Meezan Bank Limited (MBL) has become the first Islamic bank in the country to join the IFC Global Trade Finance Programme. IFC, a member of the World Bank Group, announced that Meezan Bank Limited (MBL), the largest Islamic bank in Pakistan, has become the first Islamic bank in the country to join the IFC Global Trade Finance Programme as an issuing bank.
This move will boost access to trade finance for entrepreneurs and businesses. The IFC Global Trade Finance Programme promotes trade with emerging markets world-wide by supporting flows of goods and services to and from developing countries. Through the programme, IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.
Irfan Siddiqui, President and Chief Executive Officer of MBL, said, "We are pleased to join the IFC Global Trade Finance Programme and build a foundation for a strong relationship with IFC. The programme will allow us to extend our relationships with banks world-wide and enhance our trade product offering to meet the needs of our clients, helping them increase their business in new markets around the globe."
Michael Essex, IFC Director for the Middle East and North Africa, said, "We are delighted to welcome MBLto the IFC Global Trade Finance Programme. IFC's partnership with the bank demonstrates our commitment to expanding access to finance in Pakistan and building relationships with institutions that support the country's international trade flows."
Priyamvada Singh, IFC Trade Specialist in the Middle East, North Africa and Asia, said, "Meezan Bank's participation in the IFC Global Trade Finance Programme will help expand the bank's trade capacity with a wider network of correspondent banks, providing the flexibility to respond to the evolving global environment for Pakistan's trade flows."-PR