JS Bank and BankIslami partner to expand home remittance payouts

KARACHI: JS Bank and BankIslami have announced a strategic partnership to enhance home remittance services nationwide, by combining the strengths and retail networks of both institutions, a statement said on Monday.

Through this alliance, JS Bank will leverage BankIslami’s branch network to provide swift, secure and convenient remittance payouts for beneficiaries across Pakistan.

The collaboration leverages the combined strength of both banks’ networks, totalling over 780 strategically located branches nationwide, to expand convenient, secure access for remittance beneficiaries, particularly those receiving funds from overseas. This alliance represents a significant step toward improving financial accessibility.

Sharing his thoughts, Group Head of Investment, International & Transaction Banking at JS Bank Syed Jafar Raza said: “Remittances play a crucial role in Pakistan’s economy. Through this partnership with BankIslami, we are expanding the reach and accessibility of these essential funds, benefitting recipients across the country. With over $18 billion sent in remittances between January and August 2024 alone, we are committed to making the payout process as convenient, secure, and efficient as possible.”

Group Head of Treasury & Financial Institutions at BankIslami Faisal Anwar said, “Our alliance further strengthens our commitment to financial inclusion, making essential financial services accessible to all. This partnership also aligns with our vision to provide Riba-free banking to communities across Pakistan, without discrimination.”