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Karachi, February 9: Meezan Bank, Pakistan’s leading Islamic bank and one of the country’s largest financial institutions, has entered into an agreement with Freedom Bank Kazakhstan to establish a PKR Vostro Account, marking a significant step in strengthening correspondent banking ties between Pakistan and Kazakhstan.
The signing ceremony took place on February 4, 2026, at Serena Hotel, Islamabad, and was attended by senior management and key officials from both banks.
Under the agreement, Meezan Bank will provide PKR Vostro account services to Freedom Bank Kazakhstan, enabling efficient settlement of trade and commercial transactions, improved liquidity management, and enhanced operational efficiency for financial institutions and businesses operating between the two countries.
The PKR Vostro account is expected to streamline cross-border banking transactions by improving settlement efficiency, particularly for trade-related payments and remittances between Pakistan and Kazakhstan.
Speaking at the ceremony, Muhammad Abdullah Ahmed, Group Head, Transaction & International Banking at Meezan Bank Pakistan, said the initiative reflects the bank’s continued focus on expanding its international correspondent banking network.
“The establishment of this PKR Vostro account underscores Meezan Bank’s commitment to strengthening cross-border payment infrastructure and facilitating smoother PKR settlements,” he said. “This collaboration will enhance transaction efficiency and provide our banking partners and business communities with secure, reliable, and compliant banking channels, supporting trade and financial connectivity between Pakistan and Kazakhstan.”
Timur Agdavletov, First Deputy Chairman of the Management Board of Freedom Bank Kazakhstan, welcomed the partnership, highlighting its strategic importance for international banking operations.
“We are pleased to partner with Meezan Bank to establish PKR clearing and settlement capabilities,” he said. “This collaboration strengthens Freedom Bank’s international banking platform and enhances our ability to support clients engaged in cross-border trade with Pakistan. We look forward to building a strong correspondent relationship that delivers greater convenience, efficiency, and value for businesses in both markets.”
The collaboration is expected to support bilateral trade flows and deepen financial cooperation between the two countries, while reinforcing both banks’ commitment to international banking standards, regulatory compliance, transparency, and robust risk management practices.
