Meezan Bank, Chinese firm sign MoU

KARACHI: Meezan Bank recently signed a Memorandum of Understanding (MoU) with Al-Sadiq Consulting, an advisory company based in China, to explore opportunities for Islamic finance under China-Pakistan Economic Corridor, a statement said Monday.

The agreement focuses on the ever-increasing economic participation between Pakistan and China, and the opportunities that may be derived from improved Islamic banking channels by the two countries.

The MoU was signed by Irfan Siddiqui, president at Meezan Bank, and Ibrahim Ding, managing director at Al-Sadiq Consulting.

The two parties expressed a strong commitment to the continued growth of Islamic finance by collaborating on the research and identification of a series of projects in the public and private sector of the country, with specific focus on infrastructure and industrial development.

Meezan Bank also expressed interest in providing financial, advisory, and Shariah-related services in collaboration with Al-Sadiq Consultancy. 

Irfan Siddiqui said, “We are extremely confident that our new partnership with Al-Sadiq Consulting will successfully be able to drive more advantages for Islamic finance in the near future. This collaboration will strengthen Meezan Bank’s close ties with China and various foreign stakeholders by connecting to the bank’s largest local network of Islamic finance in the country.”