Dubai Islamic Bank Pakistan Limited (DIBPL) and TCS, industry leader in transportation and logistics have entered into a corporate financing agreement amounting to Rs600 million for short-term working capital, fleet financing and car financing facilities for TCS employees. Junaid Ahmed CEO of DIBPL, Irteza Ali Qureshi Group CFO of TCS, Salman Akram Corporate Head, TCS and Zubair Haider Shaikh Head of Corporate & Investment Banking, DIBPL were present on the occasion along with senior management of TCS and DIBPL.
The corporate finance agreement executed by DIBPL and TCS is the latest milestone between the two institutions. The agreement also includes cash management services that will enhance efficiency of its payments processes, cutting overall transactional costs including salary disbursements for 10,000 TCS employees and ensuring effective cash collection from TCS area hubs in Karachi.
Commenting on the occasion, Junaid Ahmed said "DIBPL is delighted to partner with TCS as one of the group's major banks and cash management services provider. Our focus has always been to provide our clients with the best possible product suite and tailored corporate banking solutions. As a subsidiary of Dubai Islamic Bank (UAE), the world's first Islamic Bank, we are in the perfect position to provide TCS with corporate and retail banking services."-PR
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