Meezan Bank Initiates Expansion with New Foreign Exchange Subsidiary

Karachi, Meezan Bank, a leading Islamic financial institution in Pakistan, has announced the launch of its new subsidiary, Meezan Exchange Company Limited, which commenced operations offering remittance and foreign currency exchange services across the country.

According to Meezan Bank Limited, the inauguration of Meezan Exchange was marked by the opening of its first outlet at Trade Tower in Karachi, with Meezan Bank’s founder, President and CEO, Irfan Siddiqui, and Meezan Exchange Board Chairman Zia-ul-Hasan leading the ceremony. The new subsidiary aligns with structural reforms by the State Bank of Pakistan aimed at bolstering local forex capabilities. Within the first month of operations, Meezan Exchange plans to establish 10 outlets, with a goal to open a total of 50 outlets nationwide within a year.

The initiative is part of Meezan Bank’s strategy to expand its service offerings, providing customers with enhanced financial solutions characterized by competitive exchange rates, transparency, and superior customer service. On the occasion of the launch, Irfan Siddiqui expressed that the establishment of Meezan Exchange signifies the bank’s commitment to delivering seamless financial services adhering to Sharia principles and underpinned by integrity and a dedication to service excellence. This development is poised to offer both corporate and individual clients with rapid and reliable multi-currency exchange and remittance services.

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