KARACHI—AL Habib Exchange Company (Private) Limited officially commenced operations in ten branches in four cities in Pakistan: Karachi, Lahore, Islamabad, and Peshawar.
Following Bank AL Habib’s announcement in September last year, the Board of Directors unanimously approved the establishment of an Exchange Company as a wholly-owned subsidiary with an authorized capital of PKR 1 Billion. With the issuance of licenses from the State Bank of Pakistan and the Certificate of Incorporation from the Securities and Exchange Commission of Pakistan (SECP), AL Habib Exchange received the green light to initiate its operations.
AL Habib Exchange is an initiative by Bank AL Habib that aligns with the State Bank of Pakistan’s structural reforms within the Exchange Companies sector and aims to cater to its customers’ genuine foreign exchange needs.
The main branch of AL Habib Exchange was inaugurated by the Honorable Governor of the State Bank of Pakistan, Mr Jameel Ahmed, in the presence of Mr Abbas D Habib, Founder Member and Chairman of Bank AL Habib, Mr. Qumail R. Habib, Executive Director of Bank AL Habib, Mr. Mansoor Ali Khan, Chief Executive of Bank AL Habib, Syed Furqan, Chief Executive Officer of AL Habib Exchange, and Senior officials from SBP, Bank AL Habib, and AL Habib Exchange.
This occasion marks the beginning of a new era in foreign exchange services, as AL Habib Exchange endeavors to set new standards of excellence and reliability in the industry.
