- QuickRemit service promises 60-second transfers
- Transfers facilitated via both mobile and online channels
- USD $19.3bn in foreign remittances sent to Pakistan in 2017
Emirates Islamic, one of the preeminent Islamic financial organisations across the United Arab Emirates (UAE), recently announced that its international money transfer platform QuickRemit will now service remittances to Pakistan.
Emirates Islamic launched the service to concur with Pakistan’s annual celebration of Independence Day on 14 August.
QuickRemit boasts online money transfers with an account-to-account timeframe of only one minute.
The bank’s customers will now be enabled to complete cross-border payments to all Faysal Bank accounts in under 60 seconds, it is claimed, while money transfers to alternative Pakistan financial institutions will be conducted in under 60 minutes.
A leading institution in Pakistan, Faysal Bank enjoys a large footprint in the country, with 365 branches established in 100 cities across Pakistan. Customers of Emirates Islamic can utilise the QuickRemit service via both mobile and internet banking platforms. The facility is provided free of charge and customers can enjoy competitive exchange rates.
Deputy CEO of Consumer Banking and Wealth Management at Emirates Islamic Wasim Saifi said: “Extending our QuickRemit transfer service to Pakistan enhances our value proposition to one of our key customer segments. Pakistan and UAE share long-standing trade ties, with a high number of Pakistani expatriates residing in the UAE. With the QuickRemit service, we now offer customers a safe, quick and seamless platform to send money back to Pakistan.”
He went on to say that Emirates Islamic is currently striving to expand the QuickRemit facilities to other regions and extending the service to consumers from other nationalities. Recently, the bank proclaimed its intentions to launch QuickRemit in India through a partnership with HDFC Bank in order to facilitate one-minute international money transfers.
Figures recently released by the State Bank of Pakistan (SBP) stated that Pakistan was on the receiving end of approximately USD $19.3bn in foreign remittances during the fiscal year between January and December 2017.
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