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Meezan Bank is an Islamic bank established in Pakistan in 1997 with a mandate to pursue Islamic banking. It has since grown to become one of the largest banks in Pakistan with over 200 branches across the country. The document provides details on Meezan Bank's history and expansion, types of accounts offered including savings, current, foreign currency accounts, and investment products. It also outlines the bank's organizational structure, financial performance for 2010 with income of Rs. 8.4 billion and net profit of Rs. 1.9 billion, and balance sheet as of December 31, 2010.
Meezan Bank is an Islamic bank established in Pakistan in 1997 with a mandate to pursue Islamic banking. It has since grown to become one of the largest banks in Pakistan with over 200 branches across the country. The document provides details on Meezan Bank's history and expansion, types of accounts offered including savings, current, foreign currency accounts, and investment products. It also outlines the bank's organizational structure, financial performance for 2010 with income of Rs. 8.4 billion and net profit of Rs. 1.9 billion, and balance sheet as of December 31, 2010.
Meezan Bank is an Islamic bank established in Pakistan in 1997 with a mandate to pursue Islamic banking. It has since grown to become one of the largest banks in Pakistan with over 200 branches across the country. The document provides details on Meezan Bank's history and expansion, types of accounts offered including savings, current, foreign currency accounts, and investment products. It also outlines the bank's organizational structure, financial performance for 2010 with income of Rs. 8.4 billion and net profit of Rs. 1.9 billion, and balance sheet as of December 31, 2010.
money and credit. It accepts deposits from individuals, firm and companies at a lower rate of interest and gives at higher rate of interest to those who need them. Meezan Bank Ltd MBL Established with a mandate to pursue Islamic Banking in 1997. In 2002 MBL Converts itself into a full fledged Islamic commercial bank. In 2003 Meezan Bank Limited establishes itself as the pioneer of Islamic Banking in Pakistan In 2004 Meezan Bank acts as Shariah Structuring Advisor for State Bank,
MBL History In 2005 MBL becomes first customer of Islamic Insurance by signing first Memorandum of Understanding Mo U with Pak-Kuwait Takaful Company Limited (PKTCL). In 2006-2008 MBL becomes first Islamic bank to introduce 8am to 8pm services for customers and opens 166 branches in 40 cities of Pakistan. In 2009 Meezan Bank having 42% Shares of Islamic Banking branch network in the country with 201 branches in 54 cities across the country MBL History In2010 MBL has achieved yet another milestone by establishing a branch network of 222 branches in 63 cities across Pakistan within a short span of 8 years. Meezan Bank now stands amongst the 10 largest banks in Pakistan in terms of branch network Mission Statement To be a premier Islamic bank, offering a one-stop shop for innovative value-added products and services to our customers
Core values:
Staff Brand Personality Relationship
Services Labbaik Travel Aasaan Online Banking 8 to 8 Banking Ladies Banking Home Remittance
Loss Sharing: In case of any loss, it will be shared by the members of Investment Pool in ratio of their investment.
Types of Accounts: Minimum amount required to open account is Rs. 10,000 No charges if balances goes below Rs.10,000 Instant access to funds at any online branch. No restriction on withdrawals or number of transactions Bank balance certificates & duplicate statements of account Stop Payment & Hold Mail instructions 24/7 Card your ATM & Debit Card in one 24/7 Call Center with complete Tele-banking services
No minimum balance required to open account Profit will be paid for accounts with minimum amount of Rs. 10,000 No charges for minimum balance maintained Instant access to funds at any online branch Profit to be disbursed on monthly basis Profit to be calculated on the basis of average balance of the month No restriction on withdrawals or number of transactions Bank balance certificates & duplicate statements of account
Minimum investment is only $100 Monthly profit payment for accounts minimum average monthly balance of $500 All deposit to be invested in the bank under Mudarabah arrangement Profit to be disbursed on monthly basis Bank balance certificates & duplicate statements of account Zakat is not applicable on $ deposits. Withholding tax as per law
Open to individuals only No public/private limited company/sole proprietors/partnerships accounts will be acceptable Joint accounts in the names of individuals, however, will be allowed Minimum amount required for investment is Rs.2 5,000 Maximum balance limit is Rs. 1,000,000 Zakat & W.H Tax is applicable
KMA is a high profile saving account Profit paid on a monthly basis. Minimum balance required for account opening is Rs. 1 million No profit will be paid if average balance fall below 1 million Free facilities: cheque books and pay orders No restriction on withdrawals or deposits. On-line banking facility will be allowed to KMA customers Zakat & W.H Tax is applicable
Available for individuals, where customers can open a single / joint account with family members Labbaik Saving Plan is available for six (06) months to twenty (20) years Labbaik Saving Account is a Pak Rupee account Labbaik Saving Account is a non-chequing account, where no cheque book or VISA Debit Card will be issued It will be a Recurring Deposit Account, where customers will deposit monthly contribution as per the deposit schedule plan
Free Cheque Books Discount on trade services fee ( as may be approved) Free services/attractions Following is a partial list of Profit will be paid on monthly basis Withholding tax and Zakat as per law MBP is a variation of saving account with the features of a current account It is the first remunerative current account of Meezan Bank. Open to individuals as well as corporate clients. Minimum account opening balance is Rs. 100,000/-
The Riba-free Pound Saving Account is a Mudarabah-based savings account that you can open and operate using UK Pounds
Therefore its an excellent business tool for individuals and corporate clients both for meeting their business needs and for diversifying their investment in different foreign currencies to safeguard against currency fluctuation
Basic Features of Term Deposit Certificates A minimum investment amount of PKR 5 0,000/-. No maximum amount ceiling exists. Available tenures are 3 months, 6 months, 1, 2, 3 and 5 years. Profit payment options include monthly, quarterly, as well as maturity or bullet payment. Monthly & Quarterly profit payments are available only in 1, 2, 3 and 5-year tenors. Monthly profit payments require a minimum investment of PKR 200,000/-. Acceptable currency is Pak Rupee only. Available for Individuals, Entrepreneurs, SMEs, Association of Persons and Public/Private Limited Companies. Minimum investment shall be Rs. 100,000/- (Rupees One Hundred Thousand). Available tenures will be 5 years and 7 years. Profit to be disbursed on monthly basis. Free cheque book facility (introductory offer). Minimum investment shall be Rs. 50,000/- for Widows and Senior Citizens.
If early encashment is within one month, no profit shall be applicable to the customer. The minimum investment required is Rs. 100,000 Monthly profit payment will be given to customers current or saving account Pre-mature withdrawal options available. Bank balance certificates Free Online Banking services at our branch network nationwide Dedicated Banking hours from 9am to 5pm (Saturdays 9am to 1:30pm)
Acceptable currency will be US Dollar only. Open to individuals as well as corporate clients. Minimum investment amount per certificate- US $ 10,000 Available tenures- 3 Months, 6 Months, 1 Year and 3 Years. Deposit to be invested under Mudarabah arrangement Profit sharing ratio for the Mudarib (Bank) and Rub ul Mal (Customer) is announced at the beginning of each month.
List of main competitors:
HBL (HABIB BANK OF PAKISTAN) BOP (BANK OF PUNJAB) UBL (UNITED BANK LIMITED) ABL (ALLIED BANK OF LIMITED)
Shariah Supervisory Board Board of directors Audit committee
President & CEO Chief Operating Staff Business Segment Central
Lahore Faisalabad Multan South-I South-II South-III North Corporate Banking Consumer Banking Commercial Banking Treasury & financial Institution Investment Banking Operations Information technology H.R Service Quality Alternative distribution channel Marketing Training Branch network O r g a n i z a t i o n a l
S t r u c t u r e
Features: Good Work Environment Efficiency Customer Services Suggestions asked from Customers Employee Benefits Computerized Working Environment
Types of Accounts:
Individual Joint Partnership Account Company Account Club/Society/Association/Trust Accounts Minor Proprietorship Account
Deposit department Current or Demand Deposits Saving Deposits Fixed or Term Deposits Call Deposits
Modes of payment
CHEQUES MAIL TRANSFER FOREIGN TELEGRAPHIC TRANSFER DEMAND DRAFT PAY ORDER Remittance: Inward remittance Outward remittance Inland remittance Foregin remittance
Bills for collection:
Outward Bill for Collection (OBC) Inward Bill for Collection (IBC)
Charity Sources of Charity 2009 2010 Rs000 Rs000 OP Balance As at Jan 01 78169 118233 Additions During The year Received From Customer In Delayed payment 43362 41077 Dividend Purification 1142 343 Non shariah Compliant income 6666 64889 Profit on Charity Saving Account 3499 1818 Total 132838 226360 Less: Distribution of Charity Education 1900 2283 Health 3537 200 Relief , Welfare and disaster Recovery 7000 135000 2168 150 Total 14605 137633 Meezan Bank Ltd Income Statement For the year ended 31 Dec 2010 1 Income Sch.No As on 31 Dec 2010 Rs000 Interest Earned 5678199 Other Income 2687274 Total 8365473 2 Expenditure Interest Expended 4637393 Operating Expenses 1563917 Provision & Contingencies 18306 Total 6219616 3 Profit & Loss Operating Profit 2145857 Shares of results of associates before taxation 297425 Profit before Taxation 2443282 Tax -543500 Profit After taxation 1899782 Profit & Loss B/F 1676242 Total 3576024 4 Appropriations Transfer to Statutory reserves -66766 Transfer to Other Reserves -75690 Transfer to Government / Proposed Divined -74027 Balance Carried over to Balance sheet 3359541 Meezan Bank Ltd Balance Sheet As on 31 Dec 2010 Capital & Liabilities Sch.No As on 31 Dec 10 Rs000 Capital 6982550 Reserves & Surplus 1404326 Unappropriated profit 3359541 Non Controling Intrest 339827 Surplus & Revluation 339868 Other Liabilities & Provision 146383899 Total 158810011 Assets Cash & Balances with SBP 12780951 Balance with Banks & money at call 9957757 and short notice Due from financial institution 10511855 Investments 50519386 Advances 53995163 Fixed Assets 3095897 Other Assets 17949002 Total 158810011 Contingent Liabilities Bills For Collection Demand Liabilities of MBL Demand Liabilities of MBL 2009 2010 Rs000 Rs000 Bill payable in Pakistan 1249210 1767370 Due to Financial institution 8326198 5745493 Out side of Pakistan 142227 83803 Current Account Nonremunerative 28666058 36970328 Saving Deposit 36357769 48406231 Margin On lC's 525275 649920 Un claimed Dividend 851 851 Return on deposits 740269 989421 Total 76007857 94613417 Time Liabilities: Time Liabilities of MBL 2009 2010 Rs000 Rs000 Fixed deposit 32351628 44517241 Term Deposit due to financial institution 8468425 5829296 Provision For taxation 1484667 910560 Security Deposit Against Ajara 18117 78406 Total 42322837 51335503 Reserves: Statutory Liquidity Reserve (SLR) In terms of Section 29 of Banking companies Ordinance 1962 banks are required to maintain SLR in Cash gold or unencumbered approved securities.
MBL maintain SLR 20% 66766000 in SBP. Cash Reserve Requirement (CRR) Every banking company shall maintain by way of cash reserve in cash with itself or in current account opened with the SBP Capital Adequacy Ratio(CAR) CAR = Tier1 + Tier2 Risk Weighted Assets Tier1 = 10577314 Tier2 = 859665 Weighted Avg Assets = 921594 CAR of MBL is 12.41 Global Finance Names Meezan Bank the Best Islamic Financial Institution in Pakistan