Meezan Bank History: The history of Islamic Banking in Pakistan and highlights of Meezan Bank
“We must work our destiny in our own way and present to the works an economic system based on true Islamic concept of equality of manhood and social justice”
Quaid-e-Azam Mohammed Ali Jinnah
Opening Ceremony of The State Bank of Pakistan on July 1, 1948
Meezan Bank Pakistan,History,Career,Jobs,Internet Banking
The inception of Pakistan as the first Islamic Republic created in the name of Islam.
CII presents report on the elimination of Interest genuinely considered to be the first major comprehensive work in the world undertaken on Islamic banking and finance.
Commercial banks transformed their nomenclature stating all Rupee Saving Accounts as interest-free. However, foreign currency deposits in Pakistan and foreign loans continued as before.
Al-Meezan Investment Bank is established with a mandate to pursue Islamic Banking. Mr. Irfan Siddiqui appointed as first and founding Chief Executive Officer.
The Shariah Supervisory Board is established at Al-Meezan Investment Bank led by Justice (Retd.) Muhammad Taqi Usmani as chairman. State Bank of Pakistan sets criteria for establishment of Islamic commercial banks in private sector and subsidiaries and stand-alone branches by existing commercial banks to conduct Islamic banking in the country.
Meezan Bank acquires the Pakistan operations of Societe Generale and concurrently Al Meezan Investment Bank converts itself into a full fledged Islamic commercial bank. President General Pervez Musharraf inaugurates the new Islamic Commercial Bank at a formal ceremony in Karachi.
Meezan Bank establishes itself as the pioneer of Islamic Banking in Pakistan and quickly establishes branches in all major cities of the country.
The State Bank establishes a dedicated Islamic Banking Department (IBD) by merging the Islamic Economics Division of the Research Department with the Islamic Banking Division of the Banking Policy Department.
Meezan Bank becomes the first customer of Islamic Insurance (Takaful) by signing the first Memorandum of Understanding MoU with Pak-Kuwait Takaful Company Limited (PKTCL). The signing of this MoU has ushered Pakistan into a new era of Islamic Insurance (Takaful).
A number of new dedicated Islamic Banks, namely Bank Islami and Dubai Islamic Bank, commence operations in Pakistan.Meezan continues its leadership position in the industry by more than doubling it branch network to a total of 62 branches in 21 cities, clearly establishing itself as the largest Islamic Bank of the country.
Meezan Bank’s branch network reached the milestone number of 100 branches (including sub-branches) in 31 cities nationwide.
Car Ijarah portfolio reached Rs. 4.1 billion and the Easy Home portfolio stood at Rs. 3.1 billion.
Meezan Bank was awarded ‘Best Islamic Bank in Pakistan’ by Islamic Finance News of REDmoney Group, Malaysia.Deposit base of the Bank grew to over Rs. 54 billion and the Bank earned profit after tax of Rs. 963 million. Trade Financebusiness reached Rs. 70 billion.
Meezan Bank introduced Tijarah financing to allow customers to raise funds for financing of stocks of finished goods.
Being a socially responsible bank, Meezan Bank launched Meezan Labbaik, a Hajj and Umrah product – the primary objective being the desire to facilitate Muslims in performing their holy duty. Meezan Bank was awarded ‘Best Islamic Bank in Pakistan’ by Islamic Finance News of REDmoney Group, Malaysia; ‘Best Islamic Financial Institution in Pakistan’ by Global Finance Magazine, New York; ‘Best Islamic Bank in Pakistan’ for 2009 by ASIA MONEY Magazine, Hong Kong and ‘Islamic Bank of the Year’ for 2009 by CFA Association of Pakistan.
During the year, 38 Islamic banking awareness seminars were held in 23 cities across Pakistan and were attended by more than 4,400 participants representing customers, general public and professionals.
Meezan Bank was awarded ‘Best Islamic Bank in Pakistan’ by Islamic Finance News of REDmoney Group, Malaysia and ‘Best Islamic Financial Institution in Pakistan’ by Global Finance Magazine, New York.
The Bank demonstrated robust business growth in 2010, closing the year with a deposit figure of Rs. 131 billion and Import/Export business of Rs. 143 billion.
Career and Jobs:
Meezan Bank provides the tools needed for our people to develop world-class analytical, leadership, management and relationship-building skills. We ensure the proper development of our employees to cope with the current market trends and business needs.
At Meezan Bank, we are committed to providing an ideal professional environment which enables our employees to pursue the highest possible level of professionalism as well as supporting their personal fulfillment. We believe that our strategic mix reinforces in our employees the ability to think ‘out of the box’ and discover new ideas and concepts, while challenging the status quo.
If you think you can make a difference, you are invited to apply and explore the possibility of a dynamic, challenging and rewarding career with Meezan Bank.”
Meezan Internet Banking is the smarter way to bank, providing you global access to your account 24 hours a day, 7 days a week.
With Meezan Internet Banking, you can get secure and convenient access to the following facilities:
- Balance inquiry of multiple accounts
- View account statement
- Funds Transfer Facility (Personal & Third Party Meezan Bank Accounts)
- Funds Transfer to your own account
Transferring funds between the same title of account within the limit of Rs.100,000 per day.
- Fund Transfer to any Meezan Bank account
Transferring funds to any Meezan Bank account has never been this fast, secure and convenient!
Simply log on to Meezan Internet Banking, register upto three beneficiaries and click to transfer funds instantly and free-of-charge! All you need is a valid e-mail address registered with us.
With a funds transfer limit as high as Rs. 100,000 per day, there is no reason to stand in queues!
- Bill Payments: Utility and Mobile Phones
- Cheque book and pay-order request
- Lodging and tracking status of complaints
- Account activity alerts