ISLAMABAD: Meezan Bank, Pakistan’s leading Islamic bank, and Hamdard Laboratories (Waqf) Pakistan, a pioneer in Eastern medicine, have seen a significant improvement in their financial cooperation through the successful integration of advanced transaction banking services. The agreement in this regard was signed by Sadia Rashid, Chairman and Chief Mutawalia of Hamdard Laboratories and Syed Amir Ali, Deputy CEO of Meezan Bank, said in a press release. Key executives from both organizations were present including Farrukh Imdad – CEO (Hamdard), Faisal Nadeem – Chief Operating Officer (Hamdard), M. Abdullah Ahmed, Group Head – Transaction & International Banking (Meezan) and Zia Ul Hasan, Group Managing Director – Banking and Operations (Meezan). The new agreement introduces end-to-end collection integration between Meezan Bank’s state-of-the-art cash management system and Hamdard Laboratories’ SAP S4 HANA system. This digitized solution aims to increase the efficiency and accuracy of collection and payment of Hamdard Laboratories distributors, supports streamlining of financial operations and higher operational efficiency. Rashid, Chairman and Chief Mutawalia of Hamdard Laboratories, highlighted the importance of the partnership: “The integration of advanced transaction banking services with Meezan Bank represents a great leap forward for our organization. This collaboration will significantly improve our financial processes and strengthen our ability to serve our community with increased efficiency and accuracy.” Syed Amir Ali, Deputy CEO of Meezan Bank, highlighted the impact of the new services: “We are excited to advance our partnership with Hamdard Laboratories through this integration. Our state-of-the-art digitized payment and collection solutions are designed to provide seamless and efficient financial services, reinforcing our commitment to be a leading banker and trusted partner to Hamdard Laboratories.” The signing ceremony also celebrated the ongoing relationship between Meezan Bank and Hamdard Laboratories, which includes payment services and direct debit from 2021. The expanded agreement underscores Meezan Bank’s role as a key financial partner that supports innovation and efficiency in transaction banking.
