Pakistan Mercantile Exchange and Tameer Microfinance Bank sign deal on introducing gold-based investment product
Lahore, March 28, 2013 (PPI-OT): Pakistan Mercantile Exchange Limited and Tameer Microfinance Bank Limited (TMFB) signed a MoU on introducing a gold-based investment product. The MoU was signed by Mr. Amjad Khan, CEO PMEX and Mr.Tariq Mohar, Deputy CEO, Tameer Bank in the presence of Mr. Shazad Dada, Chairman PMEX and CEO Barclays Bank PLC, Pakistan and representatives from both organizations at the PMEX Office in Karachi.
A press release issued after the event stated that the PMEX and TMFB have developed an understanding that TMFB shall introduce and provide an E-Gold products through the trading platform of PMEX to its customers. The investors shall be able to buy/sell gold through TMFB branches/agents and Branchless banking Channels using their Mobile Accounts (M-Wallet) through the trading platform of PMEX.
The proposed product offered by PMEX and TMFB will give an opportunity to the common man to invest in Gold with trust, security and convenience. The lot size for investment in gold will also be very small around 0.001 Tola which will make it conducive for a large population to invest in Gold with their own cash flow ease and convenience. They would be able to keep their gold in the official custody of PMEX.
TMFB will also offer this product through Easypaisa across the country. Easypaisa was launched in December 2008, Tameer Micro Finance Bank Limited and Telenor Pakistan joined hands to launch Pakistan’s first Branchless Banking Service. As Easypaisa has a vast outreach in urban and rural areas of Pakistan, a large number of people would get a unique opportunity to invest in gold with ease and convenience.
This product will also lead to the documentation of Gold investment which is currently beyond the radar of the national economy. The proposed small size of investment will also give an opportunity to the middle and lower middle class to invest in Gold which otherwise has now gone out of their range through the traditional means of investment in Gold.
For more information, contact:
Asst. Manager, Risk and Analytics
Pakistan Mercantile Exchange
9th Floor, PRC Towers, 32-A,
Lalazar Drive M.T.Khan Road,
UAN: +92-21-111-623-623, 99210650-61