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.
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.