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.
(more…)Tag: Meezan Bank Limited
-
Meezan Bank to provide eBiz+ services to G&T Group
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.
-
Meezan Bank, Retailo sign agreement to finance youth
KARACHI: Meezan Bank has signed a partnership with Retailo, the fastest-growing B2B startup in the MENAP region.
The partnership is aimed at providing deserving retailers Kamyab Jawan financing in a Shariah-compliant manner to expand and support their small businesses.
The MoU was signed by Group Head Consumer Finance Meezan Bank, Arshad Majeed, and Wahaj Ahmed, Retailo’s co-founder along with their teams.
This financing is sourced from Prime Minister Mr. Imran Khan’s ‘Kamyab Jawan – Youth Entrepreneurship Scheme (YES)’ which is targeting young entrepreneurs and existing businesses. It will provide subsidized financing through 21 Commercial, Islamic, and SME banks under the guidance and supervision of the State Bank of Pakistan.
Through this scheme, the Government of Pakistan aims to increase the contribution of aspiring entrepreneurs to the economy and remove obstacles from their path of progress by providing financial backing.
This partnership between Meezan and Retailo will provide much-needed Shariah-compliant financial support to empower small business enterprises and unlock their full earning potential.
As Retailo expands its operations, it is looking for more opportunities to help retailers achieve their full potential. Regarding the partnership with Meezan Bank, Retailo’s co-founder Mr. Wahaj Ahmed said, “The retail sector has vast potential to improve Pakistan’s economy. Through Retailo’s high-powered app and simplified supply chains, we are aiming to play a key role in national progress. By partnering with Meezan Bank to provide retailers with the much-needed support, we wish to make a difference in their lives on a more personal level.”
Commenting on the occasion, Arshad Majeed, Meezan Bank’s Group Head Consumer Finance said, “Meezan Bank is always ready to fulfill its role as the bank of choice and create real value for our customers. Providing growth capital to the retail sector and SMEs will create an equitable economic system and elevate livelihoods for a sector that has tremendous untapped potential.”
-
Meezan Bank launches second vaccination center
KARACHI: Meezan Bank Limited, in collaboration with the Sindh government and DHA Karachi, has launched second COVID-19 drive-through vaccination centre.
(more…) -
Meezan Bank declares Rs12.6 billion net profit in 1HCY21
KARACHI: Meezan Bank Limited has reported a significant increase in its net profit, reaching Rs 12.6 billion for the first half of the calendar year 2021 (January–June). This reflects an 8% growth compared to the Rs 11.7 billion net profit recorded during the same period last year, according to the bank’s financial results announced on Thursday.
(more…) -
Meezan Bank launches COVID vaccination center
KARACHI: Meezan Bank Limited, Pakistan’s leading Islamic bank, on Saturday launched Pakistan’s largest drive-through COVID vaccination center.
The bank launched the vaccination center in collaboration with the Sindh government in Karachi.
The Facility is situated at central location of Karachi in Gulberg Town at Afghan Ground, Block 19, F.B. Area, opposite Afroze Textile and adjacent Happy Palace School.
The Vaccination Centre was inaugurated today by Barrister Murtaza Wahab – Spokesperson Government of Sindh & Administrator Karachi which was personally overseen by the Bank’s Founding President & CEO – Irfan Siddiqui.
Also present at the occasion was Taha Saleem – Deputy Commissioner, Central Karachi and the Bank’s Senior Management including Muhammad Raza – Group Head, Customer Support and Riaz Ahmed – Head Administration, among others.
With a total of twenty-four booths operating from 4:00pm to 12:00am, the facility will operate seven days a week, providing thousands of adults a safer way of getting vaccinated while observing social distancing rules.
-
Meezan Bank’s credit rating upgraded
KARACHI: VIS Credit Rating Company Limited has upgraded the entity ratings of Meezan Bank Limited (MEBL) to ‘AAA/A-1+’ (Triple A/ A-One Plus) from ‘AA+/A-1+’ (Double A Plus/ A-One Plus).
(more…) -
Meezan Bank declares Rs6.1 billion profit after tax for first quarter
KARACHI: Meezan Bank Limited, which is providing Sharia compliant banking and financing in Pakistan, on Tuesday declared Rs6.1 billion after tax profit for the quarter ended March 31, 2021.
The net profit of the bank increased by 11 percent during the first quarter (January – March) 2021 when compared with the net profit of Rs5.5 billion in the corresponding period of the last fiscal year.
According to the financial results of the bank, the profit/return earned on Islamic financing and related assets, investment and placements fell to Rs24.23 billion during first three months of the calendar year 2021 as compared with Rs29.83 billion in the corresponding months of the last year.
Similarly, profit on deposits and other dues expensed also reduced to Rs9.17 billion during the period under review as compared with Rs15.11 billion in the corresponding period of the last year.
However, the bank recorded 61 percent growth in fee and commission income to Rs2.06 billion for the quarter ended March 31, 2021 as compared with Rs1.28 billion in the same quarter of the last year.
Total income of the income for the quarter under review increased to Rs18.61 billion as compared with Rs17.91 billion in the corresponding quarter of the last year.
The operating expenses of the bank increased to Rs7.83 billion during January – March of 2021 as compared with Rs6.8 billion in the same period of the last year.
Meezan Bank declared Rs4.31 as earnings per share (EPS) for the quarter ended March 31, 2021 as compared with Rs3.89 in the same quarter of the last year.
-
Meezan Bank, Master Group sign agreement for online solution
KARACHI: Meezan Bank Limited and Master Group have signed an agreement for the online banking solution, a statement said on Monday.
According to the agreement that was signed recently, Meezan Bank, through the provision of its state-of-the-art online banking solution, named eBiz+, will enable Master Group to fully automate its customer collections and supplier payments, catering to every client’s needs with a configurable and intelligent platform.
The partnership will focus on creating value for Master Group by serving as an end-to-end transaction banking ecosystem based around an array of services covering working capital cycle, standardized reporting, greater safety and efficiency as well as world-class cyber security – all in one place, via eBiz+ – an integrated solution.
The agreement was signed by Abdullah Ahmed – Group Head, Corporate & Institutional Banking, Meezan Bank and Shahzad Malik – Managing Director, Master Group.
Also present at the occasion were Senior Executives of both organizations including Saqib Ashraf – Head of Transaction Banking, Meezan Bank, Amir Mushtaq Butt – Director Finance, Master Group and others.
Abdullah Ahmed, while speaking at the occasion said: “As Pakistan’s leading Islamic bank, Meezan Bank has sophisticated Transaction Banking services including cash management.
“We are thrilled to partner with Master Group as a trusted collaborator to automate their business/banking processes while ensuring operational integrity resulting in business efficiency with utmost security.”
Meezan Bank is capitalizing on the strong trend in the banking industry towards digital banking with more and more clients preferring more specific internet banking solutions. Shahzad Malik commended the Bank for bringing forth operational efficiency in its payments & collection process.
-
SBP imposes Rs93.23 million penalty on Meezan Bank
KARACHI: State Bank of Pakistan (SBP) has imposed an amount of Rs93.23 million as penalty on Meezan Bank Limited during the year 2020, according to annual financial results of the bank.
The bank in its annual financial results for period ended December 31, 2020 said that it had paid Rs93.23 million to the SBP for violation of various regulatory provisions.
The total monetary penalty on the bank imposed by the SBP reached to Rs175.5 million in past two financial years.
The central bank imposed Rs82.27 million as penalty on the bank during the year 2019.