Ufone and Meezan Bank have launched World’s First Islamic Branchless Banking - Meezan-Upaisa. Picture shows Governor State Bank, Mr. Ashraf Mahmood Wathra (5th from left) along with President & CEO, Ufone Mr. Abdul Aziz (4th from left) and President & CEO Mr. Irfan Siddiqui, Meezan Bank (2nd from right) with representatives of both organizations.
#Ufone, #Meezan Bank collaboratively launch ‘Meezan-UPaisa’
KARACHI: Ufone, an Etisalat group company, renowned for its innovative; out-of-the-box products and services and Meezan Bank, Pakistan’s first and largest Islamic bank, have formed a strategic partnership to launch Meezan-Upaisa, world’s first Islamic branchless banking solution.
With the launch of Meezan-UPaisa, customers across Pakistan would now, for the first time, be able to send and receive money, pay utility bills and do mobile top ups through Islamic banking. These services would be followed by an even wider array of Islamic financial services in the future.
Regarding this new initiative, Mr. Abdul Aziz, President & CEO, Ufone, said,
“With this new collaboration we aim to capitalize on both parties’ strengths – Meezan Bank’s expertise in Islamic Banking and UPaisa’s geographic foot print to facilitate customers, making it a win-win situation for all.”
“With UPaisa being at the forefront in providing branchless banking services with its collaborations at various levels andMeezan Bank holding over 50% of the Islamic banking share in Pakistan, this partnership is poised to go a long way in opening new opportunities.”
Mr. Irfan Siddiqui - President and CEO, Meezan Bank, while underlining the need for better financial solutions for the unbanked population of the country said,
“Meezan Bank has played a vital role in expanding access to Islamic financial services in Pakistan. This initiative is poised to accelerate financial inclusion by adding convenience and greater reliability, deepening the role of Ufone through enhancing the value it provides to its customers and that of Meezan Bank in expanding the reach of Islamic financial services to every citizen of the country. We believe that we are now one step closer to our Vision of establishing ‘Islamic banking as banking of first choice’ by serving more than 60 million users - thus taking Islamic banking in the country to the next level.”
It is pertinent to mention here that this partnership would expand the Islamic system footprint to its maximum potential and facilitate customers to avail branchless banking services with utmost ease and convenience under Islamic system. This would be the first milestone in the ambit of Islamic Branchless Banking, in banking industry.
About Meezan Bank
Meezan Bank is the 8th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of over 500 branches supported by a countrywide network of over 440 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News - Malaysia, Global Finance magazine - New York, Asset AAA - Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom and CFA Association - Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.
Ufone the leader in innovation is an Etisalat Group Company with its presence in all the major cities of Pakistan along with a comprehensive coverage across all major towns, villages and tehsil headquarters of the country. The company employs more than 4,780 people and operates with a network of more than 388 franchises and 23 company-owned customer service centers.