As part of a big plan to improve home transfer services across Pakistan, JS Bank and BankIslami have teamed up to make it easier for people who receive remittances to get them. By combining their large retail networks, this relationship will make it easier for people in both cities and rural areas to receive money sent from abroad. This will make the whole experience better for people and families who depend on money from abroad. This partnership shows that both banks are serious about helping more people get access to banking services and growing the economy as a whole.
As part of this strategic partnership, JS Bank will use BankIslami’s office network to make sure that the process of sending money abroad is quick and safe. To keep things consistent and dependable, JS Bank will give BankIslami staff specialized training and technical tools. This will allow staff to give beneficiaries a smooth, standardized experience. At every step, strict security measures will be put in place to protect the funds. This will build trust in the remittance process and make sure that recipients feel safe when they access their funds.
At a formal signing ceremony in Karachi, top executives from both banks, such as Imran Shaikh, Deputy CEO of BankIslami, and Atif Malik, COO of JS Bank, talked about how the partnership could make it easier for people to send money back to their families. The collaboration aims to reach communities across the country, especially families in areas that aren’t well covered, through a network of more than 780 branches. The goal of this project is to make it easier for people all over Pakistan to get to basic banking services.
Group Head of Investment, International, and Transaction Banking at JS Bank, Syed Jafar Raza, talked about how important transfers are. He said that over $18 billion had been sent back home just between January and August 2024. He said it again: this partnership will speed up and protect the payout process, which will be very good for Pakistan’s economy. Faisal Anwar, Group Head of Treasury & Financial Institutions at BankIslami, agreed and said that the project fits with the bank’s goal to make banking free of Riba and make sure that everyone in Pakistan has access to money.
