Staff Reporter
KARACHI: JS Bank, one of the fastest-growing Banks in Pakistan, recently entered into an agreement with Naymat Collateral Management Company Limited (NCMCL) to facilitate its customers through an Electronic Warehouse Receipt (EWR) financing facility.
The aim is to provide a convenient and accessible credit financing facility by placing the imported and locally produced goods, stocks, and commodities in independent warehouses accredited by NCMCL. This strategic alliance will not only increase access to a financing facility but will also bridge the credit financing gap by creating a reliable end-to-end solution for the storage of stocks as an effective security and will facilitate all sorts of businesses including SMEs, Corporate and Commercial entities.
A recent roadshow was also held in Kasur to create awareness about this facility in line with the vision of the State Bank of Pakistan.
The agreement was signed between Atif Salim Malik, Group Head Retail & Product Lending- JS Bank, and Shakaib Arif, CEO – NCMCL. Present on location were senior team members from JS Bank and NCMCL.
Speaking on the occasion, Atif Salim Malik said, “JS Bank has a wide portfolio in Agri financing, offering numerous products assisting farmers at affordable rates. EWR financing would be a game-changer in the farming industry and will help farmers to refrain from pressure selling as well as assisting them in their warehousing needs.”
With this collaboration, JS Bank intends to offer a convenient credit financing facility to farmers and agriculturists who are one of the major drivers in the economic growth of Pakistan.