Emirates Islamic launches 60 second 'QuickRemit' money transfer service to Pakistan

August 13, 2018

Pakistan added to bank's QuickRemit service launched in September 2017

Funds can be transferred to any bank in Pakistan in less than 1 hour at zero fees and competitive rates

QuickRemit transfers to Faysal Bank will take less than 1 minute

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that its 60 second online fund transfer service ‘QuickRemit' is now available for remittances to Pakistan. The Bank has launched the service to coincide with Pakistan's Independence Day.

Emirates Islamic customers will be able to conduct QuickRemit transfers to any Faysal Bank account in Pakistan in less than 60 seconds, and transfers to other Pakistan banks within one hour. Faysal Bank is a leading bank with a footprint of over 365 branches across 100 cities in Pakistan. Emirates Islamic customers can avail the QuickRemit service via the bank's online and mobile banking channels, without any fees and at competitive exchange rates.

Commenting on the launch of QuickRemit to Pakistan, Wasim Saifi, Deputy CEO - Consumer Banking and Wealth Management, Emirates Islamic 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."

Saifi also announced that the bank is working to extend QuickRemit services to other countries and provide this facility to customers from other nationalities. The bank recently announced the launch of the QuickRemit service to India, tying up with HDFC Bank for 60-second transfers.

Pakistan is among the top three countries receiving the highest remittances from the UAE and the rest of the world. According to State Bank of Pakistan (SBP), Pakistan received USD 19.3 billion in remittances from abroad in the 2017 fiscal year.