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.

Meezan Bank initiates employee satisfaction week celebrations country wide

Karachi(Cliff News)Meezan Bank, Pakistan’s leading Islamic bank and the Best Bank in the country has launched the initiative of conducting a country-wide Employee Satisfaction Survey (ESS) on 19th July, 2019. Chaired by the senior management, this launch ceremony was held at its Head Office premises and was attended by the executives and middle management of the Bank. In order to develop synergy across the organization, the ceremony was broadcast live to all the regional offices across the country.While shedding light on the objectives which the Bank plans to achieve through this initiative, Mr. Khalid Zaman Khan, Group Head Human Resources, Learning & Development – Meezan Bank said: “The voice of our employees is helping us shape the Meezan experience for our customers. It is this approach that is reflected in our achievement and recognition as the ‘Best Bank of Pakistan’ by Pakistan Banking Awards.’’Mr. Khalid’s speech was followed by a detailed presentation on the subject by Ms. Mehar Younus, Head of Learning & Development – Meezan Bank. She presented the highlights of previous ESS along with the impact it has created in upscaling the culture at the Bank and the employee relations community. Mr. Ariful Islam, Deputy CEO – Meezan Bank while addressing the audience, said: “Meezan has a unique culture driven by a strong Vision to ‘Establish Islamic banking as banking of first choice…’ We believe that this exercise will not only help the Bank in devising the right set of policies as per its employees’ needs but will also help us in retaining the best talent in the industry.”During his speech Mr. Irfan Siddiqui, Founding President & CEO – Meezan Bank highlighted the importance of employee inclusion. He re-emphasized the importance of the survey and encouraged the employees towards active participation.

Meezan Bank and Regal Automobile Industries enter into Strategic Alliance

MBL, Regal Eng

Karachi(Cliff News)Meezan Bank, Pakistan’s leading Islamic bank and the Best Bank in Pakistan, has recently signed a Memorandum of Understanding with Regal Automobile Industries Limited to provide exclusive Shariah-compliant financing solutions and value-added services to its customers.  Mr. Arshad Majeed – Group Head Consumer Finance, Meezan Bank signed the MoU with Mr. Sohail Usman, Chairman, Regal Automobile Industries Limited – in Karachi, along their respective senior team members.Mr. Arshad Majeed, while speaking at the occasion, expressed his appreciation to Regal Automobile Industries for creating an opportunity to enhance customer experience by offering priority processing, fast track vehicle delivery as well as after-sales benefits. He further added: “As a leader in Islamic Car Finance in the country, Meezan Bank aims to enhance its product offering by actively working with new automobile manufacturers such as Regal Automobile Industries Limited to offer additional value-added services to its customers. We are hopeful that this recent alliance will prove to be mutually beneficial for both the organizations and help in reaching to a larger market.”Regal Automobile has recently entered into the Pakistani auto market, with a license to locally produce the DFSK (Dongfeng) vehicles originating from China, under the ‘Prince’ brand name. DFSK (Dongfeng) comes under the umbrella of Dongfeng Motor Corporation, the state-owned auto giant. As per the MoU, Meezan Bank will facilitate the provision of Shariah-compliant car financing solution while Regal Automobile’s brand ‘Prince’ will ensure priority delivery of Vehicles including Glory 580, K07 and C37 with after-sales support services to Meezan Bank’s customers across Pakistan.

Shazia Syed elected President of Overseas Investors Chamber of Commerce

O'Shoot

Karachi(Cliff News )Ms Shazia Syed, Chief Executive Officer, Unilever Pakistan Limited has taken over as the President of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2019 term.This was announced at the 159th Annual General Meeting of the OICCI held at the Chamber on Thursday, January 31, 2019. Mr. Shazad G. Dada, CEO Standard Chartered Bank of Pakistan, was elected unopposed as the Vice President.The other elected members of the OICCI Managing Committee for 2019 are as follows: 

  1. MR. NADEEM LODHI

General Manager / Chief Executive Officer

CITIBANK N.A.

  1. MR. SARIM SHEIKH

President / Chief Executive Officer

GE INTERNATIONAL OPERATIONS COMPANY INC.

  1. MR. IRFAN SIDDIQUI

President/ Chief Executive Officer

MEEZAN BANK LIMITED

  1. MS. FREDA YAHAN DUPLAN

Managing Director

NESTLE PAKISTAN LIMITED

  1. DR. IMRAN RASHEED

Chief Executive Officer

NOVARTIS PHARMA PAKISTAN LIMITED

  1. MR. SAMI AHMED

Chief Executive Officer

PROCTER & GAMBLE PAKISTAN (PRIVATE) LIMITED

  1. MR. HAROON RASHID

Managing Director

SHELL PAKISTAN LIMITED

  1. MR. HELMUT VON STRUVE

Managing Director

SIEMENS (PAKISTAN) ENGINEERING COMPANY LTD

The Incoming OICCI President Shazia Syed in her message to the members said that she has a deep conviction that Pakistan offers considerable growth potential for existing foreign investors and opportunities for new investors. She lauded the role of OICCI for promoting Pakistan to potential foreign investors during the Chamber’s regular interaction with foreign business and governmental delegations and senior diplomats based in and outside Pakistan. Shazia also appreciated the Chamber’s focused and continuing advocacy efforts for streamlining the taxation system, giving practical policy input for increasing the efficiency of energy plants, recent initiative on women empowerment under the banner of ‘OICCI Women: Empowering for a better tomorrow’, improving the security environment, especially in Karachi, and its role in taking the Intellectual Property Rights regime in Pakistan to a higher level.Shazia Syed is the Chief Executive Officer and Chairperson of Unilever Pakistan Limited. She joined the Board on 1st November 2015. Prior to this, Shazia was Chairperson, Unilever Sri Lanka Limited. She has held various senior management positions across most categories at Unilever Pakistan and other markets, including Unilever Vietnam as Business Unit Leader for Personal Care. She joined Unilever as a management trainee and completed her 28th year in the organization last year.Shazia  is also the Chief Executive Officer of Unilever Pakistan Foods Limited, Director at the Pakistan Business Council, Member of the Advisory Council at the British Asian Trust and Advisory Board of the Male Champions of Change-Pakistan, Trustee at The Duke of Edinburgh’s Award Foundation Pakistan and Member at the Board of Governors of the National Management Foundation. Shazia is an active advocate of diversity in the workplace and believes that enabling and facilitating working women from all backgrounds across all sectors should be every leader’s top priority.About the OICCI: Established in 1860, the Overseas Investors Chamber of Commerce & Industry (OICCI) serves as a platform to promote foreign investment, thereby playing a major role in the growth of commerce and industry in the country. The OICCI is the collective voice of close to 200 members, representing nearly all the largest foreign investors in Pakistan, who come from 35 different countries and operate in 14 different sectors of trade and industry. In its comprehensive function as a facilitator to foreign investors, OICCI plays a vital role on several fronts and the Chamber is frequently called upon to assist the government in policy formulation in the financial, commercial and industrial sectors, particularly where it impacts foreign investment. 56 OICCI member companies are listed on the Karachi Stock Exchange. Nearly 50Members are associates of the Global Fortune 500 companies.OICCI members contribute, annually, over one third of the revenue collections in the country by the federal and provincial revenue authorities and invested over US$ 2.7 billion in 2017 in new capital expenditure. The CSR initiatives by its members benefit over 80 million underprivileged sections of society.

Dr. Arif Alvi, emphasized the need for growth of Islamic Finance in Pakistan

meezan 28th january 2019

Karachi(Cliff News)Dr. Arif Alvi, the Honourable President of Pakistan expressed his support for the development of Islamic banking industry in the country in a meeting held with Mr. Irfan Siddiqui – President & CEO, Meezan Bank and Mr. Jameel Ahmad – Deputy Governor, State Bank of Pakistan along with a delegation from Meezan Bank.The group discussed the opportunities and challenges of Islamic banking in Pakistan and urged for elimination of Riba from the society.Mr. Irfan Siddiqui updated the Honourable President on the growth of the Islamic Finance industry that presently comprises 15% of Pakistan’s banking industry and appreciated the Prime Minister’s vision to take this number to 25%  by 2023.Mr. Irfan Siddiqui also commended the resolution passed by the Senate of Pakistan on conversion of Government debt to Shariah-compliant modes and said that promotion of Islamic Finance will promote financial inclusion as well as give a boost to the country’s economy.The Constitution of Islamic Republic of Pakistan also requires elimination of Riba as early as possible and the government’s efforts will go a long way in achieving this objective.The Honourable President showed keen interest in promotion of Islamic Banking and emphasized the need for Government support to the Islamic Finance industry.

Meezan Bank introduce e-rights shares subscription services for Investors

Meezan-bank-logo-2017

Karachi(Cliff News)Meezan Bank, Pakistan’s leading Islamic bank and the Best Bank in Pakistan – 2018, has successfully launched its electronic-Right shares (e-Rights) subscription facility, through which, account holders of Meezan Bank as well as other banks will be able to  subscribe to Rights issue online, providing ease and convenience to investors and reducing TATs due to electronic processing.Meezan Bank is the first and only bank in Pakistan to allow shareholders of various companies to make payments through all its Alternate Distribution Channels including Meezan Bank’s ATMs, Internet Banking facility and Mobile Banking Application. Accountholders of other banks can also subscribe and make payments through:

  • Inter Bank Funds Transfer (IBFT)
  • Real Time Gross Payments System (RTGS)
  • Payment Over The Counter (POTC) through Meezan Bank branches across Pakistan

Following the State Bank of Pakistan’s (SBP) and Securities and Exchange Commission of Pakistan’s (SECP) active approach towards providing the public with a hassle-free mechanism for application of subscription of securities, Meezan Bank’s e-Rights service will facilitate 24/7 payments of right shares subscription. The newly launched service will enable investors with Right Allotment Letters (RAL) to subscribe and make Rights Subscription payments electronically.

Daraz presents 12.12: the year-end sale

Karachi(Cliff News)With the year-end fast approaching and the shaadi season bearing large upon us, Daraz’s 12.12 sale, live now, presents a golden opportunity to get your hands on all those products you’ve been eyeing all year! With additional discounts of up to 20% on our prepayment partners, United Bank Limited, Meezan Bank and EasyPaisa and crazy vouchers upto Rs. 8,000, customers can be sure to end their year on a shopping spree that’s light on their wallet.