The foremost Islamic bank in Pakistan, Meezan Bank, has formally launched Meezan Exchange Company Limited (MECL), a fully-owned subsidiary, in Karachi.
All clients will have access to FX and remittance services from MECL.
MECL’s first step in its journey will see it establish 10 stores nationally in the first month of operation, with expedited ambitions to open 50 stores in a year.
Irfan Siddiqui, the founding president and CEO of Meezan Bank, recently opened the first Meezan Exchange branch at the Trade Tower in Karachi. Senior management from Meezan Bank and Meezan Exchange also attended the event, along with Mr. Zia Ul Hassan, the chairman of the board MECL, and Mr. Faisal Sarwar, the CEO MECL.
The State Bank of Pakistan’s structural changes in the exchange industry, which intend to establish regional forex powerhouses with national operating licenses, coincide with Meezan Exchange’s quick implementation.
MECL, which has expanded beyond its original strengths of providing economical currency exchange rates, quick service, and an exceptional client experience, has joined the nation’s expanding list of exchange firms and focuses on providing transparency and cost-effectiveness in every transaction.
