KARACHI: Meezan Bank, strengthening foothold in forex services and business, has formally launched its wholly owned Subsidiary Meezan Exchange to provide best remittance and forex services to its customers.

Meezan Exchange Company Limited (MECL) has officially commenced operations by opening first branch in Karachi.

The State Bank of Pakistan (SBP) in September last year introduced structural reforms in the Exchange Companies’ (ECs) sector and leading banks actively engaged in foreign exchange business were asked to establish wholly-owned Exchange Companies (EC) to cater to the legitimate foreign exchange needs of general public.

Following the SBP’s guideline, the Meezan Bank has setup Exchange Company. As an initial step in its journey, MECL will expand to 10 outlets nationwide within the first month of its launch with accelerated plans to launch 50 outlets within a year.

Meezan Exchange’s rapid roll out comes with the State Bank’s structural reforms in the exchange sector that aim to create local forex powerhouses with licenses to operate in the country.

MECL has joined the country’s growing list of exchange companies and specializes in offering transparency and cost-effectiveness in every transaction, building upon its core strengths of offering efficient currency exchange rates, swift service, and a superior customer experience.

The first Meezan Exchange branch, located at the Trade Tower, Karachi, was recently inaugurated by Irfan Siddiqui, Founding President & CEO of Meezan Bank, along with Zia Ul Hassan, Chairman of the Board MECL, Faisal Sarwar CEO MECL and senior management from Meezan Bank and Meezan Exchange.

Addressing the inaugural ceremony Irfan Siddiqui said that the launch of Meezan Exchange reinforces Bank’s 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”, he added.

He said that 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.

Copyright Business Recorder, 2024