KARACHI: The International Finance Corporation (IFC), a member of the World Bank Group, signed an advisory agreement with Meezan Bank to help boost small and medium enterprises (SMEs) access to Islamic finance.

A statement issued by Meezan Bank on Monday said the agreement will help Meezan Bank utilise IFC`s global expertise to scale up its SME banking and improve its supply chain finance programme, to meet SME financing needs. Supply chain finance is an innovative way to finance SMEs while leveraging the financial strengthof biggerbusinesses.

`The partnership with IFC will help us strengthen our footprint in the SME market to expand the reach of Sharia-compliant products to this critical segment, said President and CEO of Meezan Bank, Irfan Siddiqui.

`IFCwilltapintoitsglobal experience in supply chain finance and SME banking to help Meezan Bank pioneer Islamic supply chain finance and adopt international best practices,` said Xavier Reille, Manager of the Financial Institutions Group for Europe, Middle East and North Africa.-Staff Reporter