 less than 5% can access financing from commercial banks,” the company statement said.<\/p>\n\n\n\n
Islamic banking and finance has been growing rapidly in Pakistan, the world’s second most populous Muslim country, with assets reaching 9,689 billion Pakistani rupees ($34.54 billion)at the end of June 2024, according to the Quarterly Islamic Banking Bulletin released by the State Bank of Pakistan.<\/p>\n\n\n\n
The market share of assets and deposits of the Islamic banking sector in the overall banking industry stood at 18.8% and 22.7% respectively.<\/p>\n\n\n\n
The central bank has a target of 30% of overall banking assets and deposits to be Islamic by this year, according to its strategic plans for 2023-2028.<\/p>\n\n\n\n
Haball says it provides shariah-compliant financing to nearly 8,000 small and medium-sized enterprises (SMEs) as well as multinationals, in addition to digital invoicing, payment collection, and tax compliance services.<\/p>\n\n\n\n
“Haball has processed over $3 billion in payments and disbursed over $110 million in financing \u2014 optimising supply chains across the country,” said the firm’s founder and CEO Omer bin Ahsan.<\/p>\n\n\n\n
Islamic finance bans interest payments and pure monetary speculation and can only be used to invest in sharia-compliant assets or portfolios.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI: Haball, a Pakistan fintech firm, raised $52 million to expand its shariah-compliant supply chain financing and payments services, the company said on Tuesday. The funding, led by Zayn VC and Meezan Bank, includes $5 million in equity and $47 million in strategic financing, and will support Haball’s\u00a0growth plans for\u00a0the country, the company said in a statement.The […]<\/p>\n","protected":false},"author":1,"featured_media":3547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pagelayer_contact_templates":[],"_pagelayer_content":"","inline_featured_image":false,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_3859443944190656_798604363342440":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[],"class_list":["post-3546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sci-tech"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/3546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3546"}],"version-history":[{"count":1,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/3546\/revisions"}],"predecessor-version":[{"id":3548,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/3546\/revisions\/3548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/media\/3547"}],"wp:attachment":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}