APR recently provided media support for the launch of the world’s first Islamic branchless banking solution called ‘Meezan-UPaisa’ which was collaboratively launched by Meezan Bank and Ufone as a result of their strategic partnership. The coverage in leading newspapers and in TV channels provided mileage to the already acclaimed brands and highlighted this innovation in the global market.
With the launch of Meezan-UPaisa, customers across Pakistan would now, for the first time, be able to send and receive money, pay utility bills and do mobile top ups through Islamic banking. These services would be followed by an even wider array of Islamic financial services in the future. This collaboration would enable both companies to make the most of their value propositions, one having the expertise in Islamic Banking with over 50% shares in this industry and the other having a highly penetrated market and a deep set geographical footprint.
It is pertinent to mention here that this partnership would expand the Islamic system footprint to its maximum potential and facilitate customers to avail branchless banking services with utmost ease and convenience under Islamic system. This would be the first milestone in the ambit of Islamic Branchless Banking, in the banking industry.