Meezan Bank
Ø Introduction
Meezan Bank (Urdu میزان بینک) is that the initial and largest Moslem bank of Asian nation. The Bank is headquartered in Meezan House - city, Pakistan. It has a network of over 660 branches in additional than 159 cities of West Pakistan. It commenced operations in 2002 once bank of Asian nation issued the first-ever license for Islamic business banking.
The Bank includes a market share of thirty fifth within the Islamic banking system of the country
Board of Directors
Mr. Riyadh S.A.A. Edrees (Chairman)
Mr. Faisal A.A.A. Al Nassar
Mr. Bader H.A.M.A Al Rabiah
Mr. Alaa A. Al-Sarawi
Mr. Saad Fazil Abbasi
Mr. Mansur Khan
Ms. Laila M.S.A.S.A.S Abbas
Mr. Mohamed Guermazi
Mr. Noorur Rahman Abid
Mr. Irfan Siddiqui (President and CEO)
Mr. Ariful Islam (Executive Director & Deputy CEO)
Shariah Supervisory Board
Ø Shareholding structure
Noor Financial Investment Company, Kuwait 39.53%
Pakistan Kuwait Investment Company (Pvt.) Limited 30.00%
Islamic Development Bank, Jeddah 9.32%
Other ShareHolders 21.15%
Statement of financial position as at Sep. 30 2017
Total Assets: PKR 706,167 Million
Deposits and other accounts: PKR 607,232 Million
Share Capital: PKR 10.027 Million
Shareholders' Equity: PKR 32,701 Million
No. of branches: 600
No. of cities of operation: 159
No. of Staff: 9,300
Ø LAHORE
The Government of Pakistan and Meezan Bank are working together to introduce a Shariah-compliant version of the 10-year bond, revealed an article published in the Profit magazine.
Currently, the longest tenure on a Shariah-compliant government bond in Pakistan is three years, and its yields are typically lower than a conventional three-year bond. Conventional banks have responded to the historically low-interest rates in Pakistan by shoveling money into long-term government bonds, where they can earn a nice spread of several basis points above the one-year bond. Islamic banks, unfortunately, do not have that option.
For Meezan Bank, a deposit gathering juggernaut, this is problematic. The bank has an unquestionable first-mover advantage in the Islamic banking market, which is an important segment in a country where many people have religious objections to conventional banking. Given its strong brand name in the Islamic banking sector, Meezan Bank’s management are probably the only ones in all of Pakistani finance who absolutely do not worry about where they will be able to raise deposits from.
However, Meezan Bank, currently has a deposit base that is growing too fast for its management to be able to profitably deploy in loans. That task is made much harder by the fact that – unlike other banks – it cannot buy long-term government bonds. Hence, the bank’s collaboration with the government for a 10 year Shariah-compliant bond does not come as a surprise and is expected to benefit other Islamic banks in the country as well.
KARACHI: Meezan Bank restricted on Friday won the third Asian nation Banking Awards within the class of the most effective Bank for 2018, while Habib Bank Ltd and Bank Alfalah fetched two awards in two different categories.
Adviser to the Prime Minister on Institutional Reforms and self-denial and former governor of the bank of Asian nation (SBP) Dr Ishrat Husain chaired the seven-member jury that based mostly its decision on analysis and performance of the banks, that applied for nomination for the Banking Awards, over time as well as their current standing.
The third Asian nation Banking Awards ceremony was unionised by the Dawn Media cluster, Institute of Bankers Pakistan (IBP) and A.F. Ferguson.
The jury set to settle on port Muslim Bank because the Best rising Bank in West Pakistan for 2018.
HBL and Bank Alfalah received 2 awards in 2 totally different classes. In the class of best bank for small/medium businesses, Bank Alfalah was awarded the best bank. In the same category, HBL was awarded for its best performance in the agriculture sector. HBL received another award for the most effective Investment Banking in Asian nation. Bank Alfalah additionally received a second award for Best client Franchise.
The Best Micro Finance Bank Award went to Khushhali Microfinance Bank.
Mobilink Micro Finance Bank was chosen as the best bank in the category of Bank the Unbanked Award.
The awards got by bank Deputy Governor Jameel Ahmed, who was the chief guest on the occasion, Dawn CEO Hameed Haroon, Dr Ishrat Husain, Shabber Zaidi of A.F. Ferguson and acting chief government of the Institute of Bankers Asian country Farooq Shaikh.
Earlier in a very careful speak, Dr Ishrat Husain urged all banks to enlist their names for nomination for the Banking Awards.
Analysing the present banking scenario in Asian nation, the former SBP governor said banks were on a sound footing. He same Pakistani bankers were no less competent than the other banker across the globe.
However, Dr Husain observed that banks in the country were not mobilising their deposits like those of the neighboring countries, which resulted in poor savings. A low-saving rate is the main hindrance in the way of higher investment that brings growth to the economy. Giving a comparative analysis, he shared statistics related to India, Bangladesh and Sri Lanka and Pakistan. He said the figures showed that Pakistani banks were far from the successes these countries had achieved in the banking sector.
Mr Haroon, the Dawn CEO, expressed satisfaction that the third Banking Awards established its believability. He thanked the jury for their hard work and impartiality for the evaluation of the banks for the awards. Recognising banks’ achievement through the awards was a great success for the organisers and the jury, he added.
Mr Zaidi of A.F. Ferguson said the banking industry was in a difficult situation and provided his analysis of the banking sector in the background of economic growth and uncertainties in the country.
No comments:
Post a Comment