Meezan Bank (Bank)

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Article Upload Date: Sat 29 Apr 2017
2017-04-29 04:40:21Meezan Bank
   
Meezan Bank, Pakistan’s first and largest Islamic bank, is a publicly listed company with a paid-up capital of Rs. 10 billion. It is one of the fastest growing financial institutions in the banking sector of the country. With its Vision of establishing ‘Islamic banking as banking of first choice’ – the Bank commenced operations in 2002, after being issued the first-ever Islamic commercial banking license by the State Bank of Pakistan[1] first and largest  -  Islamic bank
  • Details
  • Type:

    Public Limited

  • In Urdu:

    میزان بینک

  • Traded As:

    KSE: MEBL

  • Industry:

    Islamic Banking, Commercial Banking

  • Founded:

    1997

  • Headquarter:

    Karachi, Pakistan

  • CEO:

    Irfan Siddiqui (1997–)

  • Meezan Bank:

    Pakistan’s first and largest Islamic bank

  • operations:

    the Bank commenced operations in 2002

  • branches:

    166 branches in 40 different cities.

  • Share Holders:

    world-renowned financialinstitution i-e

  • paid-up capital:

    Rs. 10 billion

  • Product:

    Murabaha, Ijarah, Diminishing Musharakah, VISA Debit Card, Saving Accounts, Consumer Banking etc

  • Revenue:

    ₨22.25 billion (US$210 million) - 2015

  • Net income:

    ₨5.02 billion (US$48 million) - 2015

  • Total assets:

    ₨531.8 billion (US$5.1 billion) - 2015

  • Number of employees:

    8,500

  • Motto:

    The Premier Islamic Bank

  • Subsidiaries:

    Plexus (Pvt) Ltd.

Meezan Bank Details

Meezan Bank ATM machine
Meezan Bank ATM machine

History

Meezan Bank ATM Card
Meezan Bank ATM Card
Meezan Bank is publicly listed company, first incorporatedon January 27, 1997. It started operations as an Islamic investment bank in August of the same year, which has been licensed by the“ State Bank of Pakistan[2] First incorporated -  January 27, 1997 ” to operate as an Islamic Commercial bank on 31 st January 2002. State Bank of Pakistan granted the Nationsfirst full-fleged commercial banking license of Islamic Banking toMeezan bank Ltd. It was a new era in banking Sector history inPakistan that Meezan Bank Ltd adheres strictly to the principles of Islamic Shariah with absolutely no compromise, and is recognized asPakistan’s truly premier Islamic Bank. Meezan Bank is operatingapproximately more than 166 branches in 40 different cities.

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.[3]  Vision 

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.[4]  Mission 

Values

Shariah-compliance, Integrity, Professionalism, Innovation, Service Excellence, Social Responsibility. Staff that is committed, motivated and professionally trained and who are empathic to their customers’ needs.[5]  Values 

Meezan Bank Accounts

Meezan Bank of Pakistan
Meezan Bank of Pakistan
The Largest Range of Riba-free Accounts for Personal Banking

4 Unique Accounts for your Personal Banking Needs

Meezan Bank offers the largest range of Riba-free Deposit accounts for Personal Banking. You can choose from our current and savings accounts, our Special savings accounts or our Meezan Asaan accounts.Current Accounts Safe, Secure, and Stable You can open four different types of current accounts with us, both in local and foreign currency.

1-Rupee Current Account

Meezan Current Account is a Rupee-based current account that provides you the convenience of putting your money in a Riba-free account and accessing it without any restrictions on withdrawal while enjoying a host of professional conveniences from Meezan Bank.Meezan Current Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies.[6]  Meezan Bank Accounts 

Key Features

Minimum Investment Minimum Investment for Opening a Rupee Current Account is Rs. 1000/-

Online Branch Banking

Avail online branch banking facilities all across Pakistan.

Free Internet Banking

Avail completely free internet banking with a Current Account.

No Deductions

No restriction on withdrawals or number of transactions.

Priority Desk

Access to priority desk

Unlimited Withdrawals

Withdraw money as many times as you need in a single day.

No Deductions

Meezan Bank
Meezan Bank
No deductions on low balance

Takaful Coverage

  1. Free Takaful Coverage* upto Rs. 1 million in case of an Accidental Death and Permanent Disability.
  2. Free ATM Takaful Coverage* upto Card Limit.
  3. *Maintaining a monthly average balance of Rs 10,000 and above.

2-Dollar Current Account

Minimum Deposit

Minimum deposit required to open an account is $100

Routine Withdrawals

Routine withdrawals up to $500 per day allowed without prior intimation

Prior Notice

Withdrawals of above $500 needs 1 day prior notice

Takaful Coverage

  1. Free Takaful Coverage* upto Rs. 1 million in case of an Accidental Death and Permanent Disability.
  2. Free ATM Takaful Coverage* upto Card Limit
  3. *Maintaining a monthly average balance of Rs 10,000 and above.

No Deductions

No deduction of service charges if the balance maintained is low

3-Euro Current Account

Meezan Bank of Islamic
Meezan Bank of Islamic

Minimum Deposit

Minimum deposit required to open an account is €100

Routine Withdrawals

Routine withdrawals up to €500 per day allowed without prior intimation

Prior Notice

Withdrawals of above €500 needs 1 day prior notice

Foreign Remittances

Receive Foreign Remittances

Takaful Coverage

  1. Free Takaful Coverage* upto Rs. 1 million in case of an Accidental Death and Permanent Disability
  2. Free ATM Takaful Coverage* upto Card Limit
  3. *Maintaining a monthly average balance of Rs 10,000 and above.

No Deductions

No deduction of service charges if the balance maintained is low

4-Pound Current Account

Minimum Deposit

Minimum deposit required to open an account is £100

Routine Withdrawals

Routine withdrawals up to £500 per day allowed without prior intimation

Prior Notice

Withdrawals of above £500 needs 1 day prior notice

Foreign Remittances

Receive Foreign Remittances

Takaful Coverage

  1. Free Takaful Coverage* upto Rs. 1 million in case of an Accidental Death and Permanent Disability
  2. Free ATM Takaful Coverage* upto Card Limit
  3. *Maintaining a monthly average balance of Rs 10,000 and above.

Term Deposits Riba Free Term Deposit Certificates

Meezan Bank Branches
Meezan Bank Branches

Truly Halal Returns

Meezan Bank provides a complete range of short term and long term deposit certificates with the flexibility of monthly, quarterly, semi-annual and annual returns.

Certificate of Islamic Investment

  1. Periodic Profit through 3 Months to 5 Year Investment
  2. The Certificate of Islamic Investment (COII) is a Mudarabah-based deposit product through which you can invest your savings for periods ranging from 3 months to 5 years and earn Halal profit on a periodic basis.

Meezan Amdan Certificate

  1. A long-term investment with Monthly High Return
  2. Meezan Amdan Certificate (MAC) is a Mudarabah-based long-term deposit product that offers a high expected return to investors and is ideal for those individuals and corporate clients who need a regular stream of monthly income.

Montly Mudarabah Certificate

  1. Monthly Mudarabah Certificate
  2. Short Term Investment with Regular Monthly Returns
  3. The Riba-Free Monthly Mudarabah Certificate (MMC) is a short-term deposit product which has been designed to give you expected monthly returns.

Dollar Mudarabah Certificate

  1. An Investment in US Dollars to Earn Profit
  2. The Dollar Mudarabah Certificate (DMC) is a deposit product through which you can invest your US Dollars with Meezan Bank for periods ranging from 3 months to 3 years and earn six-monthly or at maturity profit payments on your investment.

1-Meezan Car Ijarah

Pakistan’s First Riba-free Car Financing

What is Meezan Car Ijarah

Car Ijarah is Meezan Bank’s car financing product and is Pakistan’s first Interest-free car financing. It is based on the Islamic financing mode of Ijarah (leasing). This product is ideal for individuals who want to get interest-free financing for acquiring a car.Car Ijarah works through a car rental agreement, under which the Bank purchases the car and rents it out to the customer for a period of 1 to 7 years, agreed at the time of the contract. Upon completion of the Ijarah period, the vehicle will be sold at a token amount or gifted to the customer.[7]  Meezan Car Ijarah 

Who is Eligible for Car Ijarah

Car Ijarah
Car Ijarah

1-Salaried Professionals

Salaried Professionals
Salaried Professionals
  • Permanent employees : 3 months in current job with a minimum 2 years continuous employment history
  • Contractual employees : 6 months in current job with a minimum 3 years continuous employment history.
  • Net take home income : In excess of 2 times the monthly rental (inclusive of takaful)
  • Spouse’s verifiable income : Clubbed to an extent of 50%.
  • In case of other loans, all monthly payments including proposed Ijarah rental combined not to exceed 50% of net / take home income
  • Both data check & e-CIB should be clear and must not have current default / overdue at the time of case approval

2-Businessmen

Buisnessman
Buisnessman
  • Minimum experience : 2 years continuous involvement in current business / industry
  • Position : Proprietor, partner or director (In case of partner or director, percentage of sharing / holding will be applied)
  • Net take home income : In excess of 2 times the monthly rental (inclusive of takaful)
  • Spouse’s verifiable income : Clubbed to an extent of 50%.
  • In case of other loans, all monthly payments including proposed Ijarah rental combined not to exceed 50% of net / take home income
  • Both data check & e-CIB should be clear and must not have current default / overdue at the time of case approval

2-Meezan Bike Ijarah

Meezan Bank
Meezan Bank
Shariah-compliant Financing for Motorbikes

What is Meezan Bike Ijarah

Bike Ijarah is Pakistan’s first Riba-free motorcycle financing facility which is based on the Islamic financing mode of Ijarah (leasing). It is ideal for individuals who want to get interest-free financing for acquiring a motorcycle. Bike Ijarah works through a bike rental agreement, under which the Bank purchases the vehicle and rents it out to the customer for a period of 1 to 3 years, agreed at the time of the contract. Upon completion of the Ijarah period, the vehicle will be sold at a token amount or gifted to the customer.[8]  Meezan Bike Ijarah 

Bike Ijarah Features

1-Basic Features

  1. Mode of Financing : Ijarah.
  2. Ownership : The motorbike will be registered and insured in favor of Meezan Bank before its physical possession is given to the customer
  3. Product Offering : All Suzuki, Yamaha & Honda Motorcycle variants
  4. Facility Tenure : The scheme is available for 1, 2 & 3 years
  5. Security Deposit / Advance Rental : Minimum 15% of cost of the vehicle and Maximum 50% of cost of the vehicle
  6. Facility Available in : Karachi, Hyderabad, Multan, Lahore, Faisalabad, Rawalpindi & Islamabad
  7. Processing and / Documentation Charges : Non-refundable processing fee of PKR 750 will be charged whereas documentation charges will be charged at actual.
  8. Registration Charges : At actual and recovered in monthly rentals.
  9. Mode of Payment :Through post dated cheques
  10. Direct debit instructions of Meezan Bank account
  11. Direct deduction from salary by employer (only in corporate cases)
  12. Takaful : Takaful premium will be paid by the bank and will be recovered through Ijarah rentals from the customer
  13. Maturity of Ijarah : At the end of lease period, the vehicle will be gifted to the customer
  14. Early Premature : In early termination, the customer has the option to buy the motorbike on the agreed purchase price mentioned in the ‘Purchase Price’ schedule, which comprises of:
  • The principal outstanding as determined by the amortization schedule of the lease.
  • Early termination charges - A sum calculated at 5% of the principal outstanding (net of customer’s advance rent).
  • The un-recovered portion of the takaful premium paid by Meezan bank

2-Unique Selling Points

  1. Pakistan’s first completely Shariah-compliant Motercycle Financing Scheme
  2. Lowest per month rent
  3. Lowest processing charges
  4. Lowest up front payment
  5. First rent after one month of delivery
  6. Availability of Takaful
  7. Competitive Service

3-Consumer Ease

Don't Put your Dreams on Hold

Durable Goods Financing

Meezan
Meezan
Meezan Consumer Ease is a Shariah-compliant financing facility for purchasing consumer durable goods such as Air conditioners, refrigerators, generators etc. Under this facility, Meezan Bank will approve an overall limit for you after evaluating your application; you can then purchase durable goods, upto the amount of the facility approved for you, from the range of products offered by the Bank.[9] Durable Goods Financing 

Who is eligible for Consumer Ease

1-Citizenship and Age

  1. Pakistani, Adult, Permanent resident
  2. Salaried 20 – 60 years old
  3. Businessmen and SEP 20 - 65 years old

2-Minimum Income Requirment

  1. Salaried Class - 25,000/- (Gross Salary)
  2. SEP - 40,000/-
  3. Businessmen - 40,000/-

3-Instalment Amount

Monthly instalment should not be more than 35% for net monthly income /- (For Salaried, SEP and Businessmen)

4-Other Requirement

  1. Down Payment: 15% of Market Price
  2. Tenor: 3, 6, 12 , 18, 24 months
  3. Payment Mode: Direct debit instruction (DDI)
  4. Late Payment: No Late Payment Charges
  5. Security : Personal Guarantee & 3 un-dated cheques of Meezan Bank account

4-Meezan Easy Home

Meezan Bank
Meezan Bank
Meezan Bank Easy Home - Islamic Housing Finance

Meezan Bank Easy Home - Islamic Housing Finance

With Easy Home you participate with Meezan Bank in joint ownership of your property, where the Bank will provide a certain amount of financing. You agree to a monthly payment to the bank of which one component is for use of the home, and another for your equity share. In fact, the total monthly payment is reduced regularly as your share in the property grows. When you have made the full investment, which had been agreed upon, you become the sole owner with a free and clear title to the property.[10]  Islamic Housing Finance 

Eligibility Criteria

1-Citizenship

Pakistani national (Resident or Non Resident) as per policy

2-Age

  • Primary applicant: Minimum 25 years & maximum 65* years at financing maturity
  • Co-applicant: Minimum 21 years & Maximum 70* years at financing maturity
  1. *Incase of salaried person, applicant and/or co-applicant financing maturity date shall not exceed the date of retirement.
  2. *In case of businessman, required co-applicant’s maximum age at financing maturity is 65 years (if business income is being clubbed) and 70 years if business income is not being clubbed.

3-Customer and Applicant

  1. Primary (or Single) & Co-applicant allowed.
  2. Co-applicant must be an immediate family member.

4-Income

1-Salaried

  1. Minimum Gross Income of PKR 40,000 per month.
  2. 100% Co-applicant income may be clubbed in case of spouse only.

2-Self-Employed Business Person

  1. Minimum Gross Income of PKR 75,000 per month.

5-Employment Tenure

1-Salaried

  1. Permanent job with a minimum 2 years continuous work history in the same industry / field.

2-Self-Employed Business Person

  1. Minimum 3 years in current business / industry.

Premium Services

Discover an Extraordinary Class of Islamic Banking

Meezan Premium Banking is a prestigious way of Islamic banking specially designed to meet your financial needs. Experience your banking needs with our Premium Banking services and value added benefits available to you from our personalized and free banking services to customary discounts and privileges tailored to your lifestyle at finest retail outlets, restaurants and hotels across the country.[11] Discover an Extraordinary Class of Islamic Banking 

Benefits Privileges

As our Premium Banking customer, you enjoy exclusive Benefits and Privileges. Due to your Premium relationship status with the Bank, these benefits and privileges are also offered to your joint account-holders. Like you, they also enjoy the Premium Banking Benefits with us.[12]  Benefits & Privileges 

Platinum Mastercard Debit Card

  1. Free of charge issuance of Platinum Mastercard Debit Card.
  2. Higher daily spending limits as follows:
  3. ATM Cash Withdrawal
  4. Rs. 200,000
  5. POS Transactions
  6. Rs. 500,000
  7. Internal Funds Transfer
  8. Rs. 2,000,000
  9. Inter Bank Funds Transfer (IBFT)
  10. Rs. 1,000,000

International CIP Lounges

  1. Access International CIP Lounges at selected Airports in Pakistan and Middle East with Meezan Platinum MasterCard Debit Card. For further details click here
  2. Avail exclusive services including comfortable seating arrangement, information desk featuring flight details, internet, fax & telephone facility and more.

Fee Waivers

Avail fee waivers on the following transactions:
  1. Cheque stop payment
  2. Locker annual fee
  3. Issuance of Bank Certificate
  4. Issuance of Pay Orders

No Processing Fees

Avail processing fee waivers on the following Consumer Financing products
  1. Car Ijarah
  2. Easy Home
  3. Laptop Ease
  4. Meezan Roshni

Meezan Easy Remit

Instant Money Transfer to Pakistan

The Fast Reliable Way to Send Money Home

Meezan Easy Remit is a Home Remittance service which provides an easy, fast and reliable way for Pakistanis who are working abroad to send money to their families and relatives living in Pakistan. The money sent from abroad can be immediately collected from any branch of Meezan Bank which has a strong presence of more than 570 branches and 146 cities in Pakistan.[13] Fast & Reliable Way to Send Money Home 

Share Holders in Meezan Bank

Our Share Holders are world-renowned financialinstitution i-e
  • Pakistan Kuwait Investment Company (Pvt) Ltd.
  • Shamil Bank of Bahrain E.C.
  • Islamic Development Bank.
  • KUWAIT Awqaf Public Foundation.[14] Share Holders -  world  Renowned

All Current and Saving Accounts

  1. These all current and saving accounts can be opened inany category of the following types of accounts
  2. Individual Accounts
  3. Joint Accounts
  4. Minor Account
  5. Sole Proprietorship Accounts
  6. Illiterate Customer Account
  7. Partnership Accounts
  8. Limited Liability Companies Accounts
  9. Associations, Committee, Societies or Club Accounts etc.
  10. Non-Resident Rupees Account
  11. Trust Accounts (with prior permission from the HO)
  12. Executors, Administrators Accounts (with prior permissionfrom the HO)
  13. Local Bodies Accounts.
  14. Special Convertible Rupees Account (SCRA)
  15. Staff Accounts

How Meezan Easy Remit Works

Sender

  1. Step 1 : Find an Easy Remit Agent.
  2. Step 2 : Fill the Remittance Sending form and give it to the agent/ correspondent along with the remittance amount you wish to send.
  3. Step 3 : The agent/correspondent will give you a PIN code.
  4. Step 4 : Contact the family member/beneficiary to whom you are sending the money and give them the PIN code and details of the remittance amount which they can then collect from any branch of Meezan Bank.

Receiver

  1. Step 1 : Have the PIN code given by the sender/remitter.
  2. Step 2 : Visit any branch of Meezan Bank with your original identity document (e.g. CNIC/ Passport/NICOP) and a copy of it.
  3. Step 3 : Fill-in and sign the 'Remittance Payment Slip' and submit it to the branch official with your identity document.
  4. Step 4 : Once your details are matched, you will be given the remittance amount within a few minutes.

Ways to Bank with Us

Ways for a Convenient and Safe Banking Experience

Internet Banking

Internet Banking
Internet Banking
Simple, hassle-free way to bank, anytime, anywhere! Meezan Internet Banking is the complete way to bank whenever and wherever you may be. Simply enjoy the finest banking experience from the comfort of your own home or office.

Investor Relations

Useful Information for the Investors & Shareholders Meezan Bank, Pakistan’s first and largest Islamic bank, is one of the fastest growing financial institutions in the banking sector of Pakistan. With its Vision of establishing ‘Islamic banking as banking of first choice’ – the Bank commenced operations in 2002, after being issued the first-ever Islamic commercial banking license by the State Bank of Pakistan. At Meezan Bank, customer service is a part of not just our processes, but our culture. As we remain committed to provide our customers including our valued shareholders with the highest levels of service excellence, the below section of 'Investor Relations' will give you insights to the Bank's strategy, its growth areas, as well as opportunity to connect with us at your convenience.[15]  Investor Relations 

Financial Information

Statement of Financial Position

Financial Information
Financial Information

Profit and Loss Account

Profit and Loss Account
Profit and Loss Account

Statement of Comprehensive Income

Statement of Comprehensive Income
Statement of Comprehensive Income

Cash Flow Statement

Cash Flow Statement
Cash Flow Statement

Statement of Changes in Equity

Statement of Changes in Equity
Statement of Changes in Equity

Fastest Growing Bank of the Country Meezan Bank

Pakistan’s first and largest Islamic bank, is a publicly listed company with a paid-up capital of Rs. 10 billion. It is one of the fastest growing financial institutions in the banking sector of the country. With its Vision of establishing ‘Islamic banking as banking of first choice’ – the Bank commenced operations in 2002, after being issued the first-ever Islamic commercial banking license by the State Bank of Pakistan.

Bank Provides

The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 550 branches in 143 cities of the country. Backed by a state-of-the art T-24 core banking system, the branch network is supported by 24/7 banking services that include over 500 ATMs, VISA and MasterCard Debit cards, a Call Center, Internet Banking, Mobile Application and SMS Banking facility. 

Meezan UPaisa

To cater the unbanked population the Bank also offers Branchless Banking services through Meezan UPaisa - World’s first Islamic Branchless Banking.The Bank operates strictly under the principles of Islamic Shariah and is well-recognized for its product development capability and Islamic banking research and advisory services. In order to ensure strict Shariah-compliance in all its products and services, the Bank has established a dedicated Product Development and Shariah Compliance department that operates under the supervision of the Bank’s in-house Resident Shariah Board Member and a Shariah Supervisory Board comprising of internationally renowned Shariah scholars

Packages Launched by MeezanBank Ltd.

Meezan bank Ltd launches different packagespurely Riba-free only for the betterment of customers, and strive towards the pure IslamicBanking, to fulfill the customers banking needsaccording to Islam. Those attractive products are 1. Meezan Labbaik Umrah. 2. Meezan Labbaik Ramadan Umrah. 3. Meezan Labbaik Hajj.[16] Meezan bank -  Different packages

Meezan Internet BankingJune 5th 2014

Maintenance activity has been completed, our Internet Banking is now available. They apologize for any inconvenience caused. For any queries, please call our 24/7 call center on 111-331-331 or 111-331-332.[17] Internet Banking -  Pakistan

Executive Summary

In the first They have discussed about the introduction of the Meezan Bank, Basic Functions of MeezanBank and objectives of Meezan Bank Ltd. Then  introduced Meezan Bank (Garden West Branch). They have also mentioned the products, packages, which the Meezan Bank Ltd. offers to itscustomers and then They have given a brief overview of differentaccounts opened and Investment Certificates issued by MeezanBank Ltd. And in the last I have shown the Balance Sheet andIncome Statement of Meezan Bank Ltd[18] Garden West Branch -  Meezan Bank

Contact

Registered Office Head Office

  • Meezan Bank Limited, Meezan House, C-25 Estate Avenue, SITE, Karachi.
  • Email: info@meezanbank.com
  • Phone: +92 21 38103500, Fax: +92 21 36406049
  • Customer Care Unit

    To record your complaint, please use the following channels:
    1. 24/7 Call Center : +92 21 111-331-331 & +92 21 111-331-332
    2. Websites: www.meezanbank.com & www.meezanbank.pk
    3. Email: complaints@meezanbank.com
    4. Fax: +92 21 36406023
    You can also write a letter to 'The Manager Customer Care Unit' and post it to our Head Office at Meezan House, C-25, Estate Avenue, SITE, Karachi- Pakistan.Once we receive your complaint, it will be addressed promptly and we will respond to you within 7 business days.

    Shariah Compliance Department

  • Name: Salman Ahmed Siddiqui
  • Designation: Shariah Compliance Officer
  • Contact: + 92 21 38103500 Ext: 2382 
  • Email: s.siddiqui@meezanbank.com
  • ATM Contacts

    Name: Syed Raza Hussain Ph: +92 21 38103500 Ext: 2106 Email: raza.hussain@meezanbank.com Name: Amir Hasan Ph: +92 21 38103500 Ext: 2104 Email: amir.hasan@meezanbank.com

    Call Centre

    +92 21 111-331-331 & +92 21 111-331-332


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