JS Bank and BankIslami Forge Strategic Partnership to Enhance Home Remittance Services Nationwide
Karachi: In a significant move to bolster home remittance services across Pakistan, JS Bank and BankIslami have announced a strategic partnership aimed at expanding secure and convenient remittance payouts nationwide. The collaboration combines the strengths and extensive retail networks of both institutions, promising improved accessibility and service for remittance beneficiaries.
Under the partnership, JS Bank will utilize BankIslami’s extensive branch network to ensure swift, secure, and efficient remittance payouts across both urban and rural regions of Pakistan. To facilitate a seamless experience, JS Bank will provide BankIslami with specialized training and technical resources, ensuring that beneficiaries enjoy a consistent and secure service. Enhanced security protocols will be in place to safeguard funds at every stage of the payout process.
A formal signing ceremony was held in Karachi, attended by senior leadership from both banks, including Imran Shaikh, Deputy CEO of BankIslami, and Atif Malik, Chief Operating Officer of JS Bank. Together, the banks’ combined network of over 780 branches will provide beneficiaries with reliable, convenient access to remittances, particularly for those receiving funds from overseas.
Syed Jafar Raza, Group Head of Investment, International & Transaction Banking at JS Bank, highlighted the importance of remittances to Pakistan’s economy. “Through this partnership with BankIslami, we’re expanding the reach and accessibility of essential funds, benefiting recipients nationwide. 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.”
Faisal Anwar, Group Head of Treasury & Financial Institutions at BankIslami, emphasized the alignment of this initiative with the bank’s commitment to financial inclusion. “This partnership further strengthens our dedication to providing essential financial services to all communities across Pakistan, in line with our vision to offer Riba-free banking without discrimination.”
This collaboration marks a substantial step forward in advancing financial accessibility and convenience for remittance beneficiaries across Pakistan, reinforcing both banks’ commitment to supporting financial inclusion and economic growth.
