Meezan Bank joins ITFC to strengthen Islamic Trade Finance
in Pakistan
Meezan Bank, Pakistan's leading Islamic financial institution, has entered
into a strategic partnership with the International Islamic Trade Finance
Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group. The
collaboration centers around the ITFC Letter of Credit (LC) Confirmation
product, designed to enhance trade flow and reduce risks for exporters and
issuing banks.
The LC Confirmation product provides exporters with assurance from ITFC,
ensuring secure payment and eliminating credit risks associated with
international trade. This initiative is set to benefit private sector clients,
including small and medium-sized enterprises (SMEs), by facilitating
transactions with local banks in the member countries of the Organisation of
Islamic Cooperation (OIC).
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The agreement was signed by Nazeem Noordali, Chief Operating Officer of
ITFC, and Syed Amir Ali, Deputy Chief Executive Officer of Meezan Bank, in the
presence of senior executives from both institutions. Meezan Bank becomes the
first Pakistani bank to partner with ITFC for this LC Confirmation facility.
The partnership will extend the bank's geographical reach by tapping into the
ITFC network, covering both member and non-member countries, and will allow
Meezan Bank to handle longer-term LC Confirmation transactions, ranging from 6
to 12 months.
Syed Amir Ali, Deputy CEO of Meezan Bank, emphasized the significance of
this partnership, saying, “This agreement represents a major milestone in our
ongoing collaboration with ITFC. It underscores our commitment to reliability,
stability, and excellence in financial services. The LC Confirmation facility
strengthens our market position, providing us with new opportunities to drive
international Islamic trade and meet the needs of our clients.”
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Nazeem Noordali, COO of ITFC, expressed his pride in the expanded
partnership, stating, “We are pleased to deepen our relationship with Meezan
Bank through this LC Confirmation agreement, which highlights our continued
support for private sector clients in OIC member countries. This partnership
reflects our shared commitment to fostering economic growth through secure and
efficient trade finance solutions.”
Source: The Nation