Wednesday, November 20, 2024

Meezan Bank Inks Agreement to Join the International Islamic Trade Finance Corporation (ITFC) to Support Private Sector

Meezan Bank, Pakistan’s leading Islamic bank has signed a new strategic partnership with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, under the ITFC Letter of Credit (LC) Confirmation product.

This product facilitates trade flow by allowing exporters and issuing banks to gain assurance from ITFC to secure payment and thus eliminate credit risks. It will support private sector clients, including SMEs, by working with local banks in Organisation of Islamic Cooperation (OIC) member countries to facilitate various import transactions.

- Advertisement -

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 executives from both sides. Meezan Bank is the first bank in Pakistan to partner with ITFC for the LC Confirmation facility.

This Islamic trade facility will enable Meezan Bank to extend geographical coverage by leveraging the ITFC network, both in member and non-member countries. It will also enable the Bank to handle longer term LC Confirmation transactions (6 to 12 months).

Syed Amir Ali, Deputy Chief Executive Officer of Meezan Bank, highlighted the impact of this cooperation saying: “Today marks a significant milestone in our business relationship with ITFC as we solidify our partnership. This arrangement reinforces our Bank’s commitment to reliability, stability, and financial excellence. The Letter of Credit Confirmation Agreement strengthens our position in the market, enabling us to capitalize on new opportunities and facilitate international Islamic trade.”

M. Nazeem Noordali, Chief Operating Officer of ITFC, expressed his views on the partnership: “We are proud to strengthen our partnership with Meezan Bank through this Letter of Credit Confirmation Agreement, which reflects our commitment and support to private sector clients in our member countries”.

Stay updated with the latest and breaking news directly on your mobile phone by joining Headline PK's WhatsApp group!

 

 

Latest stories

-Advertisement-

Highlights of the Week
Related

2024’s Final Supermoon to Illuminate the Skies Tonight in Pakistan

Tonight, Pakistan will witness the final supermoon of 2024,...

Schools in Karachi May Close for IDEAS 2024 Security Measures

To ensure security and manage traffic during the International...

Viral Pakistani Tea Seller Arshad Khan Secures Rs 1 Crore Investment on Shark Tank Pakistan

Arshad Khan, the Pakistani tea seller whose striking looks...

Punjab Declares Health Emergency, Imposes Lockdown in Lahore and Multan

The Punjab government has declared a health emergency in...
-Advertisement-
Join our Whatsapp Group for Exclusive News!
Join our Whatsapp Group for Exclusive News!