Meezan Bank, the largest Islamic bank in Pakistan, has announced plans to establish an Exchange Company (EC) as a subsidiary. The Board of Directors has approved this decision, subject to approval from the State Bank of Pakistan and meeting other regulatory requirements. The EC will be a wholly-owned subsidiary of Meezan Bank. This move comes after United Bank Limited also announced its plans to establish an EC as a wholly-owned subsidiary. The State Bank of Pakistan recently introduced reforms in the EC sector to strengthen controls amid the fall in the value of the Pakistani rupee. As part of these reforms, leading banks in the foreign exchange business will establish their own ECs to serve the foreign exchange needs of the public. The minimum capital requirement for ECs has also been raised from Rs200 million to Rs500 million. Meezan Bank reported earnings of Rs32.91 billion for the first half of 2023, a 92% increase compared to the same period the previous year. The bank has also announced a cash dividend of Rs4 per share for the first half of the year.
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