JS Bank, BankIslami partner to expand home remittance payouts

KARACHI: JS Bank and BankIslami have announced a strategic partnership to enhance home remittance services nationwide, by combining the strengths and retail networks of both institutions. Through this alliance, JS Bank will leverage BankIslami’s branch network to provide swift, secure, and convenient remittance payouts for beneficiaries across Pakistan.

To ensure a seamless experience, JS Bank will provide BankIslami with specialized training, and technical resources. This initiative is designed to support a consistent and secure remittance payout experience, from urban hubs to rural locations. Additionally, the collaboration incorporates robust security measures, ensuring beneficiaries’ funds are protected at every point in the process.

The partnership was formalized at a signing ceremony in Karachi, which included senior leadership from both partners, including Imran Shaikh, Deputy CEO of BankIslami, and Atif Malik, Chief Operating Officer of JS Bank. The collaboration leverages the combined strength of both banks’ networks, totaling over 780 strategically located branches nationwide, to expand convenient, secure access for remittance beneficiaries, particularly those receiving funds from overseas. This alliance represents a significant step toward improving financial accessibility.

Sharing his thoughts, Syed Jafar Raza, Group Head of Investment, International & Transaction Banking at JS Bank, said, that remittances play a crucial role in Pakistan’s economy. Through this partnership with BankIslami, we’re expanding the reach and accessibility of these essential funds, benefiting recipients across the country. “With over $18 billion sent in remittances between January and August 2024 alone, we are committed to making the payout process as convenient, secure, and efficient as possible,” he added.

Faisal Anwar, Group Head of Treasury & Financial Institutions at BankIslami, said that this alliance further strengthens commitment to financial inclusion, making essential financial services accessible to all. “This partnership also aligns with our vision to provide Riba-free banking to communities across Pakistan, without discrimination,” he added.

Copyright Business Recorder, 2024