Meezan Bank Launches Meezan Exchange Company Limited in Karachi
Meezan Bank, Pakistan’s leading Islamic bank, has officially commenced operations of its wholly-owned subsidiary, Meezan Exchange Company Limited (MECL), in Karachi. MECL is set to offer comprehensive remittance and foreign exchange services to all customers.
As a part of its initial expansion strategy, MECL aims to open 10 outlets nationwide within the first month of its launch, with plans to accelerate this growth to 50 outlets within the first year. The first Meezan Exchange branch, located at Trade Tower in Karachi, was recently inaugurated by Irfan Siddiqui, Founding President & CEO of Meezan Bank. He was joined by Mr. Zia Ul Hassan, Chairman of the Board MECL, Mr. Faisal Sarwar, CEO MECL, and senior management from both Meezan Bank and Meezan Exchange.
The rapid rollout of Meezan Exchange comes in the wake of the State Bank of Pakistan’s structural reforms in the exchange sector. These reforms aim to create local forex powerhouses licensed to operate within the country.
Irfan Siddiqui, Founding President & CEO of Meezan Bank, remarked, “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 exceptional remittance and multi-currency exchange services to both our corporate and individual customers.”
MECL joins the growing list of exchange companies in Pakistan, specializing in transparency and cost-effectiveness in every transaction. The company builds upon its core strengths of offering competitive currency exchange rates, swift service, and a superior customer experience.
Meezan Exchange is poised to become a significant player in Pakistan’s financial landscape, promising efficient and customer-friendly solutions in the remittance and forex markets.
