KARACHI: Meezan Bank has recently signed an agreement with Export-Import (EXIM) Bank of Pakistan to act as its consultant for developing Islamic Trade Finance, Takaful Insurance / Guarantee Products and Services for Corporate and SME (Small Medium Enterprises) Exporters under a Technical Assistance Grant provided by Islamic Development Bank (IsDB).
The grant will support the Government in promoting and expanding international trade in the country through EXIM Bank of Pakistan which will offer export credit, Takaful and guarantee products and services to the exporters, a news release said.
Under the agreement, Meezan Bank will develop Shariah-compliant trade finance related products and risk management strategies that will enable many SMEs to access financial support from EXIM Bank, encouraging trade competition in the region.
The agreement was signed by Mr. Ariful Islam – Deputy CEO, Meezan Bank and Mr. Irfan Bukhari – President & CEO, EXIM Bank of Pakistan while Mr. Mansur Muhtar – Vice President, Islamic Development Bank (IsDB) joined the proceeding online from Jeddah, Saudi Arabia.
Mr. Mansur Muhtar, Vice President – IsDB, speaking on the occasion said, “We are hopeful that this collaboration will positively contribute to new product development for the Islamic banking industry. We assure EXIM Bank of our complete support for their operationalization.”
Speaking at the occasion, Mr. Irfan Siddiqui – President & CEO, Meezan Bank said, “Meezan Bank will facilitate EXIM Bank of Pakistan with all possible support for development of Shariah-compliant products to act as Pakistan’s official export credit agency. Through collaboration and common understanding, we can enable diversification of Pakistan’s export base, paving the way for SME sector development.”
Mr. Ariful Islam – Deputy CEO, Meezan Bank congratulated Mr. Irfan Bukhari for spearheading this important initiative and said that Meezan Bank will be always available to support EXIM Bank Pakistan in future.
Mr. Irfan Bukhari – President & CEO, EXIM Bank of Pakistan said that he is very pleased to have Meezan Bank as EXIM’s consultant for development of Islamic products – products that will boost exports for Pakistan thereby contributing to the national exchequer. He also thanked the IsDB management – its lead technical consultant, for their efforts in assisting EXIM Bank during the initial phase of its establishment.