Foreign Exchange Facilities for Medical Treatment & Studies Abroad

Foreign Exchange Facilities for Medical Treatment Abroad:

  1. Authorized Dealing branches may remit foreign exchange up to US$ 50,000/- or equivalent in other foreign currencies on account of medical treatment of resident Pakistanis only after satisfying themselves about bona fides of the transaction. Remittances will be sent directly to the account of concerned reputable foreign Hospital via SWIFT, telegraphic transfer or demand draft after obtaining the following documents:
    • Appendix V-72 duly filled in by the patient/next of kin/sponsor.
    • Invoice/estimate of the foreign hospital.
    • A ‘self-declaration’ from the patient, his/her next of kin or from sponsor declaring amount of foreign exchange essentially required for treatment abroad.
  2. In addition, Authorized Dealing branches may also release cash foreign exchange equivalent to US$ 5,000/- each to the patient and one attendant which will be duly endorsed on his/her/their passport(s).
  3. In case of foreign exchange requirements for medical treatment abroad in excess of the above limit, the concerned Authorized Dealing branches will forward the case to the Director, Foreign Exchange Operations Department, SBP-Banking Services Corporation, Head Office, Karachi along with justification and documentary evidence for consideration.

Foreign Exchange Facilities For Studies Abroad:

Authorized Dealing branches may remit foreign exchange to educational institutions abroad on behalf of students desirous of studying in accredited and recognized foreign institutions/ universities up to US$ 70,000/- or equivalent in other foreign currencies per student per calendar year on account of application/processing charges, tuition fee, living expenses etc. in accordance with the procedure set out below:

  1. Remittances related to application/processing charges for admission.
    In cases where students are required to remit application/processing charges for admission in the foreign educational institutions, Authorized Dealers may make such remittances to the concerned foreign educational institution on production of documentary evidence to the satisfaction of the bank showing the amount of application/processing charges. There is no restriction on the number of institutions to which a student can apply for admission.
  2. Remittance of tuition fee, living expenses etc.
    The Authorized Dealing branches may make remittances for tuition fee, living expenses and other dues (health, insurance, union, sports, library fees etc.) on behalf of students desirous of studying abroad who have got admission in a foreign educational institution on the basis of the following documents: 

    • Application Form (Appendix V-82) duly filled in by the student/parent/ guardian.
    • Copies of CNIC/Form ‘B’ of the student and CNIC of the parent/guardian.
    • Copy of passport of the student.
    • Letter of admission from foreign educational institution.
    • Letter/Cost Sheet from foreign educational institution showing break-up of expenses.
  3. Remittances to the foreign educational institution or the student.

Dues, including Tuition Fee, which are payable to the foreign educational institution should be remitted directly to the account of the educational institution via SWIFT, telegraphic transfer or demand draft and not remitted/released to the student. Living or miscellaneous expenses as indicated by the respective foreign institution/university, if not being remitted to the institution, can, however, be sent to the student himself via SWIFT, telegraphic transfer or demand draft.

  1. Initial cash foreign exchange requirements.
    In order to meet the initial expenses related to boarding/lodging and/or other requirements of the student, Authorized Dealing branches may release cash foreign exchange equivalent to US$ 5,000/- to the student which should be endorsed on his/her passport.
    In case of foreign exchange requirements for studies abroad in excess of the above limit, the concerned Authorized Dealing branches will forward the case to the Director, Foreign Exchange Operations Department, SBP-Banking Services Corporation, Head Office, Karachi along with justification and documentary evidence for consideration.

Mohsin is a seasoned corporate banker with over 25 years of banking experience, covering Asia (East and South-East), Middle East and Levant regions.  He was the CEO for UAE at Standard Chartered PLC and in his penultimate role, he looked after Standard Chartered Bank Pakistan Limited as CEO. Prior to that, he managed Barclays Bank Pakistan as their Country Head and Managing Director.

Mohsin’s experience spreads across corporate banking, fixed income markets and Islamic Banking. In his previous stints, he headed the Asian syndicated loans business for ABN AMRO bank based out of Singapore, he was the co-head of Asian Debt markets for Citigroup in Hong Kong. Mohsin was also appointed as Senior Credit Officer (SCO) & Senior Securities Officer (SSO) during this period. In June 2005, Mohsin joined Citigroup Dubai as Regional head of corporate banking for Middle East, where he was responsible for building the corporate business and a strong and diversified team.

Mohsin is an MBA from Institute of Business Administration, Karachi.
He is married and has four children, two daughters and two sons. He enjoys playing bridge and is actively involved in social, educational and charitable activities. Mohsin is currently on the board of I-Care Pakistan while he has served on the boards of CDC, Pakistan Centre for Philanthropy (PCP), Kidney Centre and as a trustee in the IBA endowment fund.

Mr. Ali is presently the CEO of “The Centre for Change” a think tank that caters to varied needs of change and its proper management for individuals, organizations and other pertinent segments. His career, spanning over 37 years, includes distinguished assignments in economic advisory/consultancy; he has served as an adviser at the USAID, UNDP and various government/private organizations. He has also been associated with National Investment Trust Limited for 10 years where he served as Head of Corporate Governance, Corporate Affairs & Company Secretary. He has also been a visiting senior professor of economics at various local institutes.

Mr. Rashid Ahmed Jafer has an experience of 37 years with M/s. A.F. Ferguson & Co., including 23 years as a partner at the organization. He is a fellow member of the Institute of Chartered Accountants of Pakistan (ICAP) and enjoys an expertise in statutory audit.

He has been a member of the Professional Standards and Technical Advisory Committee of ICAP for several years and is also a member of the SBP – ICAP Co-ordination Committee.

Mr. Mohamedali R. Habib is a graduate in Business Management – Finance from Clark University, USA. He also holds a Post Graduate Diploma in General Management from Stanford – National University of Singapore. Mr. Habib has worked in the corporate sector for three decades, in various managerial capacities across different industries, including multinational projects. Mr. Habib stepped into the banking industry in 1996 when he joined Habib Bank AG Zurich, where he has worked in different capacities.

In addition to serving as the Group CEO of Habib Bank AG Zurich, Mr. Habib holds other directorship positions in Indus Motor Company Ltd., Thal Ltd. and Habib Insurance Company Ltd. He is also serving as Chairman of HBZ Finance Ltd. Hong Kong.

Mr. Bashir is an experienced businessman and a known figure in the textile industry. He holds a fellow membership of Chartered Institute of Management Accountants (C.I.M.A), UK. Presently, Mr. Bashir is the Chief Executive of Gul Ahmed Textile Ltd., and also holds directorship of Gul Ahmed Energy Ltd, Safe Mix Concrete Products (Pvt.) Ltd., Gul Ahmed Holdings (Pvt.) Ltd., GTM (Europe) Ltd., UK, Gul Ahmed International Ltd., (FZC) UAE. and Pakistan Business Council.

Mr. Hamza Habib appointed as a non-executive director of Habib Metropolitan Bank Ltd in 2020. He is also a director on the Board of Agriauto Industries Ltd, a PSX listed company. He has over 11 years banking experience and is presently working as Head of Business at Habib Bank Zurich (Hong Kong) Limited. Prior to his transfer to Hong Kong in 2016, he served as Area Head at Habib Bank AG Zurich, UAE. He also worked at Standard Chartered Bank in Geneva and London.

Mr. Hamza Habib graduated from Babson College in Wellesley, Massachusetts (USA) in 2009, with a Bachelor of Science in Business Management. He is also a Certified Director from Pakistan Institute of Corporate Governance.

Mr. Anjum Iqbal is a Non-Executive Director on the Board of Habib Metropolitan Bank Limited since October 2016. Earlier, he remained President and Chief Executive Officer of HabibMetro during 2009 and 2012.

Anjum Iqbal, at present, is a member of General Management of Habib Bank AG Zurich and Regional CEO for Emerging Markets in February 2016. He oversees the bank’s operations in Africa (Kenya and South Africa). He is also member of the Group Credit Management Committee (GCMC). He served as Chief Executive Officer of HBZ UK operations from 2012 – 2015.

While in Pakistan, he also served as a Director of Central Depository Company of Pakistan Limited, during 2009 to 2012, nominated by the Securities and Exchange Commission of Pakistan.

Prior to joining Habib Bank AG Zurich, he worked with Citigroup for more than 30 years, holding various senior management positions across different geographies including Pakistan, Greece, Lebanon, Venezuela, Turkey, Belgium, South Africa, UAE and UK. In his most recent role with Citigroup, he was Managing Director responsible for the EMEA Commercial Banking Group in London.

Anjum Iqbal holds a Bachelor’s degree in Commerce from the University of Karachi and holds a Master’s degree in Business Administration (MBA) in Marketing and Finance from the Institute of Business Administration (IBA), University of Karachi, Pakistan.

Mr. Habib is a banker by profession, with over 32 years of experience. He is presently the President of Habib Bank AG Zurich. Additionally, he holds directorships of HBZ Bank Ltd., South Africa, Habib Canadian Bank, Canada, and Gefan Finanz AG, Switzerland. Mr. Habib is a graduate in Finance from Babson College, Boston MA. USA.