Karachi: In a significant advancement for financial operations in Pakistan, Meezan Bank, a leader in Islamic banking, and Hamdard Laboratories (Waqf) Pakistan, known for its contributions to Eastern medicine, have expanded their partnership. This expansion includes the integration of advanced transaction banking services, celebrated at a formal ceremony at Hamdard Laboratories’ headquarters.

According to Meezan Bank Limited, the agreement was inked by Ms. Sadia Rashid, Chairperson and Chief Mutawallia of Hamdard Laboratories, and Syed Amir Ali, Deputy CEO of Meezan Bank. The ceremony was attended by senior executives from both organizations. This partnership introduces a sophisticated digital solution that links Meezan Bank’s cash management system with Hamdard Laboratories’ SAP S4 HANA system, aimed at improving the accuracy and efficiency of distributor collections and payments.

The new services are expected to enhance the operational effectiveness of Hamdard Laboratories, with Ms. Sadia Rashid noting the significant benefits this collaboration brings to their financial processes. Syed Amir Ali also expressed enthusiasm about deepening their relationship through these advanced digitalized payment and collection solutions, emphasizing Meezan Bank’s commitment to supporting Hamdard Laboratories with efficient and seamless financial services.

This development marks a continuation of the relationship that began in 2021, focusing on payments and collections. The enhanced agreement highlights Meezan Bank's commitment to driving innovation and efficiency in transaction banking for its partners.