Home Uncategorized World’s first Islamic Branchless Banking Service Launched

World’s first Islamic Branchless Banking Service Launched

Ufone, Meezan Bank collaboratively launch ‘Meezan-UPaisa’

 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.

Meezan - Upaisa Meezan - Upaisa

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.”

He added, “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 availbranchless 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.

Must Read

International platforms praise TECNO Camon 16 for its remarkable Camera technology

Taking good pictures can be a hassle sometimes especially in these times of social media influence. To carry a good camera everywhere you go...

U Microfinance Bank and NADRA Technologies Limited shake hands to provide e-Sahulat services

Islamabad October 22nd, 2020: U Microfinance Bank and NADRA Technologies Limited have collaborated to extend e-sahulat services at U Microfinance Bank branches. Through this...

vivo Expands Business in Europe

The global leading smartphone manufacturer expands its fan base in Europe vivo announced its partnership with UEFA European Football Championship 2020   21 Oct. 20 – Vivo,...

Renowned Agri. Scientist and the Chairman Tara Group Dr. Khalid Hameed has created a new history in Corporate Sector

Renowned Agri. Scientist and Chairman Tara Group Dr. Khalid Hameed has created a new history in Corporate Sector by achieving 4 prestigious Awards within...

TPL Life and Mobilink Microfinance Bank Ltd. Partner to Provide Protection against COVID-19

TPL Life, a leading insurtech in Pakistan, has partnered with Mobilink Microfinance Bank Ltd. (MMBL), Pakistan’s largest digital bank to launch “Corona Tahaffuz,” an...