Faysal Bank partners with Mashreq to provide QuickRemit Platform to Pakistan

Monday, 15 May, 2017 :

Karachi, 15th May 2017: Faysal Bank one of the leading banks of Pakistan has partnered with Mashreq, a leading financial institution of UAE, to provide QuickRemit service to Pakistan. QuickRemit, a money transfer platform that is considered amongst the fastest in the UAE, allows Mashreq Bank customers to remit money to Pakistan within few minutes via online and mobile channels with zero remittance fees.

The direct bank transfer service enables Mashreq Bank customers to perform Pakistani Rupee remittances to any bank account in Pakistan within a short span of time as opposed to the regular remittance transfer in the market which could take up to 2 days. Customers of Mashreq can avail QuickRemit services to Pakistan using its award winning mobile application SNAPP, available 24/7 with zero remittance fees, and through MashreqOnline at Customers can send money to their respective beneficiaries with the benefit of “instant credit”, appropriately named QuickRemit.

At the launch of the service, Rohit Garg, Head of Business Banking, Mortgages, Deposits and Remittances, Mashreq, stated: “At Mashreq, we try to maximize customer convenience with the use of technology and we are pleased to launch a service that is designed to be instantaneous and beneficial to both the sender and the receiver.” He added “Our endeavor is to provide our customers with simple solutions to remit money, to various countries at competitive rates.”

Commenting on this partnership, Bilal Asghar, Head Corporate & Investment Banking, Faysal Bank Limited, said: “We are pleased to be the sole partner for Mashreq Bank’s direct remit to Pakistan. This collaboration demonstrates FBL’s robust IT system and our mutual desire to meet customer expectations. We will continue to work with our FI partners and the Pakistan Remittance Initiative (PRI) team to further expand coverage in GCC and EU markets offering Non-Resident Pakistanis secure and swift way to send money to their loved ones.”

About Faysal Bank Limited:

Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a Public Limited Company under the Companies Ordinance, 1984. The Bank’s shares are listed on Pakistan Stock Exchange. Faysal Bank is engaged in Commercial, Retail, Corporate and Islamic banking activities. The Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited have determined the Bank’s long term rating as ‘AA’ and short term rating as ‘A1+’.\

Faysal Bank’s footprint now spreads over more than 100 cities with over 350 branches. With total assets in excess of PKR 444.5 billion, placing it amongst the significant players in Pakistan’s banking industry. Faysal Bank’s ambition is to provide par excellence service to its customers while meeting their financial needs.

About Mashreq Bank PSC:

Established in 1967, Mashreq is the oldest Bank in the UAE with award winning financial solutions and services. Throughout its 50 years’ history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 21 overseas branches and offices across Europe, USA, Asia and Africa.

Mashreq launched its new Vision and Mission in 2016, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region’s most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for three consecutive years from 2014-2016. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.


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