KARACHI: Meezan Bank, Pakistan’s leading Islamic bank, has launched ‘Employee Satisfaction Survey (ESS)’ countrywide at a ceremony held at the Bank’s Head Office, Karachi.
(more…)Tag: Meezan Bank Limited
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MBL wins best consumer bank award
KARACHI: Meezan Bank Limited (MBL) has been declared as the ‘Best Consumer Bank’ at the 7th edition of Pakistan Banking Awards held here recently.
Meezan Bank has earlier won the ‘Best Bank’ award twice – in 2018 and 2020 and the ‘Best Islamic Bank’ award in 2016 and 2017.
Ijaz Farooq – Meezan Bank’s Group Head Retail Banking, Commercial, SME & Agriculture received the award from the Chief Guest of the event, Jameel Ahmad – Governor, State Bank of Pakistan and Salman Hussain – Territory Senior Partner A.F. Ferguson & Co., amid the presence of key members from the country’s banking fraternity.
Pakistan Banking Awards are a joint initiative of the Dawn Media Group, Institute of Bankers Pakistan (IBP) and A.F. Ferguson, under the patronage of State Bank of Pakistan and are one of the most prestigious and definitive recognition of excellence in the country’s banking sector.
Meezan Bank’s recognition is based on a variety of criteria, including its strength for delivering the most efficient services and for its attention to customer needs.
The 5-member jury of experts that selected Meezan Bank as Pakistan’s ‘Best Consumer Bank’, was chaired by Former Governor of the State Bank of Pakistan (SBP) – Syed Salim Raza.
The Jury’s decision was based on a detailed evaluation of performance of the banks that had vied for this award.
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Meezan Bank gets second position in Employers Award
KARACHI: Meezan Bank, leading Islamic bank, has secured second position for ‘Employer of the Year Award 2021’ in the category of ‘Large National Companies.
The award was announced at the 9th ceremony of the Employer of the Year Awards.
Arsalan Ahmed Khan – Head Talent Acquisition and Digital HR Solutions, Meezan Bank received the award from Sajid Hussain Turi – Pakistan’s Federal Minister for Overseas Pakistanis & Human Resource Development.
Commenting at the occasion, Group Head Human Resources and Learning & Development, Meezan Bank – Khalid Zaman Khan said: “Over the years, Meezan Bank has, Alhamdulillah, been recognized with several awards from many forums. In my view, one of the main reasons for this is that the Bank’s Vision is fully integrated with its culture. Everyone is aligned with the Bank’s Vision and puts their best efforts towards attainment of the Bank’s Vision of “Establishing Islamic banking as banking of first choice…’’
The awards aim to recognize organizations that demonstrate progressive workplace strategies and best practices. Winners have been selected based on their exemplary staff policies, learning and development initiatives, provision of career growth opportunities as well as exercising diversity & inclusion, and focus on employee benevolence and retention practices, etc.
This award is yet another milestone towards the Bank’s focused commitment to becoming the employer of choice and reflects the Bank’s focus on best HR practices.
EFP is the apex body of employers of Pakistan established in the year 1950. This is the only body of employers in Pakistan that is a member of the International Organization of Employers (IOE), Confederation of Asia-Pacific Employers (CAPE), and South Asian Forum of Employers (SAFE). EFP has been at the forefront in promoting, protecting, and projecting the interests of not only employers but also the rights of business in Pakistan.
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Meezan Bank signs pact to promote Islamic housing finance
KARACHI: Meezan Bank has signed an agreement for promoting Islamic housing finance in the country.
The bank and Pakistan Mortgage Refinance Company (PMRC), a Mortgage Liquidity Facility set up by the State Bank of Pakistan, have recently inked a Master Musharakah agreement to support and promote affordable housing finance in the country.
Under this agreement, PMRC will provide five years fixed-rate concessional funds to Meezan Bank, which will provide much-needed support across the housing value chain.
With the acquisition of funds worth five billion rupees, Meezan Bank aims to ultimately improve access to affordable, Shariah-compliant housing finance in Pakistan through better and more affordable rates.
The signing ceremony took place at Meezan House, Karachi and was attended by Meezan Bank’s Founding President & CEO – Irfan Siddiqui, Deputy CEO – Ariful Islam, Group Head Consumer Finance – Syed Iftikhar ul Haq & Head of Housing Finance – Masroor Mohsin.
PMRC was represented by their Managing Director & CEO – Mudassir H. Khan, Resident Shariah Board Member – Dr. Mufti Muhammad Yunas Ali, Head of Business – Muhammad Shahzad Khan & Head Islamic Business – Hasan Junaid Nasir.
Irfan Siddiqui – Founding President and CEO, Meezan Bank appreciated the initiative taken by PMRC for bringing innovation in Islamic Finance market by floating funds for facilitation of end customers.
“This initiative will support Islamic housing finance in the country despite rising KIBOR by making Shariah-compliant housing finance more affordable for the customers. We are pleased to be joining hands with PMRC as they continue to become an important player in the development of long-term housing finance in the country along with the comfort of fixed profit rates.”
Mudassir H. Khan – Managing Director and CEO , PMRC while speaking at the occasion said: “It is indeed a milestone for both the institutions as we recognize the importance of mutual coordination between financial institutions for the growth and support of housing sector in the country. We are proud to support the largest Islamic bank in the country and believe that such collaborations will play a key role for promotion and growth of affordable housing in the country.”
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Meezan Bank donates Rs35 mn to Indus Hospital for power project
KARACHI: Meezan Bank– Pakistan’s leading Islamic bank has donated Rs35 million to Indus Hospital & Health Network for installation of a solar panels system.
The initiative is part of the Bank’s Corporate Social Responsibility and Sustainability initiatives for 2022 and will provide financing to cover part of the 1.2MW solar power project being installed on the hospital’s rooftop.
The system financed by the Bank will generate nearly 300 KW of electricity, reducing approximately 114,000 Kg of Carbon dioxide emissions per annum, which is equivalent to taking over 25 gasoline-powered vehicles off the road for one year.
With the proposed solar panel system installation, The Indus Hospital (TIH) would be able to reduce its rising electricity expenses while channelling those funds towards patients’ welfare.
The collaboration between both the parties promises a shared sustainable future for the community at large, benefitting healthcare of individuals – thus fulfilling one of the core objectives defined in the Bank’s CSR policy.
Ariful Islam – Deputy CEO, Meezan Bank handed over the cheque on Meezan Bank’s behalf to Dr. Abdul Bari Khan – founder Indus Hospital & Health Network. Senior management team members from both the organizations were also present at the occasion.
Speaking about the initiative, Ariful Islam said: “Meezan Bank’s accelerated focus on renewable energy initiatives is part of its agenda to play a deeper role in climate action and is aligned with the United Nations Sustainable Development Goals (SDGs).
“This initiative promises to increase energy security and efficiency for The Indus Hospital and reaffirms our commitment towards decarbonization while also enabling healthcare access to the masses.”
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SBP imposes over Rs290 million as penalty on six commercial banks
KARACHI: State Bank of Pakistan (SBP) on Friday imposed over Rs290 million as monetary penalty on six commercial banks for violating regulatory instructions pertaining to Customer Due Diligence (CDD) and Know Your Customer (KYC) during quarter ended September 30, 2022.
The central bank imposed the monetary penalty on commercial banks included: Bank Al Habib Limited; Meezan Bank Limited; National Bank of Pakistan; MCB Bank Limited; JS Bank Limited; and Faysal Bank Limited.
The highest amount of penalty of Rs140.03 million has been imposed on Bank Al Habib Limited for violating regulatory instructions pertaining to CDD/KYC, Asset Quality, Foreign Exchange and general banking operations.
The SBP directed Bank Al Habib Limited that besides payment of monetary penalty it should strengthen its control/process in the identified areas.
The second highest penalty of Rs81.72 million has been imposed on Meezan Bank Limited for the same regulatory violations. The SBP also imposed penalties, included: Rs25.875 million on National Bank of Pakistan; Rs19.223 million on MCB Bank Limited; Rs13.49 million on JS Bank Limited; and Rs10.025 million on Faysal Bank Limited.
The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of the regulatory regime which involves imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.
In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose significant enforcement actions.
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Meezan Bank posts sharp growth of 46% in 9MCY22
KARACHI: Meezan Bank Limited has posted massive 46 per cent growth in net profit for the nine months period ended September 30, 2022.
According to unconsolidated financial results for quarter and nine- month period ended September 30, 2022 submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank posted after tax profit of Rs28.59 billion for the period January – September 2022 as compared with Rs19.56 billion in the corresponding period of the last year.
The bank announced Rs15.97 as earnings per share for the nine months period ended September 30, 2022 as compared with the EPS of Rs10.93 in the same period of the last year.
Board of directors of the bank on October 19, 2022 recommended an interim cash dividend for the quarter and nine months ended September 30, 2022 at Rs2 per share i.e. 20 per cent. This is an addition to interim dividend already paid at Rs3.5 per share i.e. 35 per cent.
Total earnings of the bank jumped to Rs77.15 billion for the nine months period ended September 30, 2022 as compared with Rs48.52 billion in the same period of the last year.
Foreign exchange income of the bank increased to Rs3.86 billion for the period under review as compared with Rs2.15 billion in the corresponding period of last year.
This brings the total income of the bank to Rs92.19 billion during January – September 2022 as compared with Rs 58.78 billion in the same period of the last year.
Operating expenses of the bank increased to Rs32.7 billion for the period under review as compared with Rs24.85 billion in the same period of the last year.
Provisions and write-offs for the period grew to Rs1.73 billion as against Rs553 million in the last year.
The bank paid an amount of Rs27.76 billion as taxes during first nine months of year 2022 as compared with Rs13.08 billion in the same period of the last year.
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Meezan Bank starts online payment gateway services
KARACHI: Meezan Bank has launched Point of Sale (POS) payment and online payment gateway services to further enhance its digital retail offering and fast-track the country’s digital ecosystem, a statement said on Wednesday.
The Bank will act as a link between merchants, issuers and payment networks by offering them state-of-the-art POS machines and make cashless transactions available over the counters, enabling retailers to benefit from the adoption of digital payments.
The POS machines support acceptance of local and international cards, card and mobile tap payments and integration with the retailer system. With the launch of POS and e-Commerce Acquiring services, Meezan Bank will now be able to digitize payments for a large number of unserved retail customers who prefer Islamic banking.
A ceremony was recently held at Meezan Bank’s Head Office to acknowledge the contribution of the key individuals in this project. This ceremony was attended by Ariful Islam – Deputy CEO, Meezan Bank and other senior team members.
Commenting on this occasion Ariful Islam said, “Meezan Bank is actively working towards modernizing retail services in the country through enhanced digital offerings and documentation in the economy. We are confident that our recently launched merchant acquiring services will accelerate digital payments.”
Meezan Bank is the leading Islamic bank of Pakistan and also one of the largest banks nationwide in terms of branch network as well as deposits. With a network of over 930 branches in more than 300 cities, it has the largest Islamic banking network in Pakistan.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions including its recognition as the ‘Best Bank – 2020’ by Pakistan Banking Awards – the most prestigious award in the country’s financial sector and by 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, – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
The VIS Credit Rating Company Limited (formerly JCR-VIS Credit Rating Company) has upgraded the Bank’s entity rating to the highest possible level of ‘AAA/A1+’. This rating denotes the highest possible credit quality, with negligible risk factors, being only slightly more than for risk-free debt of the Government of Pakistan.
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Meezan Bank, Samba Bank celebrate success of RDA
KARACHI: Meezan Bank and Samba Bank in collaboration with the Embassy of Pakistan in Bahrain hosted a reception celebrate the success of Roshan Digital Account (RDA), said a statement issued on Thursday.
Dr. Murtaza Syed – Acting Governor, State Bank of Pakistan virtually participated in the event and addressed the audience.
Also present at the occasion were Muhammad Ayub, Ambassador of Pakistan in Bahrain, Irfan Siddiqui – President and CEO, Meezan Bank and Ahmad Tariq Azam – Acting President and CEO, Samba Bank Limited along with key team members.
The State Bank of Pakistan (SBP), with the goal of achieving digitization is working towards providing technology-enabled banking solutions for everyone in Pakistan. As an extension of this goal, Non-Resident Pakistanis can also avail financial services digitally through RDA, which include account opening and investment in different sectors in the country even from outside Pakistan.
In his speech, Dr. Murtaza Syed – Acting Governor, State Bank of Pakistan briefed the audience on the current economic situation of the country and thanked the NRPs living in Bahrain for their support and contribution over the past two years, that has evidently resulted in increasing the inflow of foreign remittances to Pakistan.
In his welcome address, His Excellency, Mr. Muhammad Ayub, Ambassador of Pakistan highlighted the contributions of the Pakistani diaspora in the socio-economic development of the Kingdom of Bahrain and also Pakistan through significant remittances. He also underlined the vital contributions of the Pakistani community in strengthening the bilateral relations between Pakistan and Bahrain.
In his welcome speech, Irfan Siddiqui – President and CEO, Meezan Bank thanked the guests for attending the event and said: “Alhamdulillah, Meezan Bank is the only bank to have received One Billion USD in remittances under the Roshan Digital Account initiative. We are pleased to be celebrating this achievement with you on Meezan Bank’s 25th Anniversary, to honour the support extended by the Overseas Pakistani community who have raised the profile of the Bank in local and international communities.
“I would like to dedicate this celebration to our valued customers and employees whose trust and commitment has enabled the Bank to grow into one of the leading banks of the country.”
Ahmad Tariq Azam, Officiating President & CEO, Samba Bank Limited, while addressing the gathering of Non-Resident Pakistani diaspora accentuated on the national importance of the Roshan Digital initiative and highlighted that this digital platform has provided the all-important financial linkage to the Overseas Pakistanis with their homeland.
It not only fulfills to their basic banking needs but also provides a complete lifestyle solution to the NRPs and their families. He asserted that Samba Bank Limited takes pride in extending world class banking services to its RDA holders and would continue to cater to their varied banking requirements through our state-of-the-art technological infrastructure.
Azam, in his closing remarks, further stressed that Pakistan and Bahrain have a long-standing relationship of bilateral cooperation and such events not only bring the Pakistani community closer but also strengthen the bond of coalition between two countries.
Over 200 guests attended the event including various industry leaders and professionals from the Pakistani community in Bahrain. The event also coincides with Pakistan’s 75th Independence Year celebrations.
Meezan Bank and Samba Bank announced availability of their teams at the Pakistan Embassy on the next day for facilitation of Overseas Pakistanis living in Bahrain. Subsequently, the teams will be visiting various camp sites for two additional days to provide them with maximum assistance.
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Meezan Bank posts 36% growth in half year profit
KARACHI: Meezan Bank Limited on Thursday declared 36 per cent increase in after tax profit for the half year ended June 30, 2022.
The bank announced its financial results for the first half (January – June) 2022 where the bank reported consolidated net profit after tax of Rs17.1 billion compared to Rs12.7 billion in the same half of the last year.
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Analysts at AKD Securities said that the results came in above the expectations on account of higher than anticipated non funded income.
Along with the result, the bank announced a dividend per share of Rs1.75 and a bonus of 10 per cent.
The bank’s core income increased by 46 per cent year on year (YoY) during the period under review. The growth can be explained by robust book growth as well as better asset pricing.
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The non core income grew by 47 per cent YoY during the same period to Rs11.1 billion owing to phenomenal growth in foreign exchange income. Other notable contribution came from fee income which increased to Rs6.8 billion, up 40 per cent YoY.
The bank recorded provisioning cost of Rs961 million, which contained the profitability growth somewhat. This took the total provisioning cost during the first half of the year 2022 to Rs1.2 billion, up 2.7x.
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Administrative expenses grew by 25.8 per cent year on year during the first half of the year 2022, which took the bank’s cost-to-income ratio during the period to 40 per cent as opposed to 45 per cent it clocked during same period last year.
Effective taxation during the quarter clocked in at 57.5 per cent, which took the effective taxation during the period of January – June 2022 to 49.3 per cent. The effective taxation was lower than the estimate and was the key reason behind the earnings surprise.