Meezan Bank
The Premier Islamic Bank

Project Report
Prepared by Ateeq Zada

2/2/2014
Meezan Bank Ltd.
Federal Urdu University Of arts science and technology, Gulshan Campus Karachi.

Bank Staff of Meezan ban...
Meezan Bank Ltd.
Our Vision
Establish Islamic banking as banking of first choice to facilitate the implementation of an
eq...
Meezan Bank Ltd.
Financial Highlights :
Financial Statements & Reports

Statement of Financial Position :
Rupees in '000
D...
Meezan Bank Ltd.

Ateeq zada

Page 5
Meezan Bank Ltd.
Board of Directors
The Board of Directors of Meezan Bank comprises of:
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H. E. Sheikh ...
Meezan Bank Ltd.
Justice (Retd.) Muhammad Taqi Usmani (Chairman)
Justice (Retd.) Muhammad Taqi Usmani is a renowned figure...
Meezan Bank Ltd.

Credit Rating
JCR-VIS Short-term & Long-term credit ratings
Meezan Bank entity rating upgraded by JCR-VI...
Meezan Bank Ltd.
The cities in which the Bank presently operates are as follows:

Products of Meezan Bank:
Rupee Current A...
Meezan Bank Ltd.
Meezan Current Account is a Rupee-based current account that provides you the convenience of
putting your...
Meezan Bank Ltd.
•
•
•
•
•
•
•
•

Free issuance of Pay Order
Free Online Banking service at all Meezan Bank branches
Free ...
Meezan Bank Ltd.
•

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•

After completion of the desired deposit amount, customers will have a right to travel with
Meezan...
Meezan Bank Ltd.
On agreeing to become a Meezan Euro Savings Account holder, the customer enters into a
relationship based...
Meezan Bank Ltd.
•
•
•
•
•

Withdrawals of above £ 500 needs 1 day prior notice
No deduction of service charges if the bal...
Meezan Bank Ltd.
Meezan Business Plus is a Mudaraba-based account that allows you to conduct your banking
transactions whi...
Meezan Bank Ltd.
When you get this account opened, you will get to learn a lot more about managing your savings.
We will a...
Meezan Bank Ltd.
in a modern yet Islamic way. The Teens Club Account provides a blend of fun learning with
special focus o...
Meezan Bank Ltd.
Labbaik Travel Aasaan
Online Banking
Ladies Banking
Western Union Money Transfer
Home Remittance

Electro...
Meezan Bank Ltd.
•

•
•
•
•
•

Continuous protection through Takaful Company.
Monthly profit payment reinvested in your Ka...
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Final Project For Meezan bank By Ateeq zada

  1. 1. Meezan Bank The Premier Islamic Bank Project Report Prepared by Ateeq Zada 2/2/2014
  2. 2. Meezan Bank Ltd. Federal Urdu University Of arts science and technology, Gulshan Campus Karachi. Bank Staff of Meezan bank Shamsi Co-operative Housing society Karachi 1 - Syed Adnan Ahmed Branch Manager 2 - Anwar Saeed Manager Operation 3 - Tasneem Akhtar Counter Deposit Incharge (CD) 4 – Ali Asghar Personal Banker 5 – Muhammad Asad Ahmed Operation Officer 6 – Najma Alam Operation Officer 7 – Ayesha enam Operation Officer 8 – Muhammad Nadeem Ahmed Chief Teller 9 – Imran Zahoor Teller 10 – Syed Murtaza H. Rizvi Teller 11 – Syed Nadeem Anwer Business Development Officer 12 – Saad Personal Banker 13 – Beenish Bank Staff Ateeq zada Page 2
  3. 3. Meezan Bank Ltd. Our Vision 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. Our Mission 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. Our Service Mission To develop a committed service culture which ensures the consistent delivery of our products and services within the highest quality service parameters, promoting Islamic values and ensuring recognition and a quality banking experience to our customers Our Values Core Values : Shariah-compliance, Integrity, Professionalism, Innovation, Service, Excellence, Social Responsibility Staff : Committed, motivated and professionally trained employees who are empathic to their customers’ needs. Brand Personality : A sober and established, strong, empathic, professional person; who is an extremely loyal and dependable friend and business partner, and is committed to offering comprehensive valuebased Shariah-compliant financial solutions. Relationships : Our relationships are long-term. We recognize and value our customers’ needs above all and strive to ensure their fulfillment. All customers are treated with professionalism and in a friendly manner. It is our Endeavour to ensure that they receive efficient and timely service. The Meezan Bank experience is a unique one. Ateeq zada Page 3
  4. 4. Meezan Bank Ltd. Financial Highlights : Financial Statements & Reports Statement of Financial Position : Rupees in '000 Dec. 31 2011 170,030,431 70,377,481 98,488,574 4,065,406 200,550,394 8,029,933 13,328,673 Growth 36% 26% 55% (88%) 37% 13% 16% Dec. 31 2012 Deposits and other accounts Islamic financing and related assets - net Investments Due from financial institutions Total Assets Share Capital Shareholders' Equity Dec. 31 2012 230,425,986 88,678,076 152,459,855 500,000 274,436,510 9,033,675 15,481,738 Dec. 31 2011 Growth 10,452,438 2,398,590 12,851,028 451,191 9,366,530 2,504,755 11,871,285 1,389,155 12% (4%) 8% (68%) 7,169,611 3,508,116 3.88 310 6,125,830 3,391,543 3.75 275 17% 3% 3% 13% Profit and Loss Account : Rupees in '000 Net Spreads Earned before provisions Fee, Commission, Forex and Other Income Core banking Income before provisions Provision against non-performing financings and others Administrative & Other expenses / charges Profit after Tax Earnings per Share - Rupees Number of Branches Ateeq zada Page 4
  5. 5. Meezan Bank Ltd. Ateeq zada Page 5
  6. 6. Meezan Bank Ltd. Board of Directors The Board of Directors of Meezan Bank comprises of: • • • • • • • • • • H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa (Chairman) Abdullateef A. Al-Asfour Shaharyar Ahmad Rana Ahmed Humayun Riyadh S. A. A. Edress Mohammed Azzaroog Rajab Alaa A. Al-Sarawi Mohammad Abdul Aleem Irfan Siddiqui (President & CEO) Ariful Islam (Deputy CEO) Shariah Supervisory Board Shariah Strength Successful implementation of the Islamic Banking model rests upon absolute adherence to the principles of Islamic Shariah. The foundations of a strong Shariah underpinning at Meezan Bank were laid from the beginning. A world-renowned Shariah Supervisory Board and a highly qualified and experienced in house Shariah Advisor are fundamental aspects of the Bank's core USP. The primary role of this Board is to maintain and further strengthen this commitment and to ensure strict Shariahcompliance in all areas of the Bank's operations. Members of the Shariah Supervisory Board of Meezan Bank are Internationally-renowned scholars, serving on the boards of many Islamic banks operating in different countries. Members of the Board • • • • Justice (Retd.) Muhammad Taqi Usmani (Chairman) Dr. Abdul Sattar Abu Ghuddah Sheikh Essam M. Ishaq Dr. Muhammad Imran Ashraf Usmani (Shariah Advisor) Ateeq zada Page 6
  7. 7. Meezan Bank Ltd. Justice (Retd.) Muhammad Taqi Usmani (Chairman) Justice (Retd.) Muhammad Taqi Usmani is a renowned figure in the field of Shariah, particularly in Islamic Finance. He currently holds advisory positions in a number of financial institutions practicing Islamic Banking and Finance. Justice (Retd.) Muhammad Taqi Usmani has vast experience in Islamic Shariah, teaching various subjects on Islam for 39 years. He has served as a Judge in the Shariat Appellate Bench, Supreme Court of Pakistan from 1982 to 2002. He is also the Editor of the magazine Albalagh (a weekly publication of Jamia Darul Uloom, Karachi) as well as an active contributor of articles in leading Pakistani newspapers. Justice (Retd.) Muhammad Taqi Usmani graduated from Punjab University, Pakistan in 1970 and also holds an LLB from Karachi University, Pakistan. Prior to these, he completed the Takhassus course, which is the specialization course of Islamic Fiqh and Fatwa (Islamic Jurisprudence) from Jamia Darul Uloom Karachi, Pakistan. In March 2004, His Highness Sheikh Mohammad Bin Rashid Al Maktoum (Dubai Crown Prince and UAE Minister of Defense) presented a special award to Justice (Retd.) Muhammad Taqi Usmani in recognition of his lifetime service and achievement in Islamic Finance at the occasion of International Islamic Finance Forum, Dubai, which is one of the biggest events in the Islamic Finance Industry. Current Board Memberships • • • • • • • • • • • • • • • Chairman Shariah Board, Central Bank of Bahrain Chairman Shariah Board, Abu Dhabi Islamic Bank, U.A.E. Chairman Shariah Board, Meezan Bank Ltd., Karachi, Pakistan Chairman Shariah Board, Dubai Bank, Dubai Chairman Shariah Board, International Islamic Rating Agency, Bahrain Chairman Shariah Board, Swiss Re-Takaful, Switzerland Chairman Shariah Board, Pak-Kuwait Takaful, Karachi Chairman Shariah Board, Pak-Qatar Takaful, Karachi Chairman Shariah Board, BankIslami Pakistan, Karachi Chairman Shariah Board, JS Investments Islamic Fund, Karachi Chairman Shariah Board, JS Islamic Pension Savings Fund Chairman Shariah Board, Arif Habib Investments – Pakistan International Element Islamic Fund, Karachi Member Shariah Board, Arcapita Bank, Bahrain Member Shariah Board, Islamic Corporation for the Development of the Private Sector (ICD), an organ of IDB Jeddah Member Shariah Board, Guidance Financial Group, USA Ateeq zada Page 7
  8. 8. Meezan Bank Ltd. Credit Rating JCR-VIS Short-term & Long-term credit ratings Meezan Bank entity rating upgraded by JCR-VIS JCR-VIS, the Bank’s Credit Rating Agency has upgraded Bank’s long-term entity rating to AA (Double A) from AA- (Double A Minus) with Stable Outlook and maintained short-term rating to A-1+ (A-One Plus) which is the highest short-term rating. Double A rating assigned by JCR – VIS denotes high credit quality, strong protection factors and modest risk but may vary from time to time because of economic conditions. Whereas short term rating A-1+ denotes high certainty of timely payments, excellent liquidity factors supported by good fundamental protection factors and minor risk factors. The following entity rating of the bank has issued on June 26,2013 by the Bank’s credit rating agency JCR-VIS Credit Rating Company Ltd: Category Medium to Long-term Entity Rating Short-term Entity Rating Outlook Latest AA (Double A ) A-1+ (A-One Plus) Stable Previous AA- (Double A Minus) A-1+ (A-One Plus) Stable Branch Network Over 350 Branches in 103 Cities Alhamdulillah, with over 350 branches in 103 cities across Pakistan, Meezan Bank is the largest Islamic Bank and the 8th largest Bank (in terms of Branch Network) in Pakistan. This is a milestone that is not only the success story of Meezan Bank but also the continuing success story of Islamic banking in Pakistan. With this extensive network, our existing and potential customers are now closer than ever in benefiting from Islamic Banking at their Door step. All branches provide real-time online banking facilities to customers. As the first and largest dedicated Islamic bank in Pakistan, Meezan Bank team continues to build on its Vision of establishing "Islamic Banking as Banking of First Choice". One of the key objectives of the Bank is to have its footprint strategically placed throughout the country enabling the public to avail the benefits of Shariah-compliant Banking in their neighborhoods. The Bank is currently segmented into three major regions of Pakistan. Ateeq zada Page 8
  9. 9. Meezan Bank Ltd. The cities in which the Bank presently operates are as follows: Products of Meezan Bank: Rupee Current Account Convenient, Secure and Stable Ateeq zada Page 9
  10. 10. Meezan Bank Ltd. Meezan Current Account is a Rupee-based current account that provides you the convenience of putting your money in a Riba-free account and accessing it without any restrictions on withdrawal while enjoying a host of professional conveniences from Meezan Bank. Meezan Current Account is based on Qard contract where the Bank is liable to pay your money back on demand. The Bank can use these funds for investment and other purposes. This account allows you the peace of mind of having your money safely deposited with a bank with the additional assurance that the Bank is not investing your money in activities that contravene Shariah principles. Meezan Current Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies. Key Features: • • • • • • • Minimum investment required to open an account is Rs. 1000/Free issuance of Cheque Book Free issuance of Pay Order Free Online banking service at all Meezan Bank branches Free Internet Banking facility No restriction on withdrawals or number of transactions No deduction on low balance maintained Rupee Saving Account Ensuring Truly Halal Savings with Competitive Returns The Riba-free Rupee Saving Account is a basic banking account for every customer's need. The account provides expected monthly returns along with a variety of free packaged benefits. On agreeing to become a Rupee Saving Account holder, the customer enters into a relationship based onMudarabah 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 customers. The Bank allocates the funds received from the customers to a deposit pool; funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharkah. Meezan Rupee Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies. Key Features: • • • • Minimum investment required is Rs. 100 Profit will be calculated on daily product basis Profit will be paid on monthly basis Free issuance of Cheque Book Ateeq zada Page 10
  11. 11. Meezan Bank Ltd. • • • • • • • • Free issuance of Pay Order Free Online Banking service at all Meezan Bank branches Free Internet Banking Facility No restriction on withdrawals or number of transactions Globally accepted Meezan VISA Debit Card Free bank balance certificates Access to priority desk Issuance of duplicate statement of account Labbaik Saving Aasaan A Holy Journey with Comfort & Convenience Meezan Labbaik Saving Aasaan is an ideal deposit product for you if you are an individual saver and wish to save for your spouse, children, parents, etc. You can take benefit from this special Mudarabah based Deposit account (available in six months to twenty years plan) for Umrah & Hajj where you will also be entitled for profit on the deposited amount, thus providing Customers a bigger incentive to save for Umrah/Hajj through Meezan Labbaik Saving Aasaan. On agreeing to become a Labbaik Saving Aasaan Account holder, you will enter into the relationship of Mudarabah with the Bank. Under this relationship, you will be the Investor (or Rab-ul- Maal) and the Bank will be the Manager (or Mudarib) of the funds deposited by you in the Deposit pool. These funds will be utilized by the Bank to provide financing to customers under Islamic modes of financing, including but not limited to Murabaha, Ijarah, Istisna and Diminishing Musharakah. Meezan Labbaik Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies. Meezan Labbaik Savings Aasaan provides a number of features including: Key Features: • • • • • • • Available for individuals, where customers can open a single / joint account with family members Minimum amount to open the account is Rs. 1,000/Labbaik Saving Plan is available for six (06) months to twenty (20) years Labbaik Saving Account is a Pak Rupee account It will be a Recurring Deposit Account, where customers will deposit monthly contribution as per the deposit schedule plan Labbaik Saving Account is a non-chequing account, where no cheque book or VISA Debit Card will be issued Apart from regular monthly deposit contribution customers can deposit additional amounts in order to complete the deposit amount and make the desired journey earlier than initially scheduled Ateeq zada Page 11
  12. 12. Meezan Bank Ltd. • • • After completion of the desired deposit amount, customers will have a right to travel with Meezan Bank or redeem his funds to go with an alternate company or utilize the funds for alternate purposes No pre-mature withdrawal schedule will be applied Customers may redeem 50% of the contribution as per defined procedure, one-time in the entire deposit tenure Dollar Saving Account A Truly Halal Dollar Saving Account The Riba-free Dollar Savings Account is a Mudarabah-based savings account that you can open and operate using US Dollars and is therefore an excellent business tool for both individuals and corporate clients for meeting their business needs and for diversifying their investment in different foreign currencies to safeguard against currency fluctuations. The Meezan Dollar Saving Account can be opened by individuals and businesses including Sole Proprietorships, Partnerships and Limited Companies. Dollar Savings Account works on the principle of Mudarabah under which the customer is an Investor (Rab-ul-Maal), and the Bank is the Manager (Mudarib) of the funds deposited by the customer. The Bank allocates the funds received from the customers to a Deposit pool; funds in the pool are invested under Islamic modes of finance that include but are not restricted to Murabaha, Sukuk and Ijarah. Enjoy a range of accessible features including: Key Features: • • • • • • Free Cheque book Minimum investment required to open an account is $100 There is no deduction of service charges if the balance maintained is low Profit will be paid a on monthly basis Profit will be calculated on daily product basis, which ensures that you are getting a return on your investment all the time Foreign Remittances Meezan Euro Savings Account A Truly Halal Euro Saving Account . The Riba-free Euro Saving Account is a Mudarabah-based savings account that you can open and operate using Euros and is therefore 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 fluctuations Ateeq zada Page 12
  13. 13. Meezan Bank Ltd. On agreeing to become a Meezan Euro Savings 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 customers. The Bank allocates the funds received from the customers to a deposit pool. These funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna'a and DiminishingMusharkah . Meezan Euro Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies Key Features: • • • • • • • Minimum deposit required to open an account is € 100 Routine withdrawals up to € 500 per day allowed without prior intimation (subject to availability) Withdrawals of above € 500 needs 1 day prior notice No deduction of service charges if the balance maintained is low Profit will be paid on monthly basis Profit will be calculated on a daily product basis, which ensures that you are getting a return on your investment all the time Foreign Remittances Meezan Pound Savings Account A Truly Halal Pound Saving Account The Riba-free Pound Saving Account is a Mudarabah-based savings account that you can open and operate using UK Pounds and is therefore 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 fluctuations Meezan Pound Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies. On agreeing to become a Meezan Pound Saving 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 customers. The Bank allocates the funds received from the customers to a deposit pool. These funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharkah. Key Features: • • Minimum deposit required to open an account is £ 100 Routine withdrawals up to £ 500 per day allowed without prior intimation (subject to availability) Ateeq zada Page 13
  14. 14. Meezan Bank Ltd. • • • • • Withdrawals of above £ 500 needs 1 day prior notice No deduction of service charges if the balance maintained is low Profit will be paid on monthly basis Profit will be calculated on a daily product basis, which ensures that you are getting a return on your investment all the time Foreign Remittances Meezan Bachat Account The convenience of a Saving Account with Halal Profit Meezan Bachat Account is a unique saving account that provides high expected monthly returns with the flexibility to withdraw savings if needed. Meezan Bachat Account offers a higher expected rate of return with nearly the same convenience and service of a regular savings account. Meezan Bachat Account can be opened by Salaried or Self-employed, Housewives and Retired individuals. On agreeing to become a Meezan Bachat Account holder, the customer enters into a relationship based onMudarabah 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 customers. The Bank allocates the funds received from the customers to a deposit pool; funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharkah. Key Features: • • • • • • • • • Minimum investment required to open an account is Rs. 50,000/Maximum balance limit (threshold) for getting a higher profit weightage is Rs. 25,000,000/Free issuance of Cheque Book Free issuance of Pay Order Free Online Banking service at all Meezan Bank branches Free Internet Banking facility Profit will be calculated on the Daily Product Basis A lower weightage will be applicable for profit calculation if the daily closing balance of the account exceeds a specified threshold (currently Rs. 25,000,000/-) Profit payment is made to your Meezan Bank account on a monthly basis. Meezan Business Plus Serving you the perfect blend of convenience and flexibility Ateeq zada Page 14
  15. 15. Meezan Bank Ltd. Meezan Business Plus is a Mudaraba-based account that allows you to conduct your banking transactions while availing a wide range of free services and therefore provides you the ideal blend of convenience & flexibility that you deserve in Islamic banking. Meezan Business Plus Account can be opened by Individuals and businesses including Sole Proprietorships, Partnerships and Limited Companies. On agreeing to become a Meezan Business Plus 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 customers. The Bank allocates the funds received from the customers to a deposit pool. These funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharkah. Key Features: • • • • • Minimum investment required to open an account is Rs. 100/There is no restriction on withdrawals or numbers of transactions There is no deduction of service charges if the balance maintained is low You will have instant access to your account both through Internet Banking and through Online Banking at all branches of Meezan Bank across Pakistan The following facilities will be provided free of charge* if an average monthly balance of Rs. 25,000/-is maintained in the account • • • • • • • • • • Free Cheque books Free Pay Orders Free VISA Debit Card Free Account Statements Free Online Banking Free Internet Banking Free Hold Mail Facility Free SMS Alert services Free intercity clearing No charges for Pay Order Cancellation Meezan Kids Club Account It’s never too early to savor the shades of saving Are you still not 12 years old? Then Meezan Bank has something very special for you; a chance of having your own Mudarabah-based Meezan Kids Club Account. You can now put all your pocket money, Eidi and all your other cash in this account, where it will be safe and invested in line with Islamic principles. Ateeq zada Page 15
  16. 16. Meezan Bank Ltd. When you get this account opened, you will get to learn a lot more about managing your savings. We will also make sure you have fun while learning to save the right way. Key Features: • Specifically for kids under the age of 12 years • Open your account with Rs. 500/- only • Exciting gifts on account opening • Halal profit every month • Free personalized 'Kids Club Certificate' • Free personalized Cheque Book • Free issuance of Pay Order • Free Online Banking service at all Meezan Bank branches • Free Internet Banking facility • SMS alerts on your transactions • Free first Visa Debit Card in different colors for boys and girls • No minimum account balance requirement • The account is in your name; however, you need your parent’s/guardian’s help for using it. • After your 12th birthday, you can be a member of the Meezan Teens Club Account, which will open a whole new world of activities and fun. Free Education Takaful cover for one year on opening the account with Rs.10,000/ • Meezan Teens Club Account It’s never too early to savor the shades of saving With the mission to offer one-stop innovative value-added Shariah compliant products and services, Meezan Bank is pleased to launch yet another novel product - Meezan Teens Club Account dedicated to the teens of the country. The account is based on Mudarabah principles. Meezan Bank is a keen Socially Responsible Organization and realizing this responsibility, the Teens Club Account aims to provide a forum to teens where their maturing minds are groomed Ateeq zada Page 16
  17. 17. Meezan Bank Ltd. in a modern yet Islamic way. The Teens Club Account provides a blend of fun learning with special focus on character and value building. Alhamdulillah, we also feel grateful for being the first Bank in the country which has realized the specific needs of teens and have tailored the Meezan Teens Club Account as such, packed with exciting features that teens would really appreciate. Meezan Teens Club Account is a Mudarabah- based relationship where you will be the Investor (Rab-ul-Maal) and the Bank will be the Manager (Mudarib). Your funds will be utilized by the Bank to provide Islamic financing to customers. The Bank will announce monthly profit on the Gross Income level based on profit sharing ratios and weightages announced at the beginning of the month. Latest profit sharing ratios and weightages of your Teens Club Account are available on the Bank's website www.meezanbank.com or can also be requested from the branches. Accordingly, your account will be credited with the proportionate profit amount. In case of any loss, as per the rules of Mudarabah, the Rab-ul-Maal shall bear the loss in the ratio of their investment. Key Features: • • • • • • • • • • • • • Specifically for teens of 12 to 18 years of age Open your account with Rs. 1,000/- only Exciting gifts on account opening Halal profit every month Free personalized 'Teens Club Certificate' Free personalized Cheque Book Free issuance of Pay Order Free Online Banking Service at all Meezan Bank branches Free Internet Banking facility SMS alerts on your transactions Free first Visa Debit Card in different colors for boys and girls No minimum account balance requirement Free Education Takaful cover for one year on opening the account with Rs.10,000/- Other Facilities : Term Certificates Certificate of Islamic Investment Meezan Amdan Certificate Monthly Mudarabah Certificate Dollar Mudarabah Certificate Services Ateeq zada Page 17
  18. 18. Meezan Bank Ltd. Labbaik Travel Aasaan Online Banking Ladies Banking Western Union Money Transfer Home Remittance Electronic Banking Visa Debit Card Internet Banking Meezan QuickpaySMS Alerts ATM NetworkCall Center Inter Bank Funds Transfer Meezan SMS Banking Consumer Finance Easy Home Car Ijarah Laptop Ease New Product : Meezan Kafalah Give your Dreams the Protection of Savings and Takaful Make your dreams for your loved ones come true with Meezan Kafalah: A Shariah compliant alternative to Bancassurance that offers a unique combination of saving, investment and protection. As an individual you may have dream for: - higher education for your child from a renowned university - your daughter's wedding - performing Hajj - having a comfortable retired life with abundant savings - any other financial objectives you may want to achieve.Your future plans are in safe hands with Meezan Kafalah Key Features: • • • Plans start as low as Rs.2,000/month. Plans are available from 3 years to 15 years. Flexible payment options: Monthly / Quarterly / Annually. Ateeq zada Page 18
  19. 19. Meezan Bank Ltd. • • • • • • Continuous protection through Takaful Company. Monthly profit payment reinvested in your Kafalah plan. Easy exit option having 100% cash value along with the profit earned. No hidden charges on premature encashment. Tailor-made options are also available. Conveniently track your investment growth through complimentary internet banking. That all What my Report is concerned… Ateeq zada Page 19

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