Meezan Bank Commences Exchange Company Operations

Meezan Bank Commences Exchange Company Operations

Karachi, May 27, 2024 – Meezan Bank, Pakistan’s leading Islamic bank, has officially commenced operations of its wholly-owned subsidiary, Meezan Exchange Company Limited (MECL), in Karachi.

This strategic expansion into the foreign exchange and remittance market marks a significant milestone in the bank’s mission to provide comprehensive financial solutions.

MECL is set to offer a range of remittance and foreign exchange services to all customers, both individual and corporate. In its initial phase, MECL plans to expand rapidly, with ten outlets expected to open nationwide within the first month of its launch. The company aims to further accelerate its growth by establishing fifty outlets across Pakistan within the next year.

The inauguration of the first Meezan Exchange branch took place at the Trade Tower in Karachi. The ceremony was graced by Irfan Siddiqui, Founding President & CEO of Meezan Bank, alongside Zia Ul Hassan, Chairman of the Board MECL, Faisal Sarwar, CEO MECL, and senior management from both Meezan Bank and Meezan Exchange. This event signifies the beginning of MECL’s journey to becoming a key player in Pakistan’s exchange sector.

The rapid rollout of Meezan Exchange branches aligns with the State Bank of Pakistan’s recent structural reforms aimed at strengthening the local forex market. These reforms encourage the establishment of robust exchange companies capable of operating effectively within the country. MECL, with its commitment to transparency and cost-effectiveness, is poised to offer competitive currency exchange rates, efficient service, and a superior customer experience.

Irfan Siddiqui, addressing the launch, remarked, “The launch of Meezan Exchange reinforces our commitment to delivering seamless financial solutions. We are on the path to building best-in-class financial solutions based on our Core Values of Shariah-compliance, Integrity, and Service Excellence. Meezan Exchange is a testament to the rapid strides we want to make in providing outclass remittance and multi-currency exchange services to both our corporate and individual customers.”

The establishment of MECL demonstrates Meezan Bank’s strategic vision to diversify its offerings and enhance customer satisfaction by providing reliable and efficient financial services. As MECL begins its operations, it aims to leverage the bank’s extensive experience and expertise in the financial sector to ensure a high standard of service.

With the backing of Meezan Bank’s strong reputation and financial stability, Meezan Exchange is expected to become a significant player in the exchange market, providing a trusted platform for forex and remittance services. This move not only strengthens Meezan Bank’s market position but also contributes to the overall development of Pakistan’s financial infrastructure.