MCB is one of the leading banks of Pakistan with a deposit base of about Rs. 280 billion and total assets of around Rs.300 billion. Incorporated in 1947, MCB soon earned the reputation of a solid and conservative financial institution managed by expatriate executives. In 1974, MCB was nationalized along with all other private sector banks. This led to deterioration in the quality of the Bank’s loan portfolio and service quality. Eventually, MCB was privatized in 1991.
Meezan Bank Limited is a publicly listed company first incorporated on January 27, 1997. It started operations as an investment bank in August of the same year. In January, 2002 in an historic initiative, Meezan Bank was granted the nation's first full-fledged license dedicated to Islamic Banking, by the State Bank of Pakistan.
Establish Islamic banking as banking of first choice to facilitate the implementation of an equitable economic system, providing a strong foundation for establishing a fair and just society for mankind.
To be a premier Islamic bank, offering a one-stop shop for innovative value added products and services to our customers within the bounds of Shariah, while optimizing the stakeholders value through an organizational culture based on learning, fairness, respect for individual enterprise and performance.
Definition of Riba or Interest The word "Riba" means excess, increase or addition, which correctly interpreted according to Shariah terminology, implies any excess compensation without due consideration (consideration does not include time value of money).
This is a kind of partnership where one partner gives money to another for investing in a commercial enterprise. The investment comes from the first partner who is called "Rab-ul-Maal" while the management and work is an exclusive responsibility of the other, who is called "Mudarib" and the profits generated are shared among the partners.
The Riba-Free Meezan Bachat Account works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. On agreeing to become an account holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the customer is an Investor (Rab ul Maal), and the Bank is the Manager (Mudarib) of the funds deposited by the customer.
Trasactions are not limited. No profit is given on this account.
Karobari Munafa Account Profit will be calculated on a Daily Product Basis Minimum balance requirement for account opening is Rs. 1Million. No restriction on deposits and withdrawals. Free facilities: cheque books and pay orders. Dedicated account / relationship manager. Basic Banking Account (BBA)
Car is leased under the name of the bank. Transfer of ownership at the clearance of principal amount and rent. No objection certificate.
Security deposit is 15 %. 5% is the processing charges on purchase of additional units.
If car is damaged no payment is given. If the car is stolen then the installment is stopped.
Time period for which the car is offered are 3, 4 and 5 years. Accordingly the rate of rent is calculated. IRR( International rate of rent).
Rent is paid on the monthly bases.
Car Ijarah, Pakistan’s First Islamic Car Financing
Car Ijarah is Pakistan’s first Interest Free car financing based on the Islamic financing mode of Ijarah (Islamic leasing). This product is ideal for individuals looking for car financing while avoiding an interest-based transaction. Meezan Bank’ Car Ijarah is a car rental agreement, under which the Bank purchases the car and rents it out to the customer for a period of 3 to 5 years, agreed at the time of the contract. Upon completion of the lease period the customer gets ownership of the car against his initial security deposit.
Why is Halal home finance so important to you? Owning your own home is one of life’s most important achievements. It represents your security, stability, and is a great blessing in itself. It provides that all-important safety and comfort for you and your loved ones.
However, in today’s often unpredictable and costly environment, saving the required money can take a lifetime in itself. Rising property prices, taxes, inflation, currency devaluation… it’s all a very hard bargain. On the other hand, owning your own home and paying an easy installment, which takes you step by step towards complete ownership, is so much better than paying rent which ultimately only adds to your expenses.
Islamic Financing on a Diminishing Musharakah basis With Easy Home you participate with Meezan Bank in a joint ownership of your property, where the Bank will provide a certain amount of financing (usually up to 85%). You agree to a monthly payment to the bank of which a component is for the use of the home, and another for your equity share. In fact, the total monthly payment is reduced regularly as your share in the property grows. When you have made the full investment, which had been agreed upon, you become the sole owner with a free and clear title to the property.
Transfer your existing mortgage!You can now continue to enjoy your home, but with the added satisfaction and peace of mind you always wanted. Meezan Bank will help you switch your existing liability over to us and let you enjoy the benefits of Halal and totally flexible financing.
Flexible financing from PKR 300,000/- to PKR 40 million
Easy selection of financing tenure from 3 years to 20 years
Bank Investment Ratio (BIR)
Up to 85% for Salaried / Select SEP s*/Self Employed Professionals/Businessman
Up to 75% for Non-Resident Pakistanis (NRP)
No restriction on early unit purchase / early termination
Musharaka: According to this concept, a financier and his client participate either in the joint ownership of a property or an equipment, or in a joint commercial enterprise. Musharka is the partnership. The profit is shared among the bank and the customer with which there is a partnership agreement.
MCB Car4U can give you all ... MCB Car4U through its flexibility, affordability, speed and other special benefits makes you keep up with the fast pace of life ... because we know Kahin na Kahin tau Hai.. 1 Car4U.
Currently available in 16 major cities: Karachi, Lahore, Faisalabad, Rawalpindi, Islamabad, Quetta, Multan, Peshawar, Hyderabad, Sialkot, Gujrat, Gujranwala, Sargodha, Mirpur (AJK), Jhelum, Sahiwal
Apna Ghar Pyara Ghar MCB Pyara Ghar now provides you with all you want as you can renovate your existing home, buy or construct a dream house that you always envisioned for you and your family. After all, "Apna Ghar... Pyara Ghar"