Ufone and Meezan Bank introduces Islamic branchless banking service ‘Meezan-UPaisa’

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Ufone and Meezan Bank introduces Islamic branchless banking service ‘Meezan-UPaisa’

Ufone and Meezan Bank have now collaborated for the introduction of world’s first Islamic branchless banking service. They have launched ‘Meezan-UPaisa’ that brings Islamic banking on your mobiles. It means no need to visit banks as you can do Islamic banking right from your handsets.

Ufone and Meezan Bank efforts are really a breakthrough in the market. Meezan-UPaisa enables customers to send/receive money, pay utility bills and do mobile top-ups through Islamic banking. More Islamic financial services will also be added in future.

Here is what Mr. Abdul Aziz, President and CEO Ufone, has to say regarding this initiative:

With this new collaboration we aim to capitalize on both parties’ strengths – Meezan Bank’s expertise in Islamic Banking and UPaisa’s geographic foot print to facilitate customers, making it a win-win situation for all.

Following are the comments from Mr. Irfan Siddiqui, President and CEO Meezan Bank:

Meezan Bank has played a vital role in expanding access to Islamic financial services in Pakistan. This initiative is poised to accelerate financial inclusion by adding convenience and greater reliability, deepening the role of Ufone through enhancing the value it provides to its customers and that of Meezan Bank in expanding the reach of Islamic financial services to every citizen of the country. We believe that we are now one step closer to our Vision of establishing ‘Islamic banking as banking of first choice’ by serving more than 60 million users – thus taking Islamic banking in the country to the next level.

This collaboration of Ufone and Meezan Bank will certainly help the people who don’t owe a bank account. Apart from this, this will also expand the concept of Islamic banking in the country.

What are your thoughts regarding Meezan-UPaisa? Share your views in comments section below.