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Meezan Bank and Hamdard Laboratories Sign Cash Management Services Agreement

June 30th, 2009

Meezan Bank Limited and Hamdard Laboratories (Waqf) Pakistan signed an agreement under which Meezan Bank will provide Cash Management Services to Hamdard Laboratories. Mr. Irfan Siddiqui, President & CEO Meezan Bank Limited and Ms. Sadia Rashid, Chairperson Hamdard Laboratories (Waqf) Pakistan signed the agreement.

Speaking on the occasion, Mr. Irfan Siddiqui, President & CEO of Meezan Bank Ltd, said that this agreement shows that businesses in Pakistan are cognizant of the fast changing trends in the banking industry and are re-evaluating their business structures to provide their customers excellent services in a Shariah-compliant manner. He said that this also reflects on the immense growth potential in the Islamic way of doing business.

Hamdard Laboratories, who are already banking with Meezan Bank, have now further strengthened their relationship with the bank by utilizing its Cash Management Services, under which Meezan Bank, using its Online services and large branch network, will manage the entire deposits and payments workload with the dealers and clients of Hamdard Laboratories across Pakistan.

Meezan Bank and Hamdard Laboratories are also considering the possibility of installing Meezan Bank’s ATMs at Hamdard’s factory premises.

Meezan Bank and Hamdard Laboratories