Meezan Bank Surpasses $1.5 Billion in RDA Deposit Inflows

Karachi: Meezan Bank, Pakistan’s leading Islamic bank, has recently surpassed the milestone of $1.5 billion in deposit inflows under the Roshan Digital Account (RDA) program. The State Bank of Pakistan launched the RDA initiative in collaboration with multiple banks nationwide. The primary objective is to provide innovative banking solutions for Non-Resident Pakistanis (NRPs) interested in accessing banking and investment services within Pakistan.

Since introducing the RDA program in September 2020, Meezan Bank has actively supported the initiative to promote financial inclusion and contribute to Pakistan’s economic development. With over 88,000 accounts opened from 144 countries, Meezan Bank’s record deposit inflows solidify its position as the top-performing bank in the RDA industry, maintaining a market share of around twenty-five per cent.

Ijaz Farooq, Group Head of Retail Banking, Commercial, SME, and Agri Finance at Meezan Bank, expressed his enthusiasm regarding the bank’s achievements in the RDA program. He emphasized Meezan Bank’s unwavering commitment to the initiative and its role in attracting foreign currency inflows to Pakistan. As the largest Islamic bank catering to the Shariah-compliant banking needs of Pakistanis living abroad, Meezan Bank is dedicated to providing reliable and secure customer services.

“We are extremely grateful to our overseas customers for their continuous patronage and trust in our services, which has allowed Meezan Bank to reach over $1.5 billion in deposit inflows,” Farooq added.

The RDA initiative’s success can be attributed to its user-friendly digital platform, which enables NRPs to open a fully functional bank account in Pakistan without visiting a branch physically. Through the RDA program, NRPs can invest in Pakistan’s stock market, real estate, and various saving schemes while accessing convenient banking services such as funds transfer, bill payments, and debit card issuance.

The significant deposit inflows through the RDA program highlight the potential of digital banking to boost Pakistan’s economy by attracting investments from the global Pakistani diaspora. Meezan Bank’s role as a leading Islamic bank in this initiative further demonstrates its commitment to promoting Shariah-compliant banking and contributing to the nation’s financial growth.

As Meezan Bank continues to surpass milestones under the RDA initiative, it reinforces the bank’s dedication to offering innovative and accessible banking solutions for Non-Resident Pakistanis while simultaneously benefiting the country’s economic progress.