Meezan Bank Limited (PSX: MEBL) has received the Certificate of Incorporation from the Securities and Exchange Commission of Pakistan (SECP) for Meezan Exchange Company (Pvt.) Limited, according to an announcement made to the Pakistan Stock Exchange.
The issuance of the No Objection Certificate (NOC) from the State Bank of Pakistan paved the way for the establishment of Meezan Exchange Company as a fully-owned subsidiary of Meezan Bank Ltd.
As the next step in this process, Meezan Bank’s application will be submitted to the State Bank of Pakistan for the issuance of a license to commence operations, following the guidelines outlined in the SBP Exchange Companies Manual.
This development follows the State Bank of Pakistan’s decision to empower leading banks involved in foreign exchange trading to establish wholly-owned Exchange Companies (ECs) to cater to the lawful foreign exchange needs of the country. The move is part of a broader initiative to streamline and enhance foreign exchange services in Pakistan.
