Hamdard labs & MBL sign cash management services agreement

Posted by admin on Jul 9, 2009

KARACHI, June 30 (APP): The Hamdard Laboratories (Waqf) and Meezan Bank Limited (MBL) have signed an agreement. A statement here on Tuesday said that under this agreement the MBL will provide Cash Management Services to Hamdard Laboratories. It said that Irfan Siddiqui, President and CEO Meezan Bank Limited and Ms. Sadia Rashid, Chairperson Hamdard Laboratories (Waqf) Pakistan, inked the agreement.

Speaking on the occasion, Irfan Siddiqui said that this agreement shows that businesses in Pakistan are cognizant of the fast changing trends in the banking industry and are re-evaluating their business structures to provide their customers excellent services in a Shariah-compliant manner.

He stated that this also reflects on the immense growth potential in the Islamic way of doing business.

The Hamdard Laboratories, which are already banking with Meezan Bank, have now further strengthened their relationship with the bank by utilizing its Cash Management Services, under which Meezan Bank, using its Online services and large branch network, will manage the entire deposits and payments workload with the dealers and clients of Hamdard Laboratories across Pakistan.

The statement further pointed out that Meezan Bank and Hamdard Laboratories are also considering the possibility of installing Meezan Bank’s ATMs at Hamdard’s factory premises.