Since its inception, the Bank has expanded its ATMs across Pakistan’s rural and semi-urban regions, providing round-the-clock access to cash and furthering basic banking and financial inclusion for the masses.
The bank’s ATMs enable access to NFC-enabled and bio-metric transactions, cash deposit into own and other bank accounts and integration with various digital wallets while also operating on solar power and consuming significantly less energy than conventional machines.
As the only bank in the country to offer the fastest debit card activation service through its ATM terminals, the Bank is also the first in the industry to allow withdrawals up to Rs100,000 in a single transaction.
“Meezan Bank is committed to grow its state-of-the-art ATM network across Pakistan while offering the highest standards of ATM services with the best up-time in the industry,” said Shariq Mubeen, Head Alternate Distribution Channels, Meezan Bank.
KARACHI: The Acting Governor of State Bank of Pakistan (SBP) Dr. Murtaza Syed has inaugurated Meezan Roshan Digital Center, which is built for catering the needs of Roshan Digital Account holders.
The acting SBP governor recently visited Meezan Bank’s Head Office in Karachi along with the Deputy Governor Ms. Sima Kamil and the Bank’s senior management.
Chairman Meezan Bank’s Board Riyadh S.A.A. Edrees, Meezan Bank’s Founding President & CEO Irfan Siddiqui and the Bank’s senior officials were also present on this occasion.
In his brief address, the Acting Governor congratulated the management and RDA team of the Bank to channel substantial volume of remittances and achieving remittances of $1 billion in RDA and added that other banks should also focus their attention towards increasing remittances through RDA and come up with innovative means for achieving this milestone.
He noted that overseas Pakistanis have always made Pakistan proud through their achievements and dedication to their motherland. He observed that the country needs more investment from abroad to fund the current account deficit and raise much needed foreign exchange reserves.
He recalled while various other banks joined the RDA at a later stage, Meezan Bank was amongst the first eight banks that launched this service since its inception.
Dr. Syed acknowledged the elements behind this success such as the Bank’s dedicated focus on the product, its joint initiatives with SBP to create awareness about RDA, Shariah-inclination of overseas Pakistanis and availability of all necessary support from the regulators.
Dr. Murtaza Syed was also accompanied by Managing Director, Deposit Protection Corporation, Syed Irfan Ali, Executive Director Saleemullah, Executive Director Sohail Javaad and the Chief Spokesperson SBP Abid Qamar.
Irfan Siddiqui thanked the State Bank for their support in the RDA initiative and their patronage in inaugurating Meezan Roshan Digital Centre and said that Meezan Bank has always been fully committed to supporting this important initiative.
Speaking on the occasion, Meezan Bank’s Chairman Riyadh S. A. A. Edrees expressed his gratitude to SBP for their untiring support and efforts in promoting Islamic banking in Pakistan. He assured SBP’s leadership that the Board of Meezan Bank is committed towards supporting SBP’s various initiatives including RDA, Low-Cost Housing and SME Financing.
KARACHI: Meezan Bank has recently signed an agreement with Sui Northern Gas Pipelines Limited (SNGPL) to enable digitalization of consumer bill collection via the Bank’s state-of-the-art Transaction Banking Solution (eBiz+).
The agreement was signed by Irfan Siddiqui – Founding President & CEO, Meezan Bank and Ali J. Hamdani – Managing Director and CEO, SNGPL in the presence of other key management members including Ariful Islam – Deputy CEO, Abdullah Ahmed – Group Head Corporate and Institutional Banking, M. Saqib Ashraf – Head Transaction Banking and M. Munir – Head Payments and Cash Management from Meezan Bank, and Faisal Iqbal – Chief Financial Officer, SNGPL.
As per the agreement, Meezan Bank will provide transaction banking services (eBiz+) to SNGPL enabling payment of gas bills by the residents of Punjab, Khyber Pakhtunkhwa (KPK) and Azad Jammu & Kashmir (AJ&K) via e-channels and branch banking avenues offered by the Bank.
On this occasion, Ali J. Hamdani shared SNGPL’s ambition to become a leader in sourcing energy across Pakistan while providing ease of access to its consumers via eBiz+ collection services.
Irfan Siddiqui, also commented on the occasion, said: “The agreement between Meezan Bank and SNGPL will not only strengthen the Bank’s transaction banking portfolio but will also improve the bill collection process by making it more accessible to millions. SNGPL is already a trusted corporate client for the Bank and this agreement further strengthens our relationship.”
KARACHI: Meezan Bank Limited has disbursed Rs. 1 billion under Prime Minister’s Kamyab Jawan – Youth Entrepreneurship Scheme (PMKJ-YES) for Small and Medium Enterprises (SMEs), a statement said on Friday
Usman Dar, Special Assistant to the Prime Minister on Youth Affairs and Haleem Adil Sheikh, Member of the Provincial Assembly of Sindh graced the ceremony hosted by Irfan Siddiqui, Founding President & CEO – Meezan Bank and Ariful Islam, Deputy CEO – Meezan Bank at the Bank’s Head Office located in Karachi. The event was also attended by the PMKJ-YES teams and senior management of the Bank.
PMKJ – YES will allow access to Islamic finance to those SMEs who, despite being credit-worthy, are unable to avail financing due to various documentary and collateral related issues. Under this scheme, Meezan Bank will extend Shariah-compliant financing facilities of up to PKR 25 million to eligible customers at subsidized rates.
Irfan Siddiqui reiterated that Meezan Bank, following its Vision of establishing ‘Islamic banking as banking of first choice…’ stands committed to the Government of Pakistan and State Bank of Pakistan in playing a key role in the success of Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme and other schemes to promote financial inclusion, by providing Shariah-compliant financing products and solutions.
KARACHI: Meezan Bank and Pak Suzuki Motor Company Limited have signed a Memorandum of Understanding (MoU) to offer Sharia-compliant car financing.
Arshad Majeed, Group Head Consumer Finance, Meezan Bank signed the MoU with Aamir Shaffi, Executive Officer, Marketing and Sales, Pak Suzuki Motor Company Limited.
In an effort to ease access to Shariah-compliant car financing solutions, Meezan Bank will facilitate its customers with additional Residual Value features which will include affordable monthly rentals that will be lower than regular installments.
Customers will be able to opt for a new vehicle option every three years through this Scheme on selected variants. In addition customers can also avail preferred delivery of Suzuki vehicles Suzuki Alto (VX & VXR), Suzuki Wagon R (VXR, VXL & AGS) & Suzuki Cultus (VXL & AGS) with free registration (excluding taxes) and buyback guarantee of up to three years as well as after-sales support services across Pakistan.
Commenting on the occasion, Arshad Majeed, said: “Meezan Bank has always strived to offer affordable and accessible Shariah-compliant car financing solutions to its customers.
“Through the Residual Value Module, we are making the process of car purchasing much easier for individuals and families, especially in the current scenario where prices of vehicles and interest rates are an increasing trend. We are pleased to partner with Pak Suzuki Motor Company Ltd. for offering preferred vehicle delivery that will boost the vehicle buying experience of our customers.”
Aamir Shaffi, while speaking at the occasion, said: “Residual Value Module will attract young generation and create customer trend to change the car every 2-3 years through RV financing, in which the customer can defer/postpone up to 50% of value amount of vehicle at end of financing period and enjoy the benefit of reduced rentals.
“The scheme will enhance our brand image and help retain financing customers for life at Pak Suzuki Motor Company dealerships by providing them right market value with buyback guarantee up to 3 years based on car condition criteria.”
KARACHI: Meezan Bank has become the first bank in the country to launch Islamic financing scheme for Small and Medium Enterprises (I-SAAF), a statement said on Wednesday.
The launching ceremony was held at Multan Chamber of Commerce and was attended by Dr. Reza Baqir – Governor, State Bank of Pakistan (SBP), other senior officials of SBP, Ariful Islam – Deputy CEO, Meezan Bank, Khawaja Muhammad Hussain – President Multan Chamber of Commerce – and members of the business community.
Under the Scheme, Meezan Bank will extend Shariah-compliant short-term and long-term facilities of up to Rs10 million to eligible customers, at a subsidized rate of 9 percent per annum.
The Scheme was introduced by SBP, and eight participating banks were selected through a transparent bidding process.
Meezan Bank was one of the successful bidders, with a sizeable share in the overall program, and the only Islamic bank offering its Shariah-compliant alternate, in-line with its Vision of establishing ‘Islamic banking as banking of first choice…’
I-SAAF will allow access to finance to SMEs that despite being credit-worthy are unable to avail financing due to collateral or other requirements.
While distributing cheques to I-SAAF customers, Mr. Ariful Islam – Deputy CEO, Meezan Bank reaffirmed the bank’s commitment to invest in human resource and technology to ensure success of the Scheme and enable a swift and hassle-free application process for its customers. Ariful Islam also presented a memento to Dr. Reza Baqir for gracing the event with his presence.
President Dr Arif Alvi has provided relief to 6 different victims of bank fraud by upholding the decisions of the Banking Mohtasib ordering private banks to refund a collective sum of over Rs 827,000 to the accountholders.
The President rejected 05 different representations of Habib Bank Limited (HBL) and 01 representation of Meezan Bank Limited against the decisions of Banking Mohtasib directing them to make good the loss of the victims of bank fraud by crediting the lost money to their individual bank accounts.
As per the details of the cases, Muhammad Pervaiz Khan, Kashif Latif, Naimat Ali, Intezar Ahmed, Ms Asia Manzoor, and Mohsin Shabbir (the complainants) had been maintaining their individual bank accounts with HBL.
They received calls from unknown numbers and the callers posed as bank officials and asked them to share their personal credentials which they did. The callers managed to defraud Pervaiz Khan of Rs 333,300, Latif of Rs 140,000, Naimat of Rs 137,489, Intezar of Rs 119,848, Ms Asia of Rs 78,780 and Shabbir of Rs 20,108 by fraudulently transferring funds from their bank accounts.
Afterward, they received alerts about hefty amounts being withdrawn from their bank accounts. The complainants approached the bank to get their defrauded amounts refunded, however, they were not given any relief.
Later, the complainants approached the Banking Mohtasib individually to seek redressal of their complaints. The Banking Mohtasib in its decision wrote that the bank had activated fund transfer service i.e., IB/EFT channel by default without informing the complainants and had not divulged the pros and cons of the “fund transfer” facility in terms of Section 30 of Payment System and Electronic Fund Transfer Act-2007.
It noted that since the facility was unsolicited, therefore, any financial loss in this regard cannot be categorized as “customer liability”.
It further observed that had IB/EFT channel not been made operational by the bank, the complainants could have avoided the financial loss.
The Banking Mohtasib held that the bank could not produce any evidence to the effect that it had complied with the provisions of law, rules and regulations and ordered the bank to refund the defrauded money to the complainants.
Subsequently, the banks filed representations with the Honorable President against the decisions of the Mohtasib.
The President in his decision observed that the banks were given ample opportunity to defend and controvert the claims of the complainants, however, they failed to provide any justification to upset the orders of the Mohtasib.
“The Banks failed to discharge their duty and the legal responsibility cast upon them under the law”, the President noted while rejecting the appeals as being devoid of any merit.
KARACHI: Meezan Bank led consortium and Enertech Water Private Limited, have recently inked the facility agreements of Rs25.5 billion Islamic Syndicated Project Finance facility, the largest financing facility raised for the Government of Sindh, structured under a public-private partnership.
KARACHI: Meezan Bank will provide its state-of-the-art Transaction Banking Solution (eBiz+) for payments and collections to the subsidiaries of G&T Group including Gatron (Industries) Limited and Novatex Limited.
Gani & Tayub (G&T) Group, the country’s leading group with companies across different sectors including Synthetic & Rayon and Power Generation, has embarked on an enterprise-level digital journey with the implementation of SAP for all areas of their operations including banking and finance.
Accordingly, after a thorough evaluation, Meezan Bank’s Transaction Banking solution eBiz+ has met G&T’s highest standards for host-to-host connectivity with SAP for payments and collections.
An agreement was hence recently signed by the management of respective entities represented by Rizwan Diwan – Executive Director, G&T Group, Shabbir Diwan – Executive Director – G&T Group and Muhammad Abdullah Ahmed – Group Head, Corporate & Institutional Banking and Muhammad Saqib Ashraf – EVP & Head of Transaction Banking from Meezan Bank at G&T Tower, Karachi.
As per the agreement, Meezan Bank will provide its state-of-the-art Transaction Banking Solution (eBiz+) for payments and collections to the subsidiaries of G&T Group including Gatron (Industries) Limited and Novatex Limited. This core suite of integrated solutions will ensure efficient cash flow management and ease of reconciliation providing the G&T Group with operational excellence.
At this occasion, Rizwan Diwan shared G&T’s ambition for developing G&T as a digital conglomerate signified by the implementation of SAP and appreciated Meezan’s contribution as a banking partner in such an initiative.
Abdullah Ahmed responded in support, “As one of the major players in the industry, Meezan Bank is focusing largely on producing and delivering innovative cash management solutions to commercial and corporate businesses in Pakistan. The addition of G&T Group to this growing portfolio is a monumental opportunity for us to offer streamlined cash flow processes via eBiz+ effectively automating transactions and thus, reducing the inherent risk of all the companies simultaneously.”
This agreement is expected to strengthen the relationship as Meezan Bank supports G&T through the digitalization of transactions and efficiently manages day-to-day operations.
