AL Habib Exchange, a subsidiary of Bank AL Habib, has officially started its operations in Pakistan. It has opened ten branches across four major cities: Karachi, Lahore, Islamabad, and Peshawar.
Last year in September, following an announcement by Bank AL Habib, the Board of Directors unanimously agreed to establish an Exchange Company as a wholly-owned subsidiary. This decision came with an authorized capital of Rs. 1 billion. After obtaining licenses from the State Bank of Pakistan and the Certificate of Incorporation from the Securities and Exchange Commission of Pakistan (SECP), AL Habib Exchange was given the green light to begin its operations.
This initiative aligns with the structural reforms set by the State Bank of Pakistan within the Exchange Companies sector. AL Habib Exchange aims to meet the genuine foreign exchange needs of its customers.
The inauguration of the main branch of AL Habib Exchange was graced by the presence of Jameel Ahmed, the Governor of the State Bank of Pakistan. Also in attendance were Abbas D Habib, Founder Member and Chairman of Bank AL Habib; Qumail R. Habib, Executive Director of Bank AL Habib; Mansoor Ali Khan, Chief Executive of Bank AL Habib; Syed Furqan, Chief Executive Officer of AL Habib Exchange; along with senior officials from SBP, Bank AL Habib, and AL Habib Exchange.
