Client Name

Meezan Bank

Faculty Advisor

Ms.Tahira Marium Jaffery

SBS Thought Leadership Areas

Islamic Business and Finance

SBS Thought Leadership Area Justification

The Experiential Learning Project (ELP) fits in the field of Islamic Business and Finance since the project has tried to cover a gap the market faces as viewed through the prism of the Shariah-compliant solution. The project has been planned in such a manner that it conforms to the tenets of Islamic banking, i.e., compliance with riba (interest), gharar (uncertainty), integrity in all transactions and fairness. By this, we will ensure the desire to increase financial inclusion and equality in a previously undocumented sector of the society. Also, the ELP focuses on digital innovation in faith-based banking, using the technological framework of the Meezan Bank to digitalize historical ballot committees (BCs), which would run smoothly, safely, and Shariah fully-compliant. In doing so, the project does not only address the economic needs of the underserved groups but also integrates with the larger discussion on how Islamic finance can be transformed to accommodate the modern challenges using both ethical and technological innovation.

Aligned SDGs

GOAL 9: Industry, Innovation and Infrastructure

Aligned SDGs Justification

The product that we have made under this project is aligned with several United Nations Sustainable Development Goals (SDGs), ensuring that the product is not only meeting the needs of people but also has a societal impact. Primarily, it supports SDG 5: Gender Equality by promoting financial inclusion for women through a dedicated, Shariah-compliant committee product that empowers women to manage savings and build financial independence. This product also aligns with SDG 8: Decent Work and Economic Growth by encouraging the participation of women in the formal financial system, which can lead to greater economic stability and growth within communities. Additionally, this product uses the feature of app integration and provides innovative banking structures that align with SDG 9: Industry, Innovation, and Infrastructure, by enhancing access to modern financial tools in a previously underserved market. Lastly, it addresses SDG 10: Reduced Inequalities, as it aims to narrow the gender gap in financial services and extend economic opportunities to women, especially those from marginalized and low-income segments of society.

NDA

No

Abstract

This Experiential Learning Project (ELP) is focused on the inclusion of women in Pakistan’s financial system, the aim of the product that is designed under this topic primarily addresses the need to increase the female inclusion in the formal financial system which was previously excluded. More than 50% of the population of women in Pakistan is not documented in formal financial system, the objective of this report was not only to identify the areas that contributes in this gap but also develop a scalable, and technically feasible product that would cater the problem of this inclusion and also algin with cultural practices and user behavior. In order to achieve this objective, we conducted thorough research to develop a product using comparative market research in countries with demographics similar to Pakistan, including India, Bangladesh, Malaysia, and Nigeria. This comparative market research served as the initial foundation for our product, which later led to its further development. These countries offer various innovative women-centric products tailored to meet the needs of women, often bundled with value-added services such as healthcare discounts, insurance, and savings incentives. Despite the success of these products in their respective countries, the models were, in one way or another, not a perfect fit for Pakistan and did not align with the socio-cultural and behavioral landscape of the country, particularly among the lower and middle-income segments. Our surveys revealed that a significant proportion of Pakistani women already engage in informal, undocumented financial arrangements such as Ballot Committees (commonly known as committees or ROSCAs). These are popular saving mechanisms used across households, particularly by women, yet remain untapped by the formal financial sector. We identified this as a strategic opportunity to bridge the gap between informal practices and formal financial inclusion. As a result, we proposed the development of a digitally-enabled Ballot Committee platform designed specifically for women. The solution included a comprehensive framework covering the product’s lifecycle—from implementation, user onboarding, trust-building mechanisms, and tech integration to regulatory compliance and revenue streams. Key features of the model included transparency tools, digital identity verification, secure payout structures, and trust and ease of access. 2 Our major finding was that financial inclusion does not always require reinventing user behavior; rather, formalizing existing behavior in a secure, regulated way can drive adoption more effectively. By leveraging what is familiar and already in practice, we can significantly increase women's participation in the financial system while also encouraging digital literacy and financial empowerment. In conclusion, the ELP recommends a skeleton of the product, which includes the technical, financial, and marketing feasibility, followed by implementation strategy to launch the product to prototype phase and gradual expansion through community-based networks. This strategy holds the potential not only to unlock a large untapped market segment but also to drive inclusive growth and economic participation among women along with various other individuals as well such as merchants and entrepreneurs in Pakistan.

Document Type

Restricted Access

Document Name for Citation

Experiential Learning Project

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