Pakistan, Sept. 19 -- The Securities and Exchange Commission of Pakistan (SECP) has approved Shaamilkar Tajir, a digital application offering Shariah-compliant financing of up to Rs3 million to eligible small businesses.

Developed by SECP-licensed Shaamilkar Financial Services, the application will enable micro-entrepreneurs to purchase inventory from approved suppliers through a simpler and faster digital process.

The initiative aims to bring underserved businesses into the formal credit system and help them expand their operations, SECP said on Friday.

"Technology-enabled financing can expand access to formal credit for underserved businesses," SECP Chairman Dr Kabir Ahmed Sidhu said, adding that the commission would facilitate respo...