Karachi: Meezan Bank, the Best Bank in Pakistan has announced the provision of corporate & transaction banking services to Tufail Group– one of the largest manufacturers of industrial chemicals in Pakistan. As per the memorandum of understanding (MoU) signed between the two parties, Meezan Bank will, provide a core suite of payment & collection services to Tufail Group, through eBiz+, its state-of-the-art portal designed to automate complex payment workflows. 

The agreement was recently signed by Mr. Zubair Tufail - Director & CEO, Tufail Group and Mr. Muhammad Abdullah Ahmed - Group Head, Corporate & Institutional Banking, Meezan Bank at Tufail Group’s Head Office, Karachi.

Commenting at the occasion, Mr. Abdullah Ahmed - Group Head, Corporate & Institutional Banking, Meezan Bank, said: “As one of the largest players in the industry, Meezan Bank is doubling down on its efforts to drive innovative digital cash flow management for businesses and corporates in Pakistan. By bringing in the strengths of our customizable, business-focused product, eBiz+, we are not only speeding up Tufail Group’s cash collection cycle but will also enable them to cut down on the hours spent on company books, thus lowering their risks through streamlined processes and better managed business relations.”

As per the MoU, Meezan Bank will provide Corporate & Transaction Banking Services to Tufail Group, ensuring ease of reconciliation and efficient cash flow management. The automated transaction banking system is based on a core suite of integrated solutions that go beyond the traditional transactional nature of payments to consolidate all aspects of a payment value-chain along with technical and operational support as well as privacy and security of data.

Mr. Zubair Tufail - Director & CEO, Tufail Group, while speaking at on the occasion stated that Tufail Group is working with a mission to make Pakistan a self-sufficient nation for industrial chemicals. This signing between the two parties marks the critical role that the financial sector can play in encouraging corporates to embrace digitalization to strengthen their business and to manage day-to-day transactions.

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About Meezan Bank

Meezan Bank is leading Islamic bank of Pakistan and also one of the largest banks nationwide in terms of branch network as well as deposits. With a network of 820+ branches in more than 248 cities, it has the largest Islamic banking network in Pakistan.

Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions including its recognition as the ‘Best Bank – 2020’ by Pakistan Banking Awards – the most prestigious award in the country’s financial sector and by Islamic Finance News - Malaysia, Global Finance magazine - New York, Asset AAA - Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association - Pakistan.

VIS Credit Rating Company Limited (Formerly JCR-VIS Credit Rating Company Limited) has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.

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