Meezan Bank Shariah board approves guidelines for Digital Mobile Account

Karachi(Cliff News)In it’s recently concluded 46th Shariah Supervisory Board meeting, Meezan Bank’s Shariah Supervisory Board approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan.The meeting was chaired by Dr. Muhammad Imran Ashraf Usmani and attended by Sheikh Esam Mohamed Ishaq, Mufti Muhammad Naveed Alam, Mr. Ahmed Ali Siddiqui and other key officials. Mr. Irfan Siddiqui – President & CEO, Meezan Bank and Mr. Ariful Islam – Deputy CEO, Meezan Bank were also present in the meeting which was held at Movenpick Hotel, Karachi.The Shariah Supervisory Board showed its overall satisfaction on the Shariah-compliance environment and operations of the Bank.Several key issues were discussed in the meeting related to modern trends in Islamic banking. Guidelines for a digital mobile account – Meezan Asaan Mobile Account based on Mudarabah was approved under which a customer can open his digital mobile account at Meezan Bank without the hassle of visiting any physical branch. On maintaining balance in this account, the customer would be entitled to receive halal profit based on actual returns of Shariah-compliant financings on monthly basis. Furthermore, the customer can use this account to deposit and withdraw funds digitally or from any Meezan Bank branch all over Pakistan.The Shariah Supervisory Board also gave important guidelines related to housing finance facility to be offered by the Bank in collaboration with Pakistan Mortgage Refinance Company which is low cost housing finance solution for the lower and middle income families.Relevant guidelines related to Islamic Fintech solution for supply chain financing were also issued by the Shariah Supervisory Board to make Shariah-compliant financing solutions accessible to Small and Medium Enterprises in Pakistan.Earlier on the same day, a meeting between Shariah Supervisory Board and Board of Directors (BoDs) of Meezan Bank was also held as part of the annual meeting plan of the Shariah Supervisory Board and BoD. In this meeting Dr. Muhammad Imran Ashraf Usmani conducted a learning session for the Board and also apprised them regarding the key decisions taken by the Shariah Supervisory Board during the year 2019.

BankIslami partners with Jubilee Life to introduce Referral Model for Takaful Sale

Karachi(Cliff News)BankIslami, one of the leading Islamic banks of Pakistan, recently signed the Referral Model agreement with Jubilee Life – Window Takaful Operations, the country’s leading life insurance and Takaful operator. The agreement was signed at a ceremony held at BankIslami head office to commemorate the partnership aimed at expanding Islamic banking in the market. Senior management and representatives of both the organizations were present at the ceremony where by Mr. Syed Amir Ali, President and CEO, BankIslami and Mr. Javed Ahmed, Managing Director & CEO Jubilee Life duly signed the agreement to mark this collaboration.Speaking at the ceremony, Mr. Amir Ali said, “Ever since our establishment since 2004, our mission has been to create value for our stakeholders by offering authentic, Shariah compliant and technologically advanced products and services. I am confident that this alliance will facilitate our customers to the fullest with a one window Takaful solution via our branch network which is spread across Pakistan.”Mr. Ahmed said: “Bancatakaful has proved to be a highly successful model to enhance the Takaful segment in Pakistan and has achieved phenomenal growth in a short span of time. With the introduction of this referral model, we are confident that this collaboration with BankIslami will help grow new opportunities and provide top quality service to strengthen our customers’ confidence in both the organizations.

Meezan Bank announces results for third Quarter 2018

Karachi(Cliff News)The Board of Directors of Meezan Bank Limited in its meeting, held at Karachi on October 24, 2018 approved the unconsolidated condensed interim financial statements of the Bank and its consolidated financial statements for the nine months period ended on September 30, 2018. The meeting was presided by Mr. Riyadh S.A. A. Edrees – Chairman of the Board and Mr. Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.We are grateful to Allah (SWT) for excellent performance of the Bank for the nine months ended on September 30, 2018. Profit after tax increased to Rs 6,248 million from Rs 4,717 million in corresponding period last year reflecting a growth of 32%. The Bank recorded Earnings per Share (EPS) of Rs 5.88 per share.Deposits of the Bank grew by 6% and closed at Rs 711 billion. While CASA mix of the Bank stood at 76% of the total deposits as compared to 75% in December 2017.  The Bank maintained its position as the 7th largest Bank (amongst both Islamic as well as Conventional Banks) in terms of deposits in Pakistan with a branch network of 610 branches in 160 cities.Islamic Financings and related assets grew by 5% from December 2017 and closed at Rs 411 billion and the Advance to Deposit ratio stood at 62%. The Bank maintained its financing exposure in all sectors and continued to actively pursue growth in Small and Medium Enterprise (SME) / Commercial and Consumer segment. With a well-diversified product base, the Bank is well positioned to cater to all financing needs of our customers in a Shariah compliant manner.The Bank’s net spread before provision increased by 27% primarily due to Bank’s continuous focus on increasing earning assets while Bank’s fee and commission income grew by 20%  – mainly due to growth in trade finance business which grew by 42% in trade finance business from corresponding period last year.The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has upgraded the Bank’s credit rating as follows:

Rating Type Previous Credit Rating Upgraded Credit Rating
     
Entity Long-term rating AA (Double A) AA+ (Double A Plus)
Entity Short-term rating A1+ (A One Plus) A1+ (A One Plus)
     
Additional Tier I Sukuk rating Not Applicable AA- (Double A Minus)
Subordinated Tier II Sukuk rating AA- (Double A Minus) AA (Double A)

The JCR-VIS has maintained the Bank’s short term rating at A1+ (A One Plus) with stable outlook which is the highest standard in short term rating. The assigned ratings indicate sound performance indicators of the Bank.

Meezan Bank and IBA sign agreement for Fee Collection

Eng Cap MBL, IBA

Karachi(Cliff News)Meezan Bank, Pakistan’s first and largest Islamic bank recently signed a fee collection agreement with the Institute of Business Administration, Karachi (IBA). Under this agreement, the Bank will provide Payments & Cash Management services to IBA through the Bank’s state-of-the-art web based electronic solution ‘eBiz+’. The agreement was signed by Mr. Ijaz Farooq, Group Head Retail Banking- Meezan Bank and Mr. Moeid Sultan, Director Finance- IBA.This agreement between IBA Karachi and Meezan Bank is a testimony of the Bank’s expertise in the field of payment and cash management services through which the Bank provides digitalized collections solutions to its clients for a hassle-free banking experience.Meezan Bank is the 8th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 600 branches supported by a countrywide network of over 580 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Application facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards,Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.

Meezan Bank wins Global Award for the “Best Islamic Bank for Treasury Management”

Karachi(Cliff News)Meezan Bank, Pakistan’s first and largest Islamic bank, has been recognized as the global winner of ‘Best Islamic Bank for Treasury Management’ for 2016 by Islamic Finance News of REDmoney Group, Malaysia. In addition to this global award, Meezan Bank has also emerged as a global runner-up for the ‘Most Innovative Islamic Bank’ proving to be a major player in the Islamic finance industry; particularly in the developing economic structures in the South Asian region.Furthermore, Meezan Bank has deservingly been named as the ‘Best Islamic Bank in Pakistan’, an award which has been conferred upon the Bank for the 10th time owing to its contributions to the Islamic finance industry.The Bank has also been awarded ‘Pakistan Deal of the Year’ award for jointly arranging and structuring PKR25 billion Syndicated Long-term Islamic Finance Facility to Power Holding Private Limited.The Islamic Finance News (IFN) Awards honours the best in the Islamic financial industry across the world and are among the most prestigious and recognized awards in the global Islamic financial markets. IFN conducts ‘Best Banks Poll’ every year to determine the Best Islamic Finance Institutions from around the world.Meezan Bank is the 8th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 550  branches supported by a countrywide network of over 550 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility. Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan. The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.