MCB Bank and Bank Al Jazira (Fawri) launch international money transfers to Pakistan

Sami Hamad Al-Rajhi, Head of Banking Services Group at Fawri, Bank Al Jazira and Muhammad Naeem Saigol, Division Head-TBD, MCB Bank, pose with senior officials of after signing agreement for transfer of remittance.
Updated 31 December 2018

MCB Bank and Bank Al Jazira (Fawri) launch international money transfers to Pakistan

  • Pakistanis in KSA can now send remittances back home through more than 1,350 MCB Bank's branches
  • Fawri is one of the fastest growing money transfer services in Saudi Arabia, with Pakistan being one of the largest remittance recipient corridors
KARACHI: The MCB Bank, one of Pakistan’s largest and most innovative banks, has entered into an agreement with leading Saudi financial institution Bank Al Jazira (Fawri) for the facilitation of remittances to beneficiaries in Pakistan.
 
Through the strategic partnership, MCB Bank will further facilitate overseas Pakistanis in Saudi Arabia to transfer remittances to Pakistan which can be received through more than 1,350 MCB Bank branches nationwide.
 
The agreement was signed by Sami Hamad Al-Rajhi, Head of Banking Services Group at Fawri, Bank Al Jazira and Muhammad Naeem Saigol, Division Head - TBD, MCB Bank, in the presence of Mr. Hassan Saleem, Fawri MTO Manager & Business Projects at Bank Al Jazira and Mr. Ziad Aftab Ejaz, Department Head - Home Remittances at MCB Bank at MCB Tower, Karachi.
 
Speaking about the agreement, Al-Rajhi said, “Fawri is one of the fastest growing money transfer services in Saudi Arabia, with Pakistan being one of our largest remittance recipient corridors. Fawri is very excited to enter into an arrangement with MCB Bank Pakistan and together both the organizations will work together to make the remittance process streamlined at both the sender’s and receiver’s end.”
 
Speaking about the agreement, Saigol said, “MCB Bank is known for its customer-centric approach and makes every possible effort to exceed customer expectations through superior services and solutions. This new partnership with Bank Al Jazira,through their dedicated remittances division Fawri, will allow us to further diversify and expand our remittance services to the Pakistani community in the Middle East. This further strengthens MCB Bank’s commitment towards inclusive banking and channeling of remittances though the formal banking network.”
 
Fawri Money Transfer Services are an integral part of Bank Al Jazira’s Banking Service Division and provide international transfer services via different methods and local transfers within Saudi Arabia. Fawri partners with leading banks across the globe through a network of over 200 countries to facilitate remittances between the expatriate community living in Saudi Arabia with their countries of origin and other nations.


Oil recoups losses as OPEC, US Fed see robust economy

Updated 14 November 2019

Oil recoups losses as OPEC, US Fed see robust economy

  • US-China trade deal will help remove ‘dark cloud’ over oil, says Barkindo

LONDON: Oil prices reversed early losses on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said it saw no signs of global recession and rival US shale oil production could grow by much less than expected in 2020.

Also supporting prices were comments by US Federal Reserve Chair Jerome Powell, who said the US economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt.

Brent crude futures stood roughly flat at around $62 per barrel by 1450 GMT, having fallen by over 1 percent earlier in the day. US West Texas Intermediate crude was at $56 per barrel, up 20 cents or 0.4 percent.

“The baseline outlook remains favorable,” Powell said.

OPEC Secretary-General Mohammad Barkindo said global economic fundamentals remained strong and that he was still confident that the US and China would reach a trade deal.

“It will almost remove that dark cloud that had engulfed the global economy,” Barkindo said, adding it was too early to discuss the output policy of OPEC’s December meeting.

HIGHLIGHT

  • US oil production likely to grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations.
  • The prospects for ‘US crude exports had turned bleak after shipping rates jumped last month.’

He also said some US companies were now saying US oil production would grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations — reducing the risk of an oil glut next year.

US President Donald Trump said on Tuesday Washington and Beijing were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony.

“The expectations of an inventory build in the US and uncertainty over the OPEC+ strategy on output cuts and US/China trade deal are weighing on oil prices,” said analysts at ING, including the head of commodity strategy Warren Patterson.

In the US, crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.

ANZ analysts said the prospects for US crude exports had turned bleak after shipping rates jumped last month.