Latest news with #Meezan
Business Recorder
23-04-2025
- Business
- Business Recorder
Malaysian banking team visits Meezan Bank
KARACHI: For the first time in Pakistan's history, a senior Malaysian banking delegation visited Meezan Bank in a landmark initiative to study its successful Islamic banking model. The visit, which included senior officer from Malaysia's key financial institutions, marks a historic first for Pakistan, as Meezan Bank was selected as a strategic model for the advancement of Islamic banking in Malaysia. The delegation explored the Bank's Shariah-compliant practices and operations with a view to replicating its success back home, further reinforcing Meezan's position as a trailblazer in Islamic finance across the region. The delegation, led by Association of Shariah Advisors in Islamic Finance in Malaysia (ASAS) and accompanied by Herman Hardynata Ahmad Consul General of Malaysia, comprised representatives from several key Malaysian institutions, including Bank Negara Malaysia (Central Bank of Malaysia), Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, MBSB Bank Berhad, SME Bank (Small Medium Enterprise Development Bank Malaysia Berhad), and Alliance Islamic Bank Berhad. Senior management at Meezan Bank, including Irfan Siddiqui, Founding President & CEO, and Syed Amir Ali, Deputy CEO, received the delegates and acknowledged Malaysia's ongoing efforts to promote and expand Islamic finance within the region. With a market share approaching 25 percent in Pakistan's Islamic banking sector, Meezan Bank is widely recognized as a benchmark in the industry. The visit will offer the Malaysian delegates with a first-hand look at the Bank's operational framework, its implementation of various Shariah-compliant structures, and its approach to product development and innovation. The delegation engaged in discussions with the Bank's executive leadership, regulatory stakeholders, and Shariah scholars, gaining insights into Meezan Bank's end-to-end Islamic banking model. Particular attention was paid to the use of trade- and partnership-based structures in its financing portfolio, a core differentiator of Meezan's approach. To offer a broader perspective on Pakistan's Islamic finance ecosystem, Meezan Bank also facilitated visits to key institutions including the Pakistan Stock Exchange (PSX), State Bank of Pakistan (SBP), Darul Uloom Karachi, and others—providing the delegation with a well-rounded understanding of the country's regulatory, educational, and market landscape. Datuk Ahmad Hizzad bin Baharuddin, Independent Non-Executive Director of SME Bank said that this visit to Meezan Bank is a valuable opportunity to learn, engage, and collaborate with the Islamic finance community here. Unlike Malaysia's central bank-driven approach, Pakistan offers a unique model led by the private sector, with Meezan at the forefront. Meezan's diversified strategy; focus on Musharakah and trade-based structures, sparking ideas for expanding Malaysia's market. 'We see strong potential for collaboration, particularly in financial integration in areas of Sukuk, where Malaysia is a global leader. Meezan Bank's deep-rooted Shariah-based model, and Pakistan's growing Islamic finance demand, offer valuable insights for the broader region', he added. Copyright Business Recorder, 2025
Arab News
05-03-2025
- Business
- Arab News
US fintech partners with largest Pakistani Islamic bank for cross-border transactions
ISLAMABAD: American financial services company Payoneer has partnered with Meezan Bank, Pakistan's largest Islamic bank, to enhance cross-border payments for Pakistani businesses, entrepreneurs, and freelancers, a press release said on Wednesday. Under the partnership, Meezan Bank customers can link their Payoneer accounts to the bank's mobile banking app to make real-time withdrawals in multiple global currencies directly into their Meezan local receiving accounts. The mobile app integration will allow businesses in Pakistan to receive funds from clients, vendors, and marketplaces worldwide, enabling them to be 'local' to their customers regardless of where they are. Meezan Bank customers will also access benefits including multi-currency balance monitoring, transparent FX rates, no hidden costs, pre-populated personal details, quick authentication via SMS, and a straightforward account-linking process. The integration will also ensure that Proceeds Realization Certificate (ePRC), an essential document provided by Meezan Bank for regulatory adherence, tax filing, and securing export rebates, will be issued with every transaction, addressing a critical legal requirement for Pakistan's small and medium businesses engaged in cross-border trade. 'By partnering with Meezan Bank, we are providing Pakistani businesses access to financial management tools that will support their global expansion and help them grow alongside the evolution of Pakistan's export landscape,' said Mohsin Muzaffar, country manager at Payoneer Pakistan. 'We're committed to enabling Pakistan's businesses to thrive on the global stage while contributing to the acceleration of the country's digital export growth.' Abdullah Ahmed, group head transaction and international bankinggroup at Meezan Bank, said the institution's strong digital infrastructure and deep expertise in the interconnected global economy had made it an 'ideal Islamic banking partner' for Payoneer. 'This seamless integration reflects our shared vision of fostering financial inclusion, driving innovation, and supporting Pakistan's digital economy in alignment with ethical and Islamic financial principles,' the official said. "We look forward to a successful collaboration that empowers businesses and individuals alike through responsible and inclusive banking solutions.' The collaboration comes at a pivotal time for Pakistan's digital economy. The nation's IT exports reached $3.2 billion in FY2023-24, a 24% year-on-year increase. Pakistan's freelance worker community of over 1.5 million professionals also contributed $350 million to the country's foreign exchange reserves last year.
