MEBL launches Meezan Exchange for remittance, forex services

May 27, 2024 (MLN): Meezan Bank, Pakistan's leading Islamic bank has officially commenced operations of Meezan Exchange Company Limited (MECL), its wholly-owned subsidiary in Karachi. MECL will offer remittance and forex services to all customers.

As an initial step in its journey, MECL will expand to 10 outlets nationwide within the first month of its launch with accelerated plans to launch 50 outlets within a year.

The first Meezan Exchange branch, located at the Trade Tower, Karachi, was recently inaugurated by Mr Irfan Siddiqui, Founding President & CEO of Meezan Bank, along with Mr Zia Ul Hassan, Chairman of the Board MECL, Mr Faisal Sarwar, CEO of MECL, and senior management from Meezan Bank and Meezan Exchange.

Meezan Exchange’s rapid rollout comes with the State Bank of Pakistan’s structural reforms in the exchange sector that aim to create local forex powerhouses with licenses to operate in the country.

MECL has joined the country’s growing list of exchange companies and specializes in offering transparency and cost-effectiveness in every transaction, building upon its core strengths of providing efficient currency exchange rates, swift service, and a superior customer experience.

“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," Mr. Irfan Siddique said.

"Meezan Exchange is a testament to the rapid strides we want to make in providing outclass remittance and multi-currency exchange services to both our corporate and individual customers,” he added.