Meezan Bank looks to strengthen foothold in forex services

KARACHI: Meezan Bank has officially commenced operations of Meezan Exchange Company Limited (MECL), its wholly-owned subsidiary.

In a statement released on Monday (May 27), the bank said that MECL will offer remittance and forex services to all customers. 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.

Per the bank, Meezan Exchange’s rapid rollout comes with the State Bank of Pakistan’s structural reforms in the exchange sector that aim to create local forex powerhouses with licences 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 bank added.

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

According to Irfan Siddiqui, “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,” he added.