News Desk
KARACHI: Meezan Bank, Pakistan’s leading Islamic bank and one of the largest banks in the country has signed an agreement with Freedom Bank Kazakhstan to establish a PKR Vostro Account, marking an important milestone in strengthening correspondent banking relations between the two institutions.
The signing ceremony was held on 4 February 2026 at Serena Hotel, Islamabad, and was attended by senior management and key officials from both banks.
Under the agreement, Meezan Bank will provide PKR Vostro account services to Freedom Bank Kazakhstan, enabling seamless settlement of trade and commercial transactions, improved liquidity management, and enhanced operational efficiency for businesses and financial institutions operating between Pakistan and Kazakhstan.
The PKR Vostro account will improve settlement efficiency and facilitate smoother cross-border banking transactions, particularly in support of trade-related payments and remittances between the two markets.
Speaking at the ceremony, Muhammad Abdullah Ahmed, Group Head, Transaction & International Banking of Meezan Bank Pakistan stated, “the establishment of this PKR Vostro account highlights Meezan Bank’s continued efforts to expand its global correspondent banking footprint and strengthen cross-border payment infrastructure. This arrangement will facilitate smoother PKR settlements, enhance transaction efficiency, and enable our banking partners and business communities to benefit from secure, reliable and compliant banking channels. We believe this collaboration will play a meaningful role in supporting trade and strengthening financial connectivity between Pakistan and Kazakhstan.”
Timur Agdavletov, First Deputy Chairman of the Management Board of Freedom Bank Kazakhstan added, ” we are pleased to partner with Meezan Bank in establishing PKR clearing and settlement capabilities. This represents an important step in strengthening Freedom Bank’s international banking platform and enhancing our ability to support clients engaged in trade and cross-border business with Pakistan. We look forward to developing a strong correspondent relationship that delivers greater convenience, efficiency and value for businesses in both markets.”
The collaboration is expected to contribute positively to bilateral trade flows and financial cooperation, while reinforcing both institutions’ commitment to international banking standards, regulatory compliance, transparency, and robust risk management practices.
