Meezan Bank signs MoU with leading Kazakh financial institution to boost trade
Meezan Bank (PSX:
MEBL), Pakistan’s largest Islamic bank, has signed a Memorandum of
Understanding (MoU) with Bank CenterCredit (BCC), one of
Kazakhstan’s leading financial institutions, to strengthen correspondent
banking ties and support expanding bilateral trade.
The agreement establishes a framework for
cooperation in trade finance, cross-border payments, and the provision of
financial services to corporate and commercial clients operating between
Pakistan and Kazakhstan.
According to a press release, the partnership aims to enhance banking channels for exporters and importers, lower transaction costs, and unlock new avenues for economic collaboration between the two countries.
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Trade between Pakistan and Kazakhstan has been on a steady upward trajectory. Pakistan’s exports largely comprise textiles, rice, and other commodities, while imports from Kazakhstan include minerals, machinery, and raw materials. Strengthened correspondent banking services are expected to facilitate smoother financial transactions and further accelerate this growth.
Muhammad Abdullah Ahmed, Group Head of
Transaction & International Banking at Meezan Bank, described the MoU as a
significant step toward deepening financial linkages between the two nations,
noting that stronger correspondent banking cooperation would play a key role in
advancing bilateral trade and economic ties.
Ruslan Vladimirov, President of Bank
CenterCredit, said the partnership would expand correspondent banking services
and create more efficient and secure financial channels for businesses and
financial institutions in both markets.
Both institutions reiterated their commitment to adhering to international regulatory, compliance, and risk management standards to ensure transparency, reliability, and security in cross-border transactions.
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The MoU is expected to enhance trade finance capabilities, improve payment efficiency, and promote greater financial integration between Pakistan and Kazakhstan, contributing to increased trade and investment flows across the region.
Source:
Mettis Global