In line with its mission to provide innovation and convenience to customers, Bank Alfalah has partnered with Haball, a B2B payments aggregator catering to Shariah-compliant clients, to launch digital supply chain lending in Pakistan.
Haball has launched a digital lending platform, “Wisaaq”, which will now be available for use to Bank Alfalah’s corporate clients. Customers seeking Islamic variants of the bank’s supply chain finance products can obtain financing through a quick and simple digital process. With a growing need for financing by vendors and dealers in different industry verticals, this collaboration will enable Bank Alfalah help more credit-starved businesses. Customers hesitant to obtain conventional modes of financing will now have greater access to Islamic variants of supply chain finance products.
Representing Bank Alfalah at the ceremony were Group Head CIBG, Mr. Saad-Ur-Rahman Khan, Head of Transaction Banking Mr. Muhammad Shehzad Ilyas, Group Head IBG Dr. Muhammad Imran and CEO of Haball, Mr. Omer Bin Ahsan, was also present with his team.
Commenting on the collaboration, Mr. Saad Ur Rahman Khan, Bank Alfalah Group Head Corporate, Investment Banking and International Business said, “We are committed to collaborating with Fin-techs and investing in innovative products in the digital sphere. This collaboration aligns with the Bank’s vision to facilitate the digitalization of Supply Chain Finance in Pakistan. We are committed to supporting businesses with innovative solutions while playing a vital role in driving economic growth. This collaboration will facilitate B2B payments as we continue to offer a range of digitally innovative Islamic products and services.”
“Pakistani supply chains are dominated by SMEs and they are thirsty for liquidity. They need delivery to be quick, matching seasonal needs and delivered in a Shariah compliant way.”, said Mr. Omer Bin Ahsan, CEO, Haball. “This partnership allows Haball to scale digital supply chain financing for its corporate customers and enables Bank Alfalah to it deliver across 200 cities efficiently using cash flow transparency.”
With a portfolio of over 600 small retailers and suppliers across Pakistan and Bangladesh, Bank Alfalah is leading the supply chain finance market. The Bank’s diverse portfolio contains industry leaders from various sectors, including fertilizer, automobile and pharmaceutical sectors. Haball is a fast-growing fin-tech integrated with 1Link, allowing for a smooth and swift flow of digital B2B payments through its platform, Wisaaq. Combining the strength of these two financial institutions will revolutionize the way banks lend. By streamlining the process for borrowing, Bank Alfalah will be able to help even more business meet their financing needs.”
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