JS Bank and BankIslami join hands to boost remittance payouts nationwide

JS Bank has collaborated with BankIslami to develop innovative home remittance services in Pakistan in more locations to serve more beneficiaries. 

This partnership would make it hassle-free for families to receive money from abroad because both banks would utilise all their resources and vast network to provide a convenient and safe remittance payout option in the country. 

JS Bank and BankIslami partnership

This collaboration covers more than 780 branches, meaning that overseas remittance senders can now receive their money faster and with more reliability irrespective of their location in Pakistan. 

This initiative aims to leverage BankIslami's extensive branch network, making it possible for JS Bank to offer these services in more places and to more beneficiaries, thereby making it easier and quicker for families and individuals to receive such funds without waiting long. 

"Remittances play a crucial role in Pakistan’s economy," said JS Bank Group Head of Investment, International & Transaction Banking Syed Jafar Raza. 

Read more: SBP Act amendments propose legalising digital currency in Pakistan

"With this partnership, we’re making it easier and more secure for families to access these essential funds, reaching as many recipients as possible. Just from January to August 2024, over $18 billion was sent in remittances, underscoring the importance of making the payout process both convenient and efficient."

BankIslami Group Head of Treasury & Financial Institution Faisal Anwar emphasised the alliance’s focus on financial inclusion. "This partnership aligns with our goal of making Riba-free banking accessible to all communities across Pakistan. We are proud to work with JS Bank to provide these essential financial services."