Business Desk 
Nov 05, 2024
Meezan Bank of Pakistan marked a significant milestone by signing an agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, under the ITFC Letter of Credit (LC) Confirmation product to support small and medium enterprises (SMEs).
It fosters trade flow by issuing banks and enabling exporters to gain confidence from ITFC to fortify payments, mitigating credit concerns. This collaboration is aimed to support private industry clients to facilitate an extensive range of import transactions.
The agreement was signed by ITFC Chief Operating Officer Nazeem Noordali, and Meezan Bank Deputy Chief Executive Officer. While, the signing ceremony was attended by the top officials from both officials.
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This significant step of the Islamic trade facility by Meezan Bank will allow it to expand geographical coverage, as it holds the ITFC network. Moreover, Meezan Bank will be able to operate longer-term LC Confirmation transactions for up to six to 12 months.
Meezan Bank Deputy Chief Executive Officer Syed Amir Ali stated: “Today marks a significant milestone in our business relationship with ITFC as we solidify our partnership. This arrangement reinforces our Bank’s commitment to reliability, stability, and financial excellence. The Letter of Credit Confirmation Agreement strengthens our position in the market, enabling us to capitalise on new opportunities and facilitate international Islamic trade.”
ITFC Chief Operating Officer M. Nazeem Noordali further said: “We are proud to strengthen our partnership with Meezan Bank through this Letter of Credit Confirmation Agreement, which reflects our commitment and support to private sector clients in our member countries”.
