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Tag: Meezan Bank

  • Meezan Bank announces direct payment integration with VISA Card

    Meezan Bank announces direct payment integration with VISA Card

    KARACHI: Meezan Bank Limited has announced direct integration for routing settlement of Visa card transactions.

    A statement on Tuesday said the shift comes in continuation with its direct integration with Mastercard last year, bringing the bank a step closer to its goal of transforming its customers’ payment experience, enabling faster and more seamless transactions.

    Meezan Debit Card users will continue to enjoy the Visa and Mastercard benefits while allowing the Bank to offer faster settlements and reducing friction in payments. 

    Shariq Mubeen, Head of Alternate Distribution Channels, said: “The bank always endeavors to provide the best transaction experience to its customers.

    “Direct integration with Global Payment Schemes not only allows us to remove an additional hop in transaction processing but it also makes detailed view of each transaction available to the bank for more efficient management of cards portfolio.

    “We are excited with this development and look forward to various others significant improvements in our IT infrastructure and platforms to support the growing business of the Bank.”

  • Meezan Bank becomes pioneer in Sharia financing for low cost housing

    Meezan Bank becomes pioneer in Sharia financing for low cost housing

    KARACHI: Meezan Bank has become the first financial institution in the country to disburse the first two Shariah-compliant housing finance facilities under Prime Minister’s Mera Pakistan Mera Ghar, Low Cost Housing Finance scheme, a statement said on Monday.

    The facilities were disbursed to Muhammad Anees, who works as a Gardener (Mali) and Muhammad Shahid Khan, a contract employee in a private company. Both the individuals will use the funds to build homes for their families on small plots of land that they own.

    Disbursement Advice for the financing were handed over to Anees and Shahid by Arshad Majeed, Group Head Consumer Finance- Meezan Bank at the State Bank of Pakistan (SBP) on Friday October 16, 2020 in the presence of Ms. Sima Kamil, Deputy Governor, State Bank of Pakistan, Syed Samar Hasnain, Executive Director, State Bank of Pakistan and Irfan Siddiqui, Founding President & CEO, Meezan Bank.

    Speaking at the occasion, Irfan Siddiqui said: “We are delighted to be the first bank in the country to make a disbursement under the Prime Minister’s Low-cost housing finance scheme and look forward to contributing towards this important sector which directly and indirectly supports over 40 industries and employs a very large percentage of the unskilled labour of the country.”

  • Meezan Bank honored with many titles at CFA Awards

    Meezan Bank honored with many titles at CFA Awards

    KARACHI: Meezan Bank has been awarded with many titles by the CFA Society of Pakistan, a member society of the CFA Institute, USA at its 17th Annual Excellence Awards ceremony held on October 2, 2020.

    A statement issued on Monday said that the bank had been declared as the ‘Best Bank of the Year’ and ‘Best Islamic Bank of the Year’ – 2019.

    The Bank has also been recognized as the ‘Corporate Finance House of the Year – Debt’ in recognition of its investment banking performance, providing ground-breaking tailored solutions and advisory services to blue chip corporate clients.

    Irfan Siddiqui – President and CEO, Meezan Bank and Ariful Islam – Deputy CEO, Meezan Bank received the awards from Dr. Reza Baqir – Governor, State Bank of Pakistan who graced the occasion as the Chief Guest.

    This is the first time that CFA Society of Pakistan has recognized Meezan Bank on an overall industry basis as the ‘Best Bank of the Year’, competing with some of the largest local and conventional players. The Bank has previously been recognized multiple times by the organization for its excellence in providing Islamic financial services to meet the needs of its diverse set of clients.

    As a pioneer of Islamic banking in Pakistan, Meezan Bank leads the Islamic finance industry, reaching a broad customer base with competitive, Shariah-compliant products and services.

    Commenting on the win, Irfan Siddiqui – President & CEO, Meezan Bank said, “We are honored to receive these awards from the CFA Society of Pakistan. This notable recognition reflects our commitment towards Shariah-compliant banking and the continuous effort and commitment that we have invested in over the years to strengthen our offering.

  • Meezan Bank launches electronic e-subscription to IPO

    Meezan Bank launches electronic e-subscription to IPO

    KARACHI: Meezan Bank has successfully launched electronic subscription to IPOs (Initial Public Offerings) for its corporate customers via CDC’s (Central Depository Company) newly launched Master TREC Module in Centralized eIPO System (CES).

    A statement issued on Wednesday said that using Master TREC in CES, Meezan Bank will allow registered Master TREC Holders (Brokerage Houses) to make payments electronically on behalf of their customers through Meezan Internet Banking.

    The newly launched service will also enable Meezan Bank’s corporate customers maintaining an account under CDS Participants (active TREC Holders) to subscribe to IPOs of Shares/Sukuks online on behalf of investors.

    Active TRECHolders, having account in Meezan Bank will now be able to electronically register themselves with CDC through this efficient system, 24 hours a day.

    CDC has introduced this Centralized Master TREC Facilityfor convenient electronic subscription for corporate customers, in accordance with the State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP) active agenda of digitalization.

    This initiative will provide Brokerage Houses and thus ultimately investors with a hassle-free mechanism for application of subscription to securities.

  • Meezan Bank to launch digital payments using Haball platform

    Meezan Bank to launch digital payments using Haball platform

    KARACHI: Haball, Pakistan’s leading B2B payments automation platform, in partnership with Meezan Bank – Pakistan’s first and largest Islamic bank, has recently announced the launch of Blink Direct, a service that will enable digital payments for Pakistani businesses and their supply chain partners.

    The new service will accelerate digital payments to payees while completely removing the friction caused by manual reconciliation errors. Meezan Bank customers will be able to link their bank accounts with the Haball App directly for performing transactions while reaping the benefits of a cashless supply chain, a statement said on Thursday.

    The Blink Direct facility, will allow Haball to address the challenge of delays in invoice reconciliation; an issue that plagues many large and small businesses, and causes payment delays as a result of which the working capital of the business is not managed efficiently.

    The service also maps each payment, invoice, pay order etc. to the context of why a payment was initiated.

    This allows corporate and distributors to reconcile their invoices and payments automatically, reducing errors and time required to reconcile every payment.

    Meezan Bank is the first bank in Pakistan to enable paperless digital payments for businesses using the Haball platform.

    Blink Direct is now available as a standard offering in the Haball App and Platform suite, eliminating manual payments and offering businesses greater transparency for the entire value chain including retailers, distributors and corporate entities.

    Omer Bin Ahsan, CEO – Haball commented on the occasion, “Blink Direct enables money to move digitally throughout the supply chain in the fastest and most reliable manner.

    “Haball has naturally progressed towards aggregating multiple payment options available in the country to give customers the freedom to transact through whichever medium they prefer, whether through their bank’s existing channel, through Haball’s App or through branches and agent networks.”

    Ariful Islam, Deputy CEO – Meezan Bank said: “By extending direct payment services to its customers using Haball, Meezan Bank is delighted to be able to solve the problems currently faced by many companies – needless roadblocks in the payments value chain and provide seamless and integrated digital payment services to enable a cashless supply chain.

    “We are very excited to be part of this innovation and are confident Inshallah that the supply chain vertical will soon benefit from the value of digital payment solutions.”

  • Meezan Bank’s Shariah Board approves guidelines for COVID related refinance schemes

    Meezan Bank’s Shariah Board approves guidelines for COVID related refinance schemes

    KARACHI: Meezan Bank’s Shariah Supervisory Board (SSB) has approved guidelines for COVID-19 related refinance schemes intended to provide relief to businesses and individuals during these challenging times.

    In the 47th meeting of Meezan Bank’s Shariah Supervisory Board (SSB) was recently held as an online event, with the goal of preventing contagion and staying consistent with the recommendations of global and local health authorities and the Government.

    This was the first Shariah Supervisory Board meeting conducted completely online where members from across different countries participated via video conferencing.

    The meeting was chaired by Justice (Retd.) Mufti Muhammad Taqi Usmani and was attended by Dr. Muhammad Imran Ashraf Usmani, Sheikh Esam Mohamed Ishaq (Bahrain) along with other members of the SSB.

    Meezan Bank’s Founding President and CEO – Irfan Siddiqui, Deputy CEO – Ariful Islam and senior management of the Bank were also present at the meeting.

    In view of the current situation and the outlook for the coming months, the Bank’s SSB has approved guidelines for COVID-19 related re-finance schemes intended to provide relief to businesses and individuals during these challenging times.

    The Board reviewed several key issues including policies adopted by the Bank as well as the corresponding contingency plans ensuring that the Bank continues to serve its customers normally despite the challenges faced due to COVID-19.

    Products and structures for providing relief to customers were also discussed in detail after which the SSB approved a comprehensive set of guidelines to ensure that SMEs get adequate support to mitigate the impact of the pandemic on their activities.

    The SSB also approved Smart Remittance Account that will enable Overseas Pakistanis to apply for bank accounts online either in PKR or USD currency from anywhere outside Pakistan.

    This account will permit Overseas Pakistanis to remit money either in PKR or USD and to invest in Shariah-compliant alternative of “Overseas Pakistanis Saving Scheme” announced by Government of Pakistan (GoP).

    Furthermore, the structure for the re-opening of GoP Ijarah Sukuk was also approved by the Board, making it the first time that a re-opening mechanism will be introduced in any Sukuk issued in Pakistan. The re-opening of Sukuk is expected to bring depth in the Pakistani Sukuk market.

    The SSB appreciated the Bank’s ‘Work from Home’ policy amid the COVID-19 crisis; which has been adopted to protect the wellbeing of its employees, customers and stakeholders and expressed its overall satisfaction on the Shariah compliance environment and operations of the Bank.

  • Meezan Bank plays leading role in issuance of Rs200bn worth Energy Sukuk

    Meezan Bank plays leading role in issuance of Rs200bn worth Energy Sukuk

    KARACHI: Meezan Bank Limited has played a leading role in successfully concluding the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs200 billion by Power Holding Limited (PHL), a public sector entity fully owned by the Ministry of Energy and Government of Pakistan, a statement said on Tuesday.

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  • Meezan Bank maintains deposit base at Rs928 billion

    Meezan Bank maintains deposit base at Rs928 billion

    KARACHI: The Board of Directors of Meezan Bank in its meeting, held on May 05, 2020 approved the financial statements of the Bank for the quarter ended on March 31, 2020.

    The meeting was presided by Riyadh S.A. A. Edrees – Chairman of the Board; Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.

    The bank maintained its deposit base at Rs 928 billion with market share of more than 6 percent in the banking industry. Meezan Bank is the 6th largest bank in Pakistan with a network of 774 branches in 231 cities, complimented with a comprehensive array of digital services, including Internet Banking, Mobile App and other Alternate Distribution Channels for delivery of seamless Shariah-compliant banking services to its customers across Pakistan and around the globe.

    The bank’s net spread grew by 66 percent primarily due to higher volume of average earning assets and higher underlying Policy Rate while the Bank’s non-funded income grew by 64 percent mainly due to higher foreign exchange income and gain on sale of securities of Rs 680 million.

    Administrative and other operating expenses increased to Rs 7.1 billion from Rs 5.5 billion in corresponding period last year primarily due to costs associated with opening of 98 new branches since March 2019.

    The bank’s financing portfolio decreased slightly from December 2019 mainly due to overall slowdown in economic activity and repayment of seasonal financing. Recognizing stresses in certain sectors of the economy due to the COVID -19 outbreak, an additional General Provision of Rs 1 billion was approved by the Board against any potential non-performing financings, bringing the Bank’s non-performing financings coverage ratio to 147 percent – the highest in the banking industry while its infection ratio, at less than 2 percent is one of the lowest in the industry.

    The bank has taken several initiatives to safeguard the health of its employees, their families and its customers during the current pandemic, including activation of Business Continuity Plans, deployment of almost 70 percent Head Office staff to work from alternate sites or from the safety of their homes and mandatory use of face masks at all times in all its premises so as to minimize the risk of exposure to the disease.

  • Meezan Bank’s Shariah Board approves guidelines for digital mobile accounts

    Meezan Bank’s Shariah Board approves guidelines for digital mobile accounts

    KARACHI: Meezan Bank’s Shariah Supervisory Board has approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan.

    Shariah Supervisory Board approved guidelines in its recently concluded, a statement said on Thursday.

    The meeting was chaired by Dr. Muhammad Imran Ashraf Usmani and attended by Sheikh Esam Mohamed Ishaq, Mufti Muhammad Naveed Alam, Ahmed Ali Siddiqui and other key officials.

    Irfan Siddiqui – President & CEO, Meezan Bank and 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, Amreli Steels sign agreement for dealers collection

    Meezan Bank, Amreli Steels sign agreement for dealers collection

    KARACHI: Meezan Bank, the largest Islamic bank in Pakistan, and Amreli Steels Limited have joined hands to streamline dealers collections.

    Under this transaction banking agreement, Meezan Bank, through the provision of its state-of-the-art online banking solution, named eBiz+, will enable Amreli Steels to fully automate its dealer collections, a statement said on Tuesday.

    The partnership will further create value for Amreli Steels by serving as an end-to-end transaction banking solution delivering standardized reporting, greater safety and efficiency.

    The agreement was signed by M. Saqib Ashraf – Head of Transaction Banking, Meezan Bank and Taha Umer – Financial Controller, Amreli Steels Limited. Also present at the occasion were Senior Executives of both organizations including Abdullah Ahmed – Group Head, Corporate & Institutional Banking, Meezan Bank, Amanullah Shaikh – General Manager South, Corporate & Institutional Banking, Meezan Bank, Shayan Akberali – CEO, Amreli Steels Limited and Fazal Ahmed – CFO & COO, Amreli Steels Limited.

    Abdullah Ahmed, while speaking at the occasion said, “It is a pleasure to on-board Amreli Steels as a Transaction Banking customer.

    Meezan Bank has always been a futuristic institution that aims to create even more attractive offerings to facilitate its customers.

    At Meezan, we realize that corporations of all sizes need creative cash management strategies to support their operations and we are glad that Amreli Steels has taken this initiative.”

    Shayan Akberali also commended the Bank for successfully launching cash management services and bringing forth operational efficiency in their collections process.