Advertisement
News

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

Advertisement

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.

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”.

Advertisement
News Desk

Recent Posts

Donald Trump Declares Victory in U.S. Presidential as Key States Await Final Counts

Donald Trump has declared victory in the U.S. presidential election, addressing an enthusiastic crowd in…

19 hours ago

Pakistan set to launch Euro bonds as credit rating improves: Finance Minister

During a media interaction at a local hotel on the occasion of the Securities and…

1 day ago

Farrukh Sabzwari Appointed CEO of Pakistan Stock Exchange

Farrukh H. Sabzwari has been appointed as the new Chief Executive Officer of the Pakistan…

1 day ago

Pakistan, UAE signs MoU to promote Jiu-Jitsu for youth in Sindh

The Consul General of the United Arab Emirates (UAE) in Karachi, Bakheet Ateeq Al-Remaithi, and…

1 day ago

Mayor Wahab backs Unilever’s sustainable growth initiative

Mayor Karachi Barrister Murtaza Wahab, emphasized the importance of sustainability in urban development, stating, “As…

1 day ago

SI Global Solutions becomes first Pakistani company to get membership of IALA

SI Global Solutions, a leading maritime and fastest-growing ICT system integrator and consultancy company, has…

1 day ago