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Meezan Bank and Ufone collaboratively launch ‘MeezanUPaisa’; World’s first Islamic Branchless Banking service

November 20th, 2015

Karachi, November 19, 2015: Meezan Bank, Pakistan’s first and largest Islamic bank and Ufone, an Etisalat group company, renowned for its innovative; out-of-the-box products and services have formed a strategic partnership to launch ‘MeezanUPaisa’, the world’s first Islamic Branchless Banking solution at a grand launch ceremony held in Karachi. Governor State Bank of Pakistan – Mr. Ashraf Mahmood Wathra was the Chief Guest of the launch ceremony, which was attended by the senior management of Meezan Bank and Ufone and senior executives from the corporate sector.

With the launch of Meezan Upaisa, customers would now 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. 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.”

Mr. Abdul Aziz – CEO, Ufone, “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 and Meezan Bank holding over 50% of the Islamic banking share in Pakistan, this partnership is poised to go a long way in opening new opportunities.”

This partnership will lay the ground for Islamic Branchless Banking in Pakistan and will expand the reach of Riba-free banking services to the masses with utmost ease and convenience.

About Ufone

Ufone the leader in innovation is an Etisalat Group Company with its presence in all the major cities of Pakistan along with a comprehensive coverage across all major towns, villages and tehsil headquarters of the country. The company employs more than 4,780 people and operates with a network of more than 388 franchises and 23 company-owned customer service centers.