KARACHI: Pakistan’s Meezan Bank, the country’s largest Islamic one, announced this week that it has signed an agreement with Kazakhstan’s Bank CenterCredit (BCC) to strengthen banking ties and boost the volume of bilateral trade between the two countries. 

Meezan Bank has over 1,000 branches located in over 300 cities across the country. The BCC, on the other hand, is counted among Kazakhstan’s largest commercial banks and provides services such as trade finance, retail banking and corporate banking, among others. 

The two banks signed a memorandum of understanding that outlines a framework for collaboration in trade finance, cross-border payments and facilitation of financial services for corporate and commercial clients operating between the two markets, Meezan said in a press release on Monday. 

“This MoU represents an important milestone in strengthening financial ties between Kazakhstan and Pakistan,” Muhammad Abdullah Ahmed, Meezan Bank’s group head of transactions and international banking department, said in a statement.

“Enhanced correspondent banking cooperation will play a vital role in supporting bilateral trade and fostering closer economic relations.”

Meezan Bank said through the collaboration, both banks aim to improve access to banking channels, support exporters and importers and explore new opportunities to foster economic cooperation.

“We are pleased to partner with our Pakistani counterparts to expand correspondent banking services and explore new opportunities for collaboration,” Ruslan Vladimiro, BCC president, was quoted as saying by Meezan Bank. 

“This partnership will help create more efficient and secure banking channels for businesses and financial institutions in both countries.”

Meezan said both banks reaffirmed their commitment to operating in line with international regulatory, compliance and risk management standards.

Pakistan enjoy cordial ties with Kazakhstan and was among the first countries to recognize it in 1991. According to Kazakhstan’s government, the bilateral trade volume between the two sides amounted to $53.7 million in 2024.

Pakistan’s exports to Kazakhstan include citrus fruits, pharmaceutical products, garments, soap, sports equipment and gear. Kazakhstan’s exports to Pakistan primarily include onions and garlic, dried leguminous vegetables, oats, buckwheat and other cereal grains.