Meezan Bank, Pakistan’s leading Islamic bank, has launched Meezan Exchange Company Limited (MECL), its wholly-owned subsidiary in Karachi.
Meezan Exchange Company Limited will provide remittance and forex services to all customers. Initially, MECL plans to expand to 10 outlets nationwide within the first month of its launch, with a goal of reaching 50 outlets within a year.
Irfan Siddiqui, Founding President & CEO of Meezan Bank, inaugurated the first Meezan Exchange branch at the Trade Tower in Karachi, alongside Mr. Zia Ul Hassan, Chairman of the Board of MECL, Mr. Faisal Sarwar, CEO of MECL, and senior management from Meezan Bank and Meezan Exchange.
Furthermore, this rapid rollout of MECL aligns with the State Bank of Pakistan’s structural reforms in the exchange sector, which aim to establish local forex powerhouses with licenses to operate in the country.
Irfan Siddiqui commented, “The launch of MECL shows our commitment to providing seamless financial solutions. We aim to develop best-in-class financial services based on our core values of Shariah compliance, integrity, and service excellence. Moreover, MECL highlights our ambition to offer exceptional remittance and multi-currency exchange services to both corporate and individual customers.”
MECL joins the country’s growing list of exchange companies, specializing in transparency and cost-effectiveness in every transaction. It builds on its strengths of offering efficient currency exchange rates, prompt service, and a superior customer experience.
