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Meezan Bank

Meezan Bank

Meezan Bank Limited is a publicly listed company, first incorporated on January 27, 1997. It started operations as an Islamic investment bank in August of the same year. In January, 2002, in an historic initiative, Meezan Bank was granted the Nations first full-fledged commercial banking license dedicated to Islamic Banking, by the State Bank of Pakistan.

Meezan Bank, stands today at a noteworthy point along the evolution of Islamic Banking in Pakistan. The banking sector is showing a significant paradigm shift away from traditional means of business, and is catering to an increasingly astute and demanding financial consumer who is also becoming keenly aware of Islamic Banking. Meezan Bank bears the critical responsibility of leading the way forward in establishing a stable and dynamic Islamic Banking system replete with dynamic and cutting-edge products and services.

The Banks main shareholders are leading local and international financial institutions, including "Pak Kuwait Investment Company", the only AAA rated financial entity in the country, the ‘Islamic Development Bank of Jeddah’, and the renown ‘Shamil Bank of Bahrain’. The established position, reputation, strength and stability, of these institutions add significant value to the Bank through Board representation and applied synergies.

History

During 1997, Al-Meezan Investment Bank is established as the first Islamic bank of Pakistan. Mr. Irfan Siddiqui appointed as first and founding Chief Executive Officer.

During 2002, the Shariah Supervisory Board is established at Al-Meezan Investment Bank led by Justice (Retd.) Muhammad Taqi Usmani as chairman. State Bank sets criteria for establishment of Islamic commercial banks in private sector and subsidiaries and stand-alone branches by existing commercial banks to conduct Islamic banking in the country.

During 2003, A Musharaka-based Export Refinance Scheme has been designed by the State Bank in coordination with Meezan Bank Limited, in order to provide export finance to eligible exporters on the basis of Islamic modes of financing. Efforts are underway to develop Islamic money market instruments like Ijarah Sukuk to facilitate the banks in respect of liquidity and SLR management.

Pakistan’s first Shariah compliant Mortgage facility is launched by Meezan Bank. Approved by the Shariah Supervisory Board, the product enables home purchase, home construction, renovation, as well as replacement of any existing mortgage. Al Meezan Investment Management Limited (AMIM), a group company of Meezan Bank, introduces Meezan Islamic Fund (MIF). MIF is an open-end mutual fund that is Shariah compliant. Meezan Bank’s asset management arm, Al Meezan Investment Management Limited (AMIM), launches the Meezan Balance Fund (MBF). The offering was oversubscribed 1.25 times.

In March 2005, to further strengthen & ensure strict Shariah compliance in bank’s operation a dedicated and full fledged Product Development & Shariah Compliance (PDSC) department was formally setup. The role of this research department is centralization of Product development activities, new product research, Islamic banking training and Shariah Compliance functions. The department works under the guidance & supervision of bank’s Shariah Advisor – Dr. Muhammad Imran Usmani and the Shariah Supervisory Board of the Bank.

PDSC now plays a very critical and vital role at the bank by actively supporting new product development activities, refining existing products menu, preparing product policies & standardize agreements, imparting Islamic banking knowledge at various levels to new & existing staff members, corporate customers and general public, coordinating with bank’s Shariah Board, conducting regular Shariah audits & reviews

During 2005, Meezan Bank launches the Meezan Islamic Institution Deposit Account (MIIDA), a unique product tailored exclusively for Islamic Financial Institutions (IFIs). The facility is the first of its kind in Pakistan, whereby Islamic Banks (including dedicated, as well as conventional Islamic windows) now have the opportunity to manage excess liquidity by maintaining a checking account with Meezan Bank specifically designed for this purpose.

Meezan Bank becomes the first customer of Islamic Insurance (Takaful) by signing the first Memorandum of Understanding MoU with Pak Kuwait Takaful Company Limited (PKTCL). The signing of this MoU has ushered Pakistan into a new era of Islamic Insurance (Takaful).

Vision

Establish Islamic banking as banking of first choice to facilitate the implementation of an equitable economic system, providing a strong foundation for establishing a fair and just society for mankind.

Mission

To be a premier Islamic bank, offering a one-stop shop for innovative value added products and services to our customers within the bounds of Shariah, while optimizing the stakeholders value through an organizational culture based on learning, fairness, respect for individual enterprise and performance.

Functions

Service

  • Personal Banking and Finance
  • Corporate Finance
  • Commercial Finance
  • Syndicated & Structured finance
  • Project Financing
  • Financial Advisory Services
  • Treasury
  • Car Ijarah - Car Financing
  • Easy Home - Home Financing
  • Asset Management

Product Development & Shariah Compliance (PDSC) Department


Product Development & Shariah Compliance (PDSC) is one of the important departments of the bank that reflects strong commitment of the bank towards Islamic banking and research. PDSC works directly under the supervision of bank’s Shariah Advisor – Dr. Muhammad Imran Usmani and is managed by Mr. Ahmed Ali Siddiqui. The function is vital in ensuring strict Shariah Compliance in all area of bank’s operations.

PDSC role is manifold and comprises facilitating new Product Development activities, refining existing products & procedures, providing Islamic Banking training to new recruits and existing staff members, conducting regular Shariah Audit & reviews of branches & departments, coordinating with Bank’s Shariah Board and providing Islamic Banking Advisory Services to both local and foreign financial institutions.

In the area of Product Development, the bank has initiated several new structured Islamic Sukuk transaction, developed a new investment avenue of local Commodity Murabaha to manage excess liquidity of the bank is a Shariah compliant manner. The bank is also conducting research on several new Islamic products in the areas of consumer, corporate & retail banking level.

PDSC has played a vital role in imparting Islamic banking training to bank employees, customers, Ulemas & scholars throughout Pakistan. The department regularly carries out training sessions ranging from basic to in-depth specialized workshops. During the year 2006, a comprehensive Islamic Banker Certification (IBC) Program was successfully introduced in Pakistan.

The bank has also provided Product Development Advisory services to different financial institutions interested in offering Islamic Banking products & services around the world via its research wing. The main objective of Meezan Bank’s Advisory function is to help financial institutions develop Islamic Banking Products by sharing the experience, research & success stories. The bank has successfully entered into advisory arrangements with Capitas Group of USA, Al Meezan Investment Management (AMIM), Pakistan & other Islamic banks & financial institutions.

The bank has also executed MoUs with INCEIF, Malaysia & Utruj Foundation, UK to collaborate in the areas of training, research and product development.

Internet banking


Meezan Bank’s Internet Banking system puts access to your accounts at your fingertips, anywhere in the world. Using any computer with Internet connectivity the following facilities are available by Meezan Bank;

  • Balance inquiry
  • Statement viewing & download (in PDF or MS Excel format)
  • Cheque status
  • Cheque blocking
  • Payorder request
  • Funds transfers between own accounts at Meezan Bank
  • Cheque book request
  • Change of address request
  • Complaint logging

Branches

Meezan Bank has 114 branches in Pakistan including the following according to each province of Pakistan;

  • Southern Region: Hyderabad, Karachi, Sukkur, Nawabshah, Quetta, Tando-Allah-Yar.
  • Central Region: Central Region, Dera Ghazi Khan, Faisalabad, Gujranwala, Kasur, Lahore, Mandi Bahauddin, Multan, Okara, Rahim Yar Khan, Sadiqabad, Sahiwal, Sargodha, Sheikhupura, Sialkot.
  • Northern Region: Abbottabad, Dera Ismail Khan, Islamabad, Kohat, Mansehra, Mardan, Swat, Peshawar, Peshawar, Gujar Khan.

Shariah Supervisory Board

The Bank has an internationally renowned, very high caliber and pro-active Shariah Supervisory Board presided over by Justice (Retd.) Maulana Muhammad Taqi Usmani, a renowned figure in the field of Shariah, particularly Islamic Finance. He holds the position of Deputy Chairman at the Islamic Fiqh Academy, Jeddah and in his long and illustrious career has also served as a Judge in the Shariat Appellate Bench, Supreme Court of Pakistan. The Bank also has a resident Shariah advisor, Dr. Imran Usmani, who strictly monitors the regular transactions of the Bank. The board also includes Sheikh Essam M. Ishaq (Bahrain), and Dr. Abdul Sattar Abu Ghuddah (Saudi Arabia). For assistance Mr. Umer Saleem Mughal at the bank's Shadman Branch in Lahore can be contacted.

Board of Directors

  • H. E. Sheikh Ibrahim Bin Khalifa Al-Khalifa (Chairman) - Undersecretary, Ministry of Finance & National Economy,State of Bahrain)
  • Naser Abdul Mohsen Al-Marri (Vice Chairman)
  • Irfan Siddiqui (President & Chief Executive Officer)
  • Istaqbal Mehdi
  • Mohammed Abdul-Rehman Hussain
  • Ariful Islam (Chief Operating Officer)
  • Rana Ahmed Humayun
  • Mohammed Abdul Rahman Mohammad Bucheerei
  • Ahmad Mohammad Thane
  • Mohammed Azzaroog Rajab

External links

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