Meezan Bank, Pakistan’s foremost Islamic bank, has inaugurated its wholly-owned subsidiary, Meezan Exchange Company Limited (MECL), in Karachi. This initiative marks a significant expansion in Meezan Bank’s capabilities to provide remittance and forex services across Pakistan. MECL aims to establish 10 outlets nationwide within its first month and plans to scale up to 50 outlets within a year.
The inaugural branch of Meezan Exchange, located at Trade Tower Karachi, was ceremoniously opened by Mr. Irfan Siddiqui, Founding President & CEO of Meezan Bank, alongside Mr. Zia Ul Hassan, Chairman of the Board of MECL, Mr. Faisal Sarwar, CEO of MECL, and senior management from both entities.
The establishment of Meezan Exchange aligns closely with the State Bank of Pakistan’s reforms to strengthen the local forex sector, promoting robust domestic players capable of serving the entire country. MECL enters the market with a commitment to transparency, competitive exchange rates, efficiency in transactions, and superior customer service.
Mr. Irfan Siddiqui emphasized,
“The launch of Meezan Exchange underscores our dedication to delivering seamless financial solutions rooted in Shariah-compliant principles, integrity, and excellence in service. We are committed to enhancing customer experiences through Meezan Exchange’s comprehensive remittance and multi-currency exchange services, catering to both individual and corporate clients.”
Meezan Exchange aims to set new benchmarks in the forex services industry, leveraging Meezan Bank’s strong reputation and customer trust to drive its expansion and establish a prominent presence in Pakistan’s financial landscape.