Pakistan’s leading Islamic bank, Meezan Bank recently signed an agreement with the Pakistan Export-Import Bank (EXIM) to act as an advisor on Islamic trade finance and insurance/guarantees for SME products and services under a technical assistance grant from the Islamic Development Bank (IsDB).
The grant will support the government in promoting and expanding international trade in the country through the Pakistan Export-Import Bank, which will provide export credits, export and guarantee products and services to exporters.
Under the agreement, Meezan Bank will develop Sharia-compliant commercial finance products and risk management strategies that will allow many SMEs to obtain financial support from EXIM Bank, thereby fostering commercial competition in the region.
The agreement was signed by Mr. Arif-ul Islam – Executive Vice President of Mizan Bank, Mr. Irfan Bukhari – President and CEO of EXIM Bank in Pakistan, and Mr. Mansoor Mukhtar – Vice President of the Islamic Development Bank (IsDB) from Jeddah. , Saudi Arabia.
Mansoor Mukhtar, Vice President of the Islamic Development Bank, said: “We hope that this cooperation will make a positive contribution to the development of new products for the Islamic banking industry. We assure EXIM Bank of our full support for their operation. “
On this occasion, Irfan Seddiqi, President and CEO of Mezzan Bank, said: “Meezan Bank will support EXIM Bank of Pakistan by providing all possible support in the development of Sharia-compliant products to act as an official export credit agency. Pakistan. Thanks to cooperation and mutual understanding, we can diversify Pakistan’s export base and pave the way for the development of the SME sector.
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