meezan bank
TRANSCRIPT
MEEZAN BANK ANALYSIS
(Analysis)
By
Muhammad Danish(FA07-BB-0051)
For
Financial Institution
Submitted To
Mr. Faisal Aziz
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ACKNOWLEDGEMENT
Fi r s t o f a l l , we a r e t hank fu l t o ALLAH, Who has g iven u s t he
ab i l i t y t o show ou r sk i l l s . We a r e t hank fu l t o t he managemen t and
t he s t a f f o f “ MEEZAN BANK Ltd” , who p rov ided u s va luab l e
i n fo rma t ion du r ing ou r i n t e rn sh ip and g iven u s chance t o t ake a s t ep
t owards t he p r ac t i c a l l i f e . More ove r , we a r e t hank fu l t o S i r Shuj ja t
Sa l eem (Course Ins t ruc tor ) who p rov ided u s an oppo r tun i t y t o
exce l ou r sk i l l s . Spec i a l Thanks t o Mr. Juna id Ahmed ( Branch
Manager ) Mr. Imran Mirza R izk i (Opera t ion Manager ) f o r t he i r
uncond i t i ona l suppo r t and he lp i n mak ing u s l e a rn i n a good
env i ronmen t , who a l so p rov ided u s va luab l e i n fo rma t ion r ega rd ing
ou r f i r s t f i e l dwork o f managemen t .
THANK YOU ALL
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E x e c u t i v e S u m m a r y :
I n t h e f i r s t w e h a v e d i s c u s s e d a b o u t t h e
i n t r o d u c t i o n o f t h e M e e z a n B a n k , B a s i c F u n c t i o n s o f M e e z a n
B a n k a n d o b j e c t i v e s o f M e e z a n B a n k L t d . T h e n I i n t r o d u c e d
M e e z a n B a n k ( G a r d e n W e s t B r a n c h ) . I h a v e a l s o m e n t i o n e d t h e
p r o d u c t s , p a c k a g e s , w h i c h t h e M e e z a n B a n k L t d . o f f e r s t o i t s
c u s t o m e r s a n d t h e n I h a v e g i v e n a b r i e f o v e r v i e w o f d i f f e r e n t
a c c o u n t s o p e n e d a n d I n v e s t m e n t C e r t i f i c a t e s i s s u e d b y M e e z a n
B a n k L t d . A n d i n t h e l a s t I h a v e s h o w n t h e B a l a n c e S h e e t a n d
I n c o m e S t a t e m e n t o f M e e z a n B a n k L t d .
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INTRODUCTION:
Meezan Bank i s pub l i c l y l i s t ed company , f i r s t i nco rpo ra t ed
on J anua ry 27 , 1997 . I t s t a r t ed ope ra t i ons a s an I s l amic i nves tmen t
bank i n Augus t o f t he s ame yea r , wh i ch ha s been l i c ensed by t he
“ Sta te Bank o f Pak i s tan ” t o ope ra t e a s an I s l amic Commerc i a l bank
on 31 s t J anua ry 2002 . S t a t e Bank o f Pak i s t an g r an t ed t he Na t i ons
f i r s t f u l l - f l eged commerc i a l bank ing l i c ense o f I s l amic Bank ing t o
Meezan bank L td . I t was a new e r a i n bank ing Sec to r h i s t o ry i n
Pak i s t an t ha t Meezan Bank L td adhe re s s t r i c t l y t o t he p r i nc ip l e s o f
I s l amic Sha r i ah w i th abso lu t e ly no compromise , and i s r e cogn i zed a s
Pak i s t an ’ s t r u ly p r emie r I s l amic Bank . Meezan Bank i s ope ra t i ng
app rox ima te ly more t han 166 b r anches i n 40 d i f f e r en t c i t i e s .
I n add i t i on , t he “ Sta te Bank o f Pak i s tan ” i t s e l f gove rns
t he a c t i v i t i e s o f Meezan Bank and i t s Sha reho lde r s . Meezan bank
L td ha s a s t r ong Ba l ance shee t w i th exce l l en t ope ra t i ng
p ro f i t ab i l i t y , i nc lud ing a c ap i t a l adequacy r a t i o t ha t ha s p l aced t he
Bank a t t he t op o f i ndus t ry , a l ong - t e rm en t i t y r a t i ng o f A+ , and a
sho r t - t e rm en t i t y r a t i ng o f A1+ .
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Planning and managing the work eff iciency is the
key factor of the Meezan Bank’s Managers. The
Vision of Meezan bank is “Establish Islamic Banking
As banking of First Choice”. And our Mission is “To
Be A Premier Islamic Bank”.
Shariah Board
Meezan Bank has a very h igh-cal iber “Shariah
Supervisory Board” , comprises of internat ional ly
renowned Is lamic Scholars . The “Shariah Supervisory
Board” regular ly rev iews the bank’s act iv i t ies and
approves a l l new products . The bank a lso has a res ident
Shar iah advisor . Dr . Muhammad Imran Usmani , who
monitors day-to-day transact ions of the bank. The
Shar iah Board comprises of the fo l lowing members:
Justice (Retd.) Muhammad Taqi Usmani
(Pakistan)-Chairman.
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Dr. Abdul Sattar Abu Ghuddah (Saudi
Arabia).
Sheikh Essam M. Ishaq (Bahrain).
Dr. Muhammad Imran Ashraf Usmani
(Pakistan).
S h a r e H o l d e r s i n M e e z a n B a n k
O u r S h a r e H o l d e r s a r e w o r l d - r e n o w n e d f i n a n c i a l
i n s t i t u t i o n i - e :
P a k i s t a n K u w a i t I n v e s t m e n t C o m p a n y ( P v t ) L t d .
S h a m i l B a n k o f B a h r a i n E . C .
I s l a m i c D e v e l o p m e n t B a n k .
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K U W A I T A w q a f P u b l i c F o u n d a t i o n .
S a u d i - P a k I n d u s t r i a l & A g r i c u l t u r e I n v e s t m e n t
C o m p a n y ( P v t ) L t d .
Our Head Office:
Our Head Office is located at,3rd Floor PNSC Building,Moulvi Tameezuddin Khan Road Karachi,Sindh, Pakistan.Tel: (92-21) 5610582/5610679.
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Fax: (92-21) 5610375.www.meezanbank.com24/7 Call Center 111-331-331.
Introduction to Meezan Bank Ltd(Garden West Branch Karachi )
As we a l l know that Meezan Bank is operat ing
approximately more than 166 branches in 40 d i f ferent
c i t ies . So, inspi te of that a new branch of Meezan Bank
Ltd is opened at Garden West (a beaut i fu l and
commercia l area) on 12 t h o f November 2008, having
address: P lot#130/1, Amin Center , Garden West , Karachi .
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Garden West area has a largest o i l d istr ibutors market in
Karachi , and auto parts d istr ibutors . I ts res ident ia l area
is beaut i fu l and wel l organized. The res idents are wel l
educated and belong to d i f ferent categor ies , some of
them belong to noble fami l ies , some belongs to poor
fami ly , but the Meezan Bank Ltd is t ry ing i ts level best to
fu l f i l l thei r banking needs according to Is lamic banking.
Objectives
T o b e a p r e m i e r I s l a m i c B a n k .
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T o f u l f i l l t h e b a n k i n g r e q u i r e m e n t s o f t h e
c u s t o m e r a c c o r d i n g t o t h e I s l a m .
T o g u i d e c u s t o m e r s a b o u t d i f f e r e n t p r o d u c t s ,
B a n k p o l i c i e s & r e q u i r e m e n t s r e g a r d i n g d i f f e r e n t
t y p e s o f a c c o u n t s .
A s s i s t f i r s t t i m e c u s t o m e r i n o p e n i n g b a n k
a c c o u n t s .
T o p r o m o t e t h e h i g h e s t l e v e l o f c u s t o m e r
s e r v i c e s a n d r e s p o n s i v e n e s s t o c u s t o m e r b a s e o f
t h e b r a n c h .
I n t e l l i g e n t l y a c c e s s t h e n e e d s a n d p r o b l e m s o f
t h e e x i s t i n g c u s t o m e r a n d g u i d e t h e m i n t h e b e s t
s o l u t i o n o f t h e i r q u e r i e s a n d c o n c e r n a s p e r b a n k
p o l i c i e s .
T o o p e r a t e t h e a c c o u n t s o f s u c h c u s t o m e r s w h o
e a r n s H A L A L & R i b a - f r e e i n c o m e .
T o r e p r e s e n t s t h e b a n k i n p r o f e s s i o n a l m a n n e r .
T o f a c i l i t a t e t h e C u s t o m e r t o a v a i l o u r s e r v i c e s
h a p p i l y a n d e a s i l y .
A s s u r e c u s t o m e r o f a t r u l y H a l a l a b s o l u t e l y R i b a -
f r e e i n v e s t m e n t .
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STAFF
( M E E Z A N B A N K L T D G A R D E N W E S T B R A N C H K A R A C H I )
Name Designation
1 . Juna id Ahmed Branch Manager
2 . Imran M i r za R i zk i Opera t ion
Manager
3 . Bakht i ya r U l l ah Cash Depos i t
I ncharge
4 . B i l a l Mehmood Operat ion
Of f i ce r 1
5 . Muhammad Ehsan -U l -Ha leem Persona l Bank ing
Of f i ce r
6 . I r fan Mehar Hussa in Cash Of f i ce r /Te l l e r
7 . Anee l Kumar Team Leader
8 . A rsa lan Ar i f S idd iqu i Ass i s tant Opera t ion
Of f i ce r
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9 . Humera S idd iqu i Serv i ce Qua l i ty
Cont ro l l e r
10 .Mohs in Ahmed Bus iness
Deve lopment O f f i ce r
11.Mahmood A l i B u s i n e s s D e v e l o p m e n t
O f f i c e r
12.Muhammad Shahid B u s i n e s s D e v e l o p m e n t
O f f i c e r
13. Erum Ansar i Te lephone Opera to r
Organizational Structure
As we a l r eady i n t roduced Meezan bank L td (Ga rden Wes t
B ranch Ka rach i ) . So , t h i s B ranch i s compr i s e s o f a B ranch Manage r ,
who r epo r t s t o t he Area Manage r abou t t he work & pe r fo rmance o f
t he b r anch emp loyees . A sepa ra t e a r ea ha s been s e t a s i de fo r
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S
o
r
t
e
r
ope ra t i ons wh ich a r e mon i to r by an Ope ra t i on Manage r , who r epo r t s
t o B ranch Manage r abou t da i l y c a sh t r ansac t i ons , c l e a r ance ,
r emi t t ance s & accoun t s open ing . The re a r e a l so PBO (Pe r sona l
Bank ing Of f i c e r ) and BDOs (Bus ine s s Deve lopmen t Of f i c e r s ) , who
a r e d i r ec t l y r e l a t ed t o B ranch Manage r and r epo r t s h im abou t
cus tomer r e l a t i onsh ip & se rv i ce s p rov ided t o t hem, and abou t
depos i t s t a rge t s o f conce rned bank .
Sorter
Accounts Offered by Meezan Bank Ltd on Mudarabah basis.
Mudarabah :
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Operation Manager
Cash Deposit Officer
Accounts opening Officer
Personal Banking Officer
Clearing Officer
Remittance Officer
BDOs
Branch Manager
Liability Sales
Cash Officer
Chief Cash Officer
T h i s i s a k i n d o f p a r t n e r s h i p w h e r e o n e p a r t n e r g i v e s
m o n e y t o a n o t h e r f o r i n v e s t i n g i n a c o m m e r c i a l e n t e r p r i s e .
T h e i n v e s t m e n t c o m e s f r o m t h e f i r s t p a r t n e r w h o i s c a l l e d
“ R a b - u l - M a l ” ( I n v e s t o r ) .
T h e m a n a g e m e n t a n d w o r k i s a n e x c l u s i v e r e s p o n s i b i l i t y
o f t h e o t h e r , w h o i s c a l l e d “ M u d a r i b ” ( W o r k i n g P a r t n e r ) .
P r o f i t i s s h a r e d a s p e r a g r e e d r a t i o .
I n c a s e o f M u d a r b a h a l l l o s s e s a r e b o r n e b y R a b - u l - M a l .
K e y F e a t u r e s :
T h e S t r u c t u r e i s b a s e d o n t h e p r i n c i p l e o f
M u d a r a b a h a n d i s s t r i c t l y i n c o n f o r m i t y w i t h t h e
r u l e s o f I s l a m i c S h a r i a h .
I t h a s b e e n a p p r o v e d b y t h e S h a r i a h S u p e r v i s o r y
B o a r d o f M e e z a n B a n k .
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O n a g r e e i n g t o b e c o m e a n a c c o u n t h o l d e r , t h e
c u s t o m e r e n t e r s i n t o a r e l a t i o n s h i p b a s e d o n
M u d a r a b a h w i t h M e e z a n B a n k .
U n d e r t h i s r e l a t i o n s h i p : T h e B a n k i s t h e M a n a g e r
( M u d a r i b ) o f t h e f u n d s d e p o s i t e d b y t h e
c u s t o m e r s .
- T h e C u s t o m e r i s a n I n v e s t o r ( R a b - u l - M a l ) ,
a n d • T h e b a n k a l l o c a t e s t h e f u n d s r e c e i v e d
f r o m t h e c u s t o m e r s t o a d e p o s i t p o o l .
T h e s e f u n d s f r o m t h e p o o l a r e u t i l i z e d t o p r o v i d e
f i n a n c i n g t o c u s t o m e r s u n d e r I s l a m i c m o d e s t h a t
i n c l u d e , b u t a r e n o t r e s t r i c t e d t o , M u r a b a h a a n d
I j a r a h . Pro f i t D i s t r ibut ion S t ruc ture :Source
Investment Pool
Investment/F inancing Profits
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DepositorsFunds
MurabahIjarahDiminishing Musharakah
Prof itsT h e G r o s s I n c o m e w i l l b e s h a r e d
b e t w e e n t h e b a n k ( a s M u d a r i b ) a n d D e p o s i t o r s ( R a b -
u l - M a l ) i n a p r e d e t e r m i n e d r a t i o ( % ) o f t h e a c t u a l
p r o f i t e a r n e d .Meezan Bank Ltd of fers
d i f ferent types of Accounts on Mudarabah
Basis . These are as under: 1 . Cur rent
Accounts . Currents Accounts are the bus iness
accounts of fered to a l l types of bus iness owners. The
bank doesn’t earn any type of prof i t f rom these accounts
but these are opened only due to the fac i l i tat ion of the
customers. Current accounts can be opened jo int ly ,
s ingly , company etc . Free onl ine serv ices f rom al l
branches. No restr ict ions on number of t ransact ions of
wi thdrawals .Saving Accounts .
Saving accounts are opened due to the saving of
money. The bank a lso provides prof i t to the customers.
That prof i t i s ca lcu lated & paid on monthly bas is . I f
dur ing the month average deposi ts fa l ls below 1000/- ,
then no prof i t no Loss.
2. KMA (Karobari Munafa Accounts.)
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KMA accounts are of fered specia l ly to those
customers who have valuable bus iness and earn 1
mi l l ion each month. So, the bank fac i l i tates them with
f ree cheques book, f ree ATM card, f ree Telephone
Banking and f ree Internet Banking. The minimum
investment for th is account is 1 mi l l ion. And the bank
provides them prof i t at d i f ferent rates.
3. MBA (Meezan Bachat Accounts).
This account required minimum investment of
25000. This account is opened for a l l customers, who
can operate i t eas i ly . In these accounts bank a lso
provides prof i ts to the customers. These accounts a lso
provide fac i l i ty of wi thdraw of cash any t ime.
4. US DOLLAR SAVING ACCOUNTS .
These accounts are opened for those customers who
are res idents of Pakistan but earning outs ide of the
country anywhere so he deposi ts h is amount in dol lar
or other currency and our bank provides h im more
prof i t as compared to the local investors & on monthly
bas is . The minimum investment for th is account is
$500.
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NOTE: Rates are per annum and are declared on
monthly basis.
The rates declared every month before your
maturity or profit period shall be
applicable on your investment.
These a l l current and saving accounts can be opened in
any category of the fo l lowing types of accounts .
• I n d i v i d u a l A c c o u n t s
• J o i n t A c c o u n t s
• M i n o r A c c o u n t
• S o l e P r o p r i e t o r s h i p A c c o u n t s
• I l l i t e r a t e C u s t o m e r A c c o u n t
• P a r t n e r s h i p A c c o u n t s
• L i m i t e d L i a b i l i t y C o m p a n i e s A c c o u n t s
• A s s o c i a t i o n s , C o m m i t t e e , S o c i e t i e s o r C l u b A c c o u n t s e t c .
• N o n - R e s i d e n t R u p e e s A c c o u n t
• T r u s t A c c o u n t s ( w i t h p r i o r p e r m i s s i o n f r o m t h e H O )
• E x e c u t o r s , A d m i n i s t r a t o r s A c c o u n t s ( w i t h p r i o r p e r m i s s i o n
f r o m t h e H O )
• L o c a l B o d i e s A c c o u n t s .
• S p e c i a l C o n v e r t i b l e R u p e e s A c c o u n t ( S C R A )
• S t a f f A c c o u n t s .
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1 . I n d i v i d u a l A c c o u n t s .
Accoun t s o f I nd iv idua l s , who a r e r e s i den t o r non - r e s iden t , a r e
t o be opened unde r t h i s c a t ego ry .
2 . Jo in t Account s .
Jo in t Accoun t i s an accoun t i n t he names o f two o r more
pe r sons (o the r t han Pa r tne r s o r T rus t ee s ) . I n t h i s r ega rd i t t o be
ensu red t ha t :
• The “Su rv ivo r sh ip Manda t e” i s s i gned by a l l t he pa r t i e s t o t he
a ccoun t and i n s t ruc t i ons fo r t he ope ra t i on o f a ccoun t a r e c l e a r l y
s t a t ed and f i l l ed i n t he Manda t e .
• In c a se o f dea th , cheques s i gned by DECEASED Accoun t Ho lde r
p r e sen t ed fo r paymen t w i l l no t be en t e r t a i ned and t he r e fo re mus t be
r e t u rned .
• When the ba l ance o f Jo in t Accoun t i s r epayab l e t o e i t he r pa r t y o r
su rv ivo r , t he Spec imen S igna tu r e Ca rd shou ld be marked t o e f f ec t
t he a r r angemen t .
3 . M i n o r A c c o u n t
A p e r s o n w h o h a s n o t a t t a i n e d t h e a g e o f 1 8
y e a r s i s m i n o r . H o w e v e r , i n c a s e C o u r t h a s a p p o i n t e d
a G u a r d i a n f o r t h e p r o p e r t y o f a M i n o r , a n d t h e n t h e
p e r i o d o f h i s / h e r m a t u r i t y e x t e n d s t o t h e a g e o f 2 1 .
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4 . S o l e P r o p r i e t o r s h i p A c c o u n t s .
A f o r m a l l y s t a m p e d w r i t t e n r e q u e s t o n t h e o f f i c i a l L e t t e r
H e a d o f t h e B u s i n e s s / F i r m o f t h e S o l e P r o p r i e t o r i n o r d e r t o
o p e n a S o l e P r o p r i e t o r A c c o u n t m u s t b e s u b m i t t e d a l o n g w i t h
A O F ( A c c o u n t s O p e n i n g F o r m ) .
T h i s r e q u e s t f o r o p e n i n g o f a S o l e P r o p r i e t o r s h i p A c c o u n t
s h o u l d c o m p r i s e t h e f o l l o w i n g c l a u s e :
" I a m a S o l e P r o p r i e t o r o f t h e F i r m a n d a s s u c h , I a m e n t i r e l y
r e s p o n s i b l e f o r a l l t r a n s a c t i o n s c a r r i e d o u t i n t h e n a m e o f t h e
F i r m a n d I a m p e r s o n a l l y l i a b l e f o r a n y o v e r d r a f t o r o t h e r
o b l i g a t i o n s a r i s i n g i n o r i n c o n n e c t i o n w i t h t h i s a c c o u n t a n d
t h e B a n k i s h e r e b y a u t h o r i z e d t o d e b i t t h e a c c o u n t w i t h
c o m m i s s i o n a n d / o r o t h e r B a n k i n g c h a r g e s a n d e x p e n s e s
i n c u r r e d i n c o n n e c t i o n w i t h t h i s a c c o u n t ” .
A d d i t i o n a l c a r e m u s t b e t a k e n w h i l e o p e n i n g o f s o l e p r o p r i e t o r
a c c o u n t . B e s i d e o t h e r d o c u m e n t s t h e c u s t o m e r s h o u l d b e a s k t o
p r o d u c e t h e o r i g i n a l N T N ( N a t i o n a l T a x N u m b e r ) c e r t i f i c a t e
i s s u e d t o h i s n a m e i n t h e c a p a c i t y a s s o l e p r o p r i e t o r o f s a i d
f i r m .
5 . I l l i t e r a t e C u s t o m e r A c c o u n t .
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These t ypes o f a ccoun t s a r e opened on ly fo r t hose pe r sons who
a r e i l l i t e r a t e . Th i s a ccoun t i s a l so known a s “PHOTO ACCOUNT” ,
t ha t du r ing open ing t h i s a ccoun t we pa s t e t he cu r r en t pa s spo r t s i z e
pho tog raphs w i th AOF (Accoun t s Open ing Fo rm) . I l l i t e r a t e pe r son
cou ld on ly open Sav ing Accoun t s . Fu r the rmore , a l l w i t hd rawa l s
unde r t aken by i l l i t e r a t e Cus tomer s mus t be w i tne s sed by two Bank
o f f i c i a l s and coun t e r s i gned by Manage r Ope ra t i on .
6 . P a r t n e r s h i p A c c o u n t s .
Pa r tne r sh ip i s an a s soc i a t i on o f two o r more pe r sons who have
ag reed t o sha re p ro f i t s o f a bus ine s s c a r r i ed on by a l l o r by any one
o f t hem ac t i ng fo r a l l . The t e rms and cond i t i ons mus t be spe l l ed ou t
i n t he “Pa r tne r sh ip Deed” fo rma l ly ag reed upon among Pa r tne r s by
i nco rpo ra t i ng t he s ame i n t he Deed .
I t shou ld be ensu red t ha t :
• Accoun t s o f on ly Reg i s t e r ed Pa r tne r sh ip conce rns w i l l be opened
and t he “Pa r tne r sh ip Deed” w i l l be ob t a ined and c r i t i c a l l y r ev i ewed .
• The AOF mus t be s i gned by a l l t he Pa r t ne r s i n t he i r c apac i t y a s
i nd iv idua l s and no t a s member o f t he Pa r t ne r sh ip
The s i gn ing and de l ega t i on o f power s o f t hose au tho r i zed t o ope ra t e
t he a ccoun t shou ld be c l e a r l y s t a t ed on t he AOF documen ta t i on i n
a cco rdance with Partnership Deed.
7. Limited Liabi l it ies Company Accounts .
The re a r e two t ypes o f L imi t ed Compan i e s i . e . , Pub l i c L imi t ed
and P r iva t e L imi t ed . The Pub l i c and P r iva t e L imi t ed Compan i e s a r e
bo th i nco rpo ra t ed and gove rned unde r t he p rov i s i ons o f Compan i e s
Ord inance 1984 .
21
A L imi t ed L i ab i l i t y Company may open an accoun t w i th t he Bank
on ly i f i t i s au tho r i zed t o do so by a r e so lu t i on o f t he Boa rd o f
D i r ec to r s o f t he company .
Fu r the rmore , such r e so lu t i on mus t spec i fy t he t i t l e s / de s igna t i on o f
t he o f f i c i a l s au tho r i zed t o open and ope ra t e t he a ccoun t , t he ex t en t
o f t he i r au tho r i t y and t he manne r i n wh ich t he accoun t w i l l be
ope ra t ed .
8 . A s s o c i a t i o n s , C o m m i t t e e , S o c i e t i e s o r C l u b A c c o u n t s e t c .
An Assoc i a t i on , Commi t t e e , Soc i e ty o r C lub may open an
accoun t w i th t he Bank on ly i f au tho r i zed t o do so by t he Gove rn ing
Body o f t he s a id Assoc i a t i on / Commi t t e e / Soc i e ty o r C lub .
Accoun t o f t he Assoc i a t i on , Commi t t e e , Soc i e ty o r C lub shou ld no t
be a l l owed t o be ove rd rawn . No cheques d r awn on t he accoun t s o f
Assoc i a t i on , Commi t t e e , Soc i e ty o r C lub sha l l be co l l e c t ed fo r t he
c r ed i t o f pe r sona l / p r i va t e a ccoun t s o f any o f t he Of f i c e -Bea re r s o f
Assoc i a t i on , Commi t t e e , Soc i e ty o r C lub .
9 . N o n - R e s i d e n t i a l R u p e e s A c c o u n t .
Accoun t s o f I nd iv idua l s , F i rms o r Compan i e s who a r e r e s i den t i n
coun t r i e s ou t s i de Pak i s t an and a l l na t i ona l s o f Pak i s t an and pe r sons
domic i l ed i n Pak i s t an , who v i s i t ab road fo r t he pu rpose o f
emp loymen t , s t udy and bus ine s s e t c . , a r e t r e a t ed a s Non- r e s iden t s a s
l ong a s t hey r ema in ou t s i de Pak i s t an . Accoun t s o f a l l f o r e ign
na t i ona l s who a r e r e s i den t i n Pak i s t an may be t r e a t ed a s
Res iden t Accoun t s .
22
1 0 . T r u s t A c c o u n t s .
A Trus t Accoun t maybe opened excep t i ona l l y w i th t he p r i o r
app rova l o f Head o f Ope ra t i ons . T rus t a ccoun t may on ly be open fo r
pa r t i e s whose i n t eg r i t y and s t and ing i s beyond any doub t . Be fo re
s end ing t he t o HO (Head Of f i c e ) BM (Branch Manage r ) and
MO (Manage r Ope ra t i on ) w i l l go t h rough t he “Trus t Deed” t o ensu re
t ha t no undue onus i s p l aced on t he Bank .
1 1 . E x e c u t o r s a n d A d m i n i s t r a t o r s A c c o u n t s .
Execu to r s and Admin i s t r a t o r s Accoun t s sha l l on ly be opened
w i th t he p r i o r pe rmi s s ion f rom the HO. Moreove r , wheneve r
app l i c a t i on fo r t he open ing o f Execu to r s and Admin i s t r a t o r s a ccoun t
i s r e ce ived , t he ma t t e r shou ld be r e f e r r ed t o t he Reg iona l Manage r
who wi l l f o rwa rd t he fu l l de t a i l s o f t he ma t t e r t o HO fo r gu idance
and pe rmi s s ion t o open such accoun t . No Execu to r and
Admin i s t r a t o r w i l l be a l l owed t o t r ans f e r t he fund f rom the accoun t
t o t he i r pe r sona l a ccoun t s .
12 . Loca l Bod ie s Account s .
Ci ty Gove rnmen t s , Mun ic ipa l i t i e s , D i s t r i c t Boa rds ,
Deve lopmen t Bod i e s e t c a r e i nc luded i n Loca l bod i e s . Func t i ons and
power s o f t he se Loca l Bod i e s a r e gove rned by t he r e l evan t Loca l
Ac t s and Ru le s / Bye l aws made i n a cco rdance w i th such Ac t . These
Loca l Bod i e s a r e r ega rded a s de s i r ab l e Cus tomer s because t hey have
subs t an t i a l amoun t o f f unds a t t he i r d i sposa l . Howeve r , ope ra t i ons
on t he se a ccoun t s mus t be conduc t ed s t r i c t l y i n a cco rdance w i th t he
s t a t u to ry ru l e s and r egu l a t i ons .
23
1 3 . S p e c i a l C o n v e r t i b l e R u p e e s A c c o u n t ( S C R A ) .
As pe r t he Fo re ign Exchange Manua l Chap t e r 20 , SCRA can be
open by Nonre s iden t s f o r t he pu rpose t o t r ade i n t he sha re s quo t ed
on t he S tock Exchanges i n Pak i s t an . Such accoun t s c an be f ed by
r emi t t ance s f rom ab road o r by t r ans f e r f rom a fo r e ign cu r r ency
accoun t ma in t a ined by t he non - r e s iden t i nves to r i n Pak i s t an . The
ba l ance ava i l ab l e t he r e i n c an be u sed fo r pu rchase o f any sha re
quo t ed on t he S tock Exchange . Branches w i l l be r equ i r ed t o submi t
week ly s t a t emen t i n t he p r e sc r i bed Pe r fo rma (V-92 ) o f FE- Manua l
showing t he pos i t i on i n r e spec t o f SCRA accoun t s a s on each
Sa tu rday .
14 . S ta f f Account s .
Sta f f s c an open on ly one s av ing o r cu r r en t a ccoun t s i ng ly o r
j o in t l y w i th h i s / he r spouse a t t he t ime o f appo in tmen t i n t he
r e spec t i ve b r anch o f Meezan Bank L imi t ed . The accoun t w i l l be
opened fo r t he pu rpose o f s a l a ry d i sbu r semen t ( l i ke s a l a ry , bonus ,
i nc r emen t s , a l l owance o r any fo rm o f r e imbur semen t f rom Meezan
Bank L imi t ed aga in s t s e rv i ce s r ende red by emp loyee ) .
24
Documentation of Opening an Account.1 . Ind iv idua l account s :
1 . Copy o f CNIC .
2 . Any p roo f o f I ncome ( s a l a ry s l i p / NTN) .
3 . Any U t i l i t y B i l l ( f o r Addre s s Ve r i f i c a t i on ) .
2 . Propr i e tor sh ip Account :
1 . Copy o f CNIC .
2 . P roo f o f p rop r i e to r sh ip (NTN Ce r t i f i c a t e ) .
3 . Accoun t Open ing Reques t & P rop r i e to r sh ip l e t t e r on F i rms
Le t t e r Head .
4 . Any U t i l i t y B i l l ( f o r Addre s s Ve r i f i c a t i on ) .
3 . Minor Account :
1 . Copy o f CNIC o f Gua rd i an .
25
2 . Copy o f B i r t h Ce r t i f i c a t e .
3 . CNIC copy o f Gua rd i an .
4 . Par tnersh ip Account s :
1 . Reg i s t e r ed Pa r tne r sh ip Deed (Ce r t i f i ed Copy) .
2 . Le t t e r o f Au tho r i t y & Manda t e .
3 . Cop i e s o f CNICs o f a l l pa r t ne r s .
4 . Accoun t open ing Reques t Le t t e r on f i rm’s Le t t e r Head .
5 . L imi ted Company:
1 . Copy o f Ce r t i f i c a t e o f I nco rpo ra t i on .
2 . L i s t o f D i r ec to r s .
3 . Memorandum & Ar t i c l e s o f Assoc i a t i on .
4 . Boa rd Reso lu t i on .
5 . Ce r t i f i c a t e o f Commencemen t o f Bus ine s s ( fo r Pub l i c L td . Co . ) .
6 . Cop i e s o f CNICs o f a l l D i r ec to r s /S igna to r i e s .
7 . La t e s t copy o f c e r t i f i ed Fo rm-29 .
6 . C lub / Soc i e ty / Assoc ia t i on :
1 . Copy o f Ru l e s /By-Laws .
2 . Copy o f Reg i s t r a t i on ( i f app l i c ab l e )
3 . L i s t o f execu t i ve Member /Managemen t Commi t t e e /Managemen t
Boa rd e t c .
4 . Ce r t i f i ed Copy o f Reso lu t i on .
5 . CNICs o f a l l Member s o f Managemen t Body & S igna to r i e s .
6 . Unde r t ak ings t o immed ia t e i n fo rm the bank i n wr i t i ng abou t
any changes i n Managemen t Commi t t e e / Au tho r i zed pe r sons .
26
NOTE :
These a l l documents are requ ired or ig ina l , bank i t s e l f
ge t the photocopy o f the se documents .
Housewives /S tudent s /Re t i red Persona l : Documents a s
r eques ted by branch .
Investment Certificate issued by
Meezan Bank Ltd.
T o f a c i l i t a t e t h e c u s t o m e r t h r o u g h o p e n i n g
a c c o u n t s o f d i f f e r e n t t y p e s , M e e z a n B a n k a l s o i s s u e s
s o m e i n v e s t m e n t c e r t i f i c a t e s t h r o u g h w h i c h t h e y
c o u l d b e n e f i t c u s t o m e r . T h e c u s t o m e r c o u l d e a s i l y
i n v e s t i n d i f f e r e n t t y p e s o f c e r t i f i c a t e s o f d i f f e r e n t
i n v e s t m e n t s a n d c o u l d g e t p r o f i t a t a t t r a c t i v e r a t e s .
T h e s e c e r t i f i c a t e s a r e a s u n d e r :
1 . Cer t i f i ca te o f I s l amic Inves tment -COI I .
27
T h e s e c e r t i f i c a t e r e q u i r e s t h e m i n i m u m
i n v e s t m e n t o f 5 0 , 0 0 0 / = . T h e s e c e r t i f i c a t e s a r e o f
t h r e e t y p e s o n e o f t h e m i s f o r 3 m o n t h s - 5 y e a r s
a n d t h e p r o f i t d i s t r i b u t i o n o f t h i s t y p e c e r t i f i c a t e i s
a t t h e m a t u r i t y o f p a y m e n t . 2n d
i s f o r 1 y e a r - 5 y e a r s
a n d p r o f i t d i s t r i b u t i o n o f t h i s i s q u a r t e r l y a n d t h e
3r d
a n d l a s t w h i c h i s f o r 5 y e a r s a n d p r o f i t
d i s t r i b u t i o n i s o n m o n t h l y b a s i s b u t i t s i n v e s t m e n t
i s m i n i m u m 2 0 0 , 0 0 0 / = r u p e e s .
2 . Month ly Mudarabah Cer t i f i ca te -MMC.
T h e M o n t h l y M u d a r a b a h C e r t i f i c a t e i s t h e
f l e x i b l e i n v e s t m e n t p r o d u c t , w h i c h h a s b e e n
d e s i g n e d t o g i v e c u s t o m e r s a m o n t h l y r e t u r n , w h i c h
i s p u r e l y h a l a l . T h e s e c e r t i f i c a t e s r e q u i r e t h e
i n v e s t m e n t o f 1 0 0 , 0 0 0 / = r u p e e s , a n d
t h e p r o f i t d i s t r i b u t i o n i s o n m o n t h l y b a s i s . A s t h e
i n v e s t m e n t i n c r e a s e s t h e d i s t r i b u t i o n r a t e a l s o
i n c r e a s e s .
28
3 . Meezan Aamdan Cer t i f i ca te -MAC.
M e e z a n A a m d a n C e r t i f i c a t e ( M A C ) i s t h e l o n g
t e r m i n v e s t m e n t w i t h h i g h m o n t h l y p r o f i t e s p e c i a l l y
d e s i g n e d f o r t h o s e i n d i v i d u a l s a n d c o r p o r a t i o n s
w h o a r e i n n e e d o f r e g u l a r s t r e a m o f m o n t h l y
i n c o m e . M A C i s t h e r e f o r e , a m o n t h l y i n c o m e
( M a h a n a A a m d a n i ) c e r t i f i c a t e w i t h a v a r i e t y o f f r e e
p a c k a g e d b e n e f i t s . T h e m i n i m u m i n v e s t m e n t f o r
t h i s c e r t i f i c a t e i s 1 , 0 0 , 0 0 0 / = r u p e e s . T h e s e a r e
i s s u e d f o r t w o d i f f e r e n t t e n u r e s i . e . f o r 5 1 / 2 a n d 7
y e a r s . T h e 7 y e a r c e r t i f i c a t e h a s m o r e a t t r a c t i v e
p r o f i t d i s t r i b u t i o n a s c o m p a r e d t o 5 1 / 2 .
4 . Meezan Prov idence Cer t i f i ca te .
T h e s e c e r t i f i c a t e s a r e i s s u e d o n l y f o r
i n s t i t u t i o n s , r e g i s t e r e d o r u n r e g i s t e r e d E m p l o y e e
P r o v i d e n t / G r a t u i t y / P e n s i o n F u n d ,
W h i c h w a n t s i n v e s t i n s u c h r e p u t e d a n d I s l a m i c
o r g a n i z a t i o n t o e a r n t o t a l l y R i b a - f r e e p r o f i t ? T h e
29
m i n i m u m i n v e s t m e n t r e q u i r e d f o r t h i s t y p e o f
c e r t i f i c a t e i s 1 M i l l i o n . T h i s c e r t i f i c a t e b e a r s
d i f f e r e n t t e n u r e s ; i t s t a r t s f r o m 2 y e a r s t o 7 y e a r s .
A s t h e t e n u r e g r o w s t h e r a t e o f p r o f i t a l s o
i n c r e a s e s .
5 . Do l l a r Mudarabah Cer t i f i ca te .
T h i s M o n t h l y M u d a r a b a h C e r t i f i c a t e i s s a m e
a s t h e a b o v e M o n t h l y M u d a r a b a h C e r t i f i c a t e , b u t
t h e d i f f e r e n c e i s t h i s c e r t i f i c a t e r e q u i r e s
i n v e s t m e n t i n D o l l a r s a n d t h a t i s $ 1 0 , 0 0 0 / = . A n d
t h e p r o f i t i s d i s t r i b u t e d i n D o l l a r s .
Packages Launched by Meezan
Bank Ltd.
M e e z a n b a n k L t d l a u n c h e s d i f f e r e n t p a c k a g e s
p u r e l y R i b a - f r e e o n l y f o r t h e b e t t e r m e n t o f
c u s t o m e r s , a n d s t r i v e t o w a r d s t h e p u r e I s l a m i c
30
B a n k i n g , t o f u l f i l l t h e c u s t o m e r s b a n k i n g n e e d s
a c c o r d i n g t o I s l a m . T h o s e a t t r a c t i v e p r o d u c t s a r e :
1 . M e e z a n L a b b a i k U m r a h .
2 . M e e z a n L a b b a i k R a m a d a n U m r a h .
3 . M e e z a n L a b b a i k H a j j .
1 . Meezan Labba ik Umrah :
M e e z a n b a n k l a u n c h e s U m r a h p a c k a g e s ( a H o l y
J o u r n e y W i t h C o m f o r t & C o n v e n i e n c e ) f o r t h e i r
v a l u a b l e c u s t o m e r s a t a t t r a c t i v e r a t e s .
T h e M e e z a n L a b b a i k U m r a h p r o d u c t i s c l a s s i f i e d i n t o
t h r e e c a t e g o r i e s :
I . Labba ik T rave l Aasaan – P a y t o d a y a n d P e r f o r m
U m r a h n o w .
I I . Labba ik T rave l Aasaan ( I n s t a l l m e n t O p t i o n ) - P e r f o r m
U m r a h n o w a n d p a y l a t e r
I I I . Labba ik Sav ing Aasaan - S a v e t o d a y a n d p l a n f o r
U m r a h o r H a j j .
31
I . Labba ik Trave l Asaan:
Pay t oday & pe r fo rm Umrah o r Ha j j now a f t e r p roce s s ing and
documen ta t i on .
As pe r Saud i Pak Bank and EGIB expe r i ence ; app rox ima te ly 50% o f
ou r t a rge t cu s tomer s w i l l l i ke ly op t f o r T rave l Aasaan a s mos t o f t he
p i l g r ims a r e no t s a t i s f i ed w i th t he s e rv i ce s o f t r ave l agen t s and
p r e f e r Bank a s Bank ing i s a t r u s t bus ine s s .
Bank wi l l a c t a s a commis s ion agen t o f t he t r ave l agen t and w i l l
announce t he package a s i t s pa r t ne r .
Bank wi l l cha rge a l ump sum f ee and agen t w i l l p rov ide t he ag reed
s e rv i ce s ; he r e Bank w i l l make su re t he s e rv i ce s a r e p rov ided a s pe r
commi tmen t by u s ing con t i nuous mon i to r i ng & fo l l ow ups .
The package charges schedule i s as under:
D e s c r i p t i o n N o . O f P e o p l e A i r f a r e + P a c k a g e T o t a l
A d u l t 2 5 5 , 7 0 0 + 4 0 , 0 0 0 1 , 9 1 , 4 0 0
C h i l d ( 7 5 % o f A d u l t ) 1 4 1 , 7 7 5 + 3 0 , 0 0 0 7 1 , 7 7 5
I n f a n t ( 1 0 % o f A d u l t ) 1 5 , 5 7 0 + 4 , 0 0 0 9 , 5 7 0
P a c k a g e P r i c e 2 , 7 2 , 7 4 5
32
II . Labbaik Trave l Aasaan ( Insta l lment P lan) :
Pe r fo rm Umrah now and pay w i th in 12 ea sy mon th ly
i n s t a l lmen t s . MBL wi l l co l l e c t 10% o f package p r i c e a s Down
Paymen t and f i r s t i n s t a l lmen t .
As pe r F inanc ing Con t r ac t bank app roves o r d i s app rove t he
app l i c a t i on , i n c a se o f app rova l bank s ends Cus tomer fo r
Umrah a f t e r p roce s s ing o f V i sa , documen ta t i ons and o the r
a r r angemen t . I nca se o f Re j ec t i on , Bank w i l l pay back t he
Depos i t ed amoun t .
Proces s ing Cha rges a t Ac tua l : The Bank w i l l conduc t c r ed i t
a s s e s smen t s l i ke NADRA, ECIB , Da t a Check and Phys i ca l
Ve r i f i c a t i ons and Documen ta t i ons and deb i t cu s tomer accoun t
w i th t he a c tua l d i r e c t expense s .
These Cha rges w i l l be app l i c ab l e i n c a se o f app rova l o r
r e j e c t i on bo th .
D e s c r i p t i o n N o . O f
P e o p l e
A i r f a r e +
P a c k a g e
P a c k a g e
P r i c e
D o w n P a y m e n t
( 1 0 % o f
p a c k a g e p r i c e )
1 2 E q u a l
M o n t h l y
I n s t a l l m e n t s
A d u l t 2 5 5 , 7 0 0 + 4 0 , 0 0 0 1 , 9 1 , 4 0 0 1 9 , 1 4 0 1 4 , 3 5 5
C h i l d ( 7 5 %
o f A d u l t )
1 4 1 , 7 7 5 + 3 0 , 0 0 0 7 1 , 7 7 5 7 , 1 7 8 5 , 3 8 3
I n f a n t
( 1 0 % o f
A d u l t )
1 5 , 5 7 0 + 4 , 0 0 0 9 , 5 7 0 9 5 7 7 1 8
33
The sa l i en t po in t s o f Labba ik Trave l Aasaan ( Ins ta l lment
P lan) are :
Riba f r ee 12 mon ths f i nanc ing .
Package p r i c e fo r Upf ron t & In s t a l lmen t P l an wou ld be t he
s ame .
Succes s i s ba sed on t he p roce s s ing t ime .
Accoun t Open ing Manda to ry .
Defau l t i s l i ke ly ve ry l ow , p i l g r image be ing an I s l amic du ty .
I I I . Labba ik Sav ing Aasaan:
Save t oday and p l an fo r Umrah o r Ha j j .
Se l ec t Mon th ly Depos i t p l an acco rd ing t o expec t ed package
p r i c e .
Depos i t Ca l cu l a to r w i l l be ava i l ab l e a t b r anches & on Bank’ s
webs i t e .
C u s t o m e r w i l l d e p o s i t f i x e d a m o u n t e a c h m o n t h .
O n c e t h e d e p o s i t e d a m o u n t r e a c h e s t h e p a c k a g e
p r i c e t h e C u s t o m e r c a n f u l f i l l t h e d e s i r e t o
p e r f o r m U m r a h / H a j j . P i l g r i m a g e t o b e p e r f o r m e d
o n s o m e f u t u r e d a t e ( 6 m o n t h s t o 2 0 y r s ) .
34
B a n k w i l l g i v e s p e c i a l p r o f i t t o t h e C u s t o m e r o n
M u d a r a b a h b a s i s .
T h e s a v i n g a c c o u n t w i l l b e a n o n - c h e c k i n g
a c c o u n t i . e . n o A T M o r c h e c k b o o k w i l l b e i s s u e d .
Withdrawa l f rom the Scheme
Opt ion ava i l ab l e any t ime , w i thou t any pena l t y imposed by
c lo s ing h i s a ccoun t .
A t ma tu r i t y Cus tomer w i l l have t he op t i on t o t ake h i s depos i t ed
amoun t w i th p ro f i t and u t i l i z e fo r any pu rpose he may deem f i t .
I t w i l l no t be manda to ry t o u t i l i z e t he amoun t fo r Meezan Bank Ha j j
o r Umrah Scheme . The Cus tomer may s e l ec t packages by o the r t ou r
ope ra to r s .
Change o f P lan
Cus tomer w i l l have t he op t i on t o sw i t ch f rom Labba ik Sav ing
Aasaan t o Labba ik T rave l Aasaan o r i n c a se o f Umrah t o Labba ik
Paymen t Aasaan any t ime w i thou t hav ing any pena l t y sub j ec t t o t he
fu l f i l lmen t o f e l i g ib i l i t y c r i t e r i a .
I n t h i s s cena r io t he cus tomer w i l l en joy t he bene f i t s o f t he p ro f i t s a s
pe r t he Labba ik Sav ing Aasaan .
35
Package Fea tures .
These Umrah Packages a r e on ly fo r 15 days .
Recommended fo r f ami l i e s and g roups .
Stay i n KSA i s 14 n igh t s i . e . 4 -Ng t s . I n Makkah , 7 -Ngh t s . I n
Mad inah & 3 -Nigh t s . I n Makkah .
Accommoda t i on i n A-Ca t ego ry Ho te l s i n Makkah & Mad inah .
Round t r i p t r ans f e r i n A i r -Cond i t i oned Buses ( J ed -Mak-Med-
Meeqa t -Mak- Jed ) .
Comple t e Umrah V i sa P roce s s ing .
Mee t & a s s i s t s e rv i ce s t h rough t r a i ned s t a f f i n KSA.
Zia ra t i n Makkah & Mad inah w i th Urdu speak ing gu ide .
Week ly g roup f l i gh t s w i th con f i rmed r e tu rned a i r t i cke t .
Doub le Umrah Fac i l i t y .
Tawaf A l -w idaa .
Arrangemen t o f Zam Zam 10 l i t e r c an ( sub j ec t t o ava i l ab i l i t y ) .
NOTE:
Qurban i (NAHR) i s no t a pa r t o f t he Package .
Ai r f a r e i s no t i nc luded i n t he package p r i c e , wh i ch w i l l be
cha rged a t a c tua l ; a f t e r announcemen t o f r a t e s f rom se l ec t ed
A i r l i ne s .
Comple t e advance paymen t sha l l be made a t t he t ime o f
book ing .
Las t da t e fo r book ing i s Ju ly 31 s t 2009 .
MBL i s j u s t f a c i l i t a t i ng t he s a l e s whe rea s t r ave l a r r angemen t s
a r e t he r e spons ib i l i t i e s o f t he s e l ec t ed T rave l agen t .
36
Requirements :
Copy o f Mach ine Readab l e Pa s spo r t w i th a t l e a s t 1 yea r
va l i d i t y .
12 Pho tog raphs 4x6 cm ( l i gh t b lue backg round) .
Copy o f CNIC .
Copy o f depos i t s l i p .
Consumer Bank ing Products Of fers By Meezan
bank Ltd . on Musharakah Bas is .
Musharakah :
M u s h a r a k a h i s t h e t y p e o f P a r t n e r s h i p i n w h i c h
b o t h t h e p a r t n e r s i n v e s t e q u a l l y , a n d s h a r e t h e i r
p r o f i t & l o s s e s e q u a l l y .
Di f fe rence B /w Musharakah & Mudarabah .
Musharakah :
I n M u s h a r a k a h b o t h p a r t i e s i n v e s t .
B o t h p a r t i e s w o r k .
37
I n M u s h a r a k a h t h e p r o f i t a n d l o s s e s s h a r e d
e q u a l l y .
Mudarabah :
I n M u d a r a b a h o n e p a r t y i n v e s t ( R a b - u l - M a l ) a n d
o t h e r p a r t y w o r k ( M u d a r i b ) .
P r o f i t i s s h a r e d a s p e r a g r e e d r a t i o .
I n c a s e o f M u d a r a b a h a l l l o s s e s a r e b o r n e b y
R a b - u l - M a l . C o n s u m e r B a n k i n g P r o d u c t s
a r e : M u r a b a h .
1 . C a r I j a r a h .
2 . E a s y H o m e .
1 . M u r a b a h .
Murabah i s the t ype o f shor t t e rm f i nanc ing in
wh ich Bank i s the owner o f p roduc t and purchase
tha t f o r the cus tomer . L i ke o ther banks Meezan
38
bank i s no t p rov id ing the l oan to the cus tomer ,
bu t i f t hey need any t ype o f p roduc t l i ke
Mach inery e t c f o r h i s use . Bank has no exper t i se ,
so banks make the agen t t o tha t person , he w i l l
buy h imse l f and then hand i t over t o the bank .
Then bank w i l l g i ve h im on cos t p lus p ro f i t . I f
dur ing buy ing any t ype o f sudden acc iden t occurs ,
the who le l o s s w i l l be borne by the bank because
the i s owner o f tha t mater i a l .
2 . C a r I j a r a h .
Car I j a rah Pak i s tan ’ s F i r s t I s l amic Car F inanc ing :
A s a s t e p t o w a r d s o u r m i s s i o n o f p r o v i d i n g a o n e -
s t o p s h o p f o r i n n o v a t i v e v a l u e a d d e d S h a r i a h
c o m p l i a n t p r o d u c t s t o
39
O u r c u s t o m e r s M e e z a n B a n k i s p l e a s e d t o o f f e r ‘ C a r
I j a r a h ’ - a c a r f i n a n c i n g , t h a t i s b a s e d o n t h e
p r i n c i p l e s o f I j a r a h a n d i s f r e e o f t h e e l e m e n t o f
i n t e r e s t .
Car I j a rah
C a r I j a r a h i s P a k i s t a n ’ s f i r s t “ I n t e r e s t F r e e ” c a r
f i n a n c i n g b a s e d o n I s l a m i c f i n a n c i n g m o d e o f I j a r a h
o r I s l a m i c l e a s i n g . T h i s p r o d u c t i s i d e a l f o r i n t e r e s t
a v e r s e i n d i v i d u a l s , l o o k i n g f o r a c a r f i n a n c i n g t h a t
p r o v i d e s t h e c o n v e n i e n c e o f a w e l l d e s i g n e d p r o d u c t
w h i l e a v o i d i n g a n i n t e r e s t b a s e d t r a n s a c t i o n .
C a r I j a r a h i s s i m p l y a r e n t a l a g r e e m e n t u n d e r w h i c h
t h e c a r w i l l b e g i v e n t o t h e c u s t o m e r o n r e n t f o r a
p e r i o d , a g r e e d a t t h e t i m e o f t h e c o n t r a c t . M e e z a n
40
B a n k p u r c h a s e s t h e c a r a n d r e n t s i t o u t t o t h e
c u s t o m e r f o r a p e r i o d o f 3 , 4 o r 5 y e a r s . U p o n
c o m p l e t i o n o f t h e l e a s e p e r i o d h e c u s t o m e r g e t s
o w n e r s h i p o f t h e c a r a g a i n s t h i s i n i t i a l s e c u r i t y
d e p o s i t .
What makes Car I j a rah un ique?
S o m e o f t h e k e y c h a r a c t e r i s t i c s o f C a r I j a r a h a r e a s
f o l l o w s
Rights & l i ab i l i t i es o f Owner v / s User
A n I s l a m i c I j a r a h i s a n a s s e t - b a s e d c o n t r a c t , i . e .
t h e l e s s e r s h o u l d h a v e o w n e r s h i p o f t h e a s s e t d u r i n g
t h e c u r r e n c y o f t h e c o n t r a c t . U n d e r I s l a m i c S h a r i a h ,
a l l o w n e r s h i p r e l a t e d r i g h t s a n d l i a b i l i t i e s s h o u l d l i e
41
w i t h t h e o w n e r w h i l e a l l u s a g e - r e l a t e d r i g h t s a n d
l i a b i l i t i e s s h o u l d l i e w i t h t h e u s e r . A c o n v e n t i o n a l
l e a s e c o n t r a c t d o e s n o t d i s t i n g u i s h b e t w e e n t h e
n a t u r e s o f t h e s e l i a b i l i t i e s a n d d u m p s a l l l i a b i l i t i e s
o n t h e u s e r , w h i c h i s c o n t r a d i c t o r y t o I s l a m i c S h a r i a h .
U n d e r I j a r a h , a l l o w n e r s h i p - r e l a t e d r i s k s l i e w i t h t h e
B a n k w h i l e a l l u s a g e r e l a t e d r i s k s l i e w i t h t h e u s e r ,
t h u s m a k i n g t h e L e s s e r t h e t r u e o w n e r o f t h e a s s e t
a n d m a k i n g t h e i n c o m e g e n e r a t e d t h r o u g h t h e
c o n t r a c t p e r m i s s i b l e ( H a l a l ) f o r t h e B a n k .
Cont inuat ion o f l ease renta l s i n case o f to ta l
l oss o r the f t o f veh i c le
I f t h e l e a s e d v e h i c l e i s s t o l e n o r c o m p l e t e l y
d e s t r o y e d , t h e c o n v e n t i o n a l l e a s i n g c o m p a n y w o u l d
c o n t i n u e c h a r g i n g t h e l e a s e r e n t t i l l t h e s e t t l e m e n t o f
42
t h e I n s u r a n c e / T a k a f u l c l a i m . U n d e r t h e I s l a m i c
s y s t e m , r e n t i s c o n s i d e r a t i o n f o r u s a g e o f t h e l e a s e d
a s s e t , a n d i f t h e a s s e t h a s b e e n s t o l e n o r d e s t r o y e d ,
t h e c o n c e p t f o r r e n t a l b e c o m e s v o i d . A s s u c h , i n t h e
a b o v e - m e n t i o n e d e v e n t u a l i t i e s , M e e z a n b a n k d o e s n o t
c h a r g e t h e l e a s e r e n t a l .
Does Meezan Bank use Taka fu l o r convent iona l
i nsurance to insure i t s veh i c les?
M B L i s i n s u r i n g i t s C a r I j a r a h v e h i c l e s t h r o u g h
T a k a f u l a r r a n g e m e n t w i t h P a k K u w a i t T a k a f u l
C o m p a n y , P a k i s t a n ’ s f i r s t T a k a f u l p r o v i d e r . T h e s e
c o m p a n y h a s s t a r t e d o p e r a t i o n s i n K a r a c h i a n d C a r
I j a r a h v e h i c l e s o f K a r a c h i a r e n o w b e i n g c o v e r e d
t h r o u g h T a k a f u l . A s t h e o p e r a t i o n s o f P a k K u w a i t
T a k a f u l e x p a n d i n t o o t h e r c i t i e s o f P a k i s t a n , C a r
43
I j a r a h v e h i c l e s i n o t h e r c i t i e s w i l l a l s o b e i n s u r e d
t h r o u g h T a k a f u l . M B L ’ s p r e s e n t i n s u r a n c e
a r r a n g e m e n t w i l l b e a v a i l a b l e f o r c i t i e s w h e r e T a k a f u l
i s n o t p r e s e n t l y a v a i l a b l e s i n c e L e a s e d a s s e t s a r e
r e q u i r e d t o b e i n s u r e d u n d e r t h e l a w . H o w e v e r ,
M e e z a n B a n k ’ s I j a r a h a r r a n g e m e n t c l e a r l y s t a t e s t h a t
M e e z a n B a n k w i l l u s e c o n v e n t i o n a l I n s u r a n c e o n l y a s
l o n g a s T a k a f u l i s n o t a v a i l a b l e , a n d w e a r e n o w
c l e a r l y o n t h e r o a d t o h a v i n g a l l o u r C a r I j a r a h
v e h i c l e s i n s u r e d t h r o u g h T a k a f u l .
I s there a Pena l ty fo r La te Payment o f Rent and
how i s th i s permiss ib le under I s l amic Shar iah?
I n m o s t c o n t e m p o r a r y f i n a n c i a l l e a s e s , a n e x t r a
m o n e t a r y a m o u n t i s c h a r g e d i f r e n t i s n o t p a i d o n
t i m e . T h i s e x t r a a m o u n t i s t h e c o n s i d e r e d a s R i b a a n d
44
i s H a r a m . T h e l e a s i n g i n s t i t u t i o n i n t h e i r i n c o m e
t a k e s t h i s a m o u n t . U n d e r I j a r a h , t h e L e s s e e m a y b e
a s k e d t o u n d e r t a k e t h a t i f h e f a i l s t o p a y r e n t o n i t s
d u e d a t e , h e w i l l p a y c e r t a i n a m o u n t t o a c h a r i t y ,
w h i c h w i l l b e a d m i n i s t e r e d t h r o u g h t h e I s l a m i c B a n k .
F o r t h i s p u r p o s e t h e b a n k m a i n t a i n s a c h a r i t y f u n d
w h e r e s u c h a m o u n t s m a y b e c r e d i t e d a n d d i s b u r s e d
f o r c h a r i t a b l e p u r p o s e s .
Key Features o f Car I j a rah
N o a p p l i c a t i o n f e e
E a s e o f a c q u i r i n g a n y n e w l 9 o c a l l y a s s e m b l e d c a r
N o u p f r o n t i n s u r a n c e / T a k a f u l P a y m e n t
N o a d v a n c e R e n t a l
A v a i l a b l e i n t e n u r e s o f 3 , 4 a n d 5 y e a r s
M i n i m u m - s e c u r i t y d e p o s i t a s l o w a s 1 5 %
45
Car I j a rah a l so fea tures used Veh i c les
I n a d d i t i o n t o o u r l e a s i n g o f n e w c a r s , w e a l s o
p r o v i d e t h e u n i q u e o p p o r t u n i t y o f l e a s i n g s e c o n d
h a n d l o c a l l y a s s e m b l e d v e h i c l e s a s w e l l . T h i s f e a t u r e
i s s p e c i f i c a l l y d e s i g n e d a s a v e r y
e c o n o m i c a l o p t i o n a s w e l l . W i t h a m i n i m u m - s e c u r i t y
d e p o s i t a s l o w a s 2 0 % , o u r u s e d C a r I j a r a h f a c i l i t y i s
a t y o u r s e r v i c e .
Used Car Se lec t ion C r i te r i a
S e l e c t i n g a u s e d c a r i s v e r y s i m p l e , a l l y o u n e e d t o
e n s u r e i s :
T h a t t h e s e c o n d h a n d c a r y o u s e l e c t s h o u l d b e f r o m
i t s f i r s t o w n e r . T h e V e h i c l e s h o u l d n o t b e o l d e r t h a n 5
46
y e a r s w h e n s e l e c t e d b y y o u f o r C a r I j a r a h . T h e
m i n i m u m - s e c u r i t y d e p o s i t f o r a v e h i c l e u p t o 2 y e a r s
o f a g e i s 2 0 % , w h i l e m i n i m u m s e c u r i t y d e p o s i t f o r a
v e h i c l e o v e r 2 y e a r s o f a g e i s 3 0 % . A t t h e t i m e o f
t e r m i n a t i o n o f o u r I j a r a h a g r e e m e n t , t h e v e h i c l e
s h o u l d M P T N E , P R E T J A M 8 Y E A R S O L D . T h i s m e a n s
t h a t i f a c a r i s 5 y e a r s o l d , t h e C a r I j a r a h t e n u r e i s
n o t m o r e t h a n 3 y e a r s a n d i f i t s 4 y e a r s o l d , t h e
t e n u r e m a y b e s e t f o r a 3 y e a r o r 4 y e a r t e r m . T h i s
f a c i l i t y i s f o r l o c a l l y m a n u f a c t u r e d c a r s o f S u z u k i ,
T o y o t a , H o n d a , n e w m o d e l o f S a n t r o a n d i m p o r t e d
r e c o n d i t i o n e d c a r s . S e c o n d h a n d v e h i c l e s s e l e c t e d
s h o u l d n o t b e w o r t h m o r e t h a n R s . 1 m i l l i o n o r l e s s
t h a n R s . 2 5 0 , 0 0 0 / - . M e e z a n B a n k w i l l h a v e t h e v e h i c l e
v a l u e d b y a n i n d e p e n d e n t v a l u a t i o n c o m p a n y
a c c o r d i n g l y .
47
Approved by Meezan Bank ’s Shar iah Board
C a r I j a r a h i s d e s i g n e d u n d e r t h e s u p e r v i s i o n o f
M e e z a n B a n k ’ s S h a r i a h S u p e r v i s o r y B o a r d a n d i s
a p p r o v e d b y t h e B o a r d .
Renta l Ca l cu la t ions
T o c a l c u l a t e t h e m o n t h l y r e n t a l s s i m p l y m u l t i p l y
t h e c o s t o f t h e c a r w i t h t h e r e n t a l f a c t o r s g i v e n i n
t h e t a b l e b e l o w
Renta l Ca l cu la t ion fo r new cars
S e c u r i t y 3 y e a r s 4 y e a r s 5 y e a r s
48
D e p o s i t
1 0 % 0 . 0 3 3 9 8 8 0 . 0 2 8 1 3 1 0 . 0 2 5 3 4 1
1 5 % 0 . 0 3 2 3 0 3 0 . 0 2 6 7 6 5 0 . 0 2 4 1 2 5
2 0 % 0 . 0 3 0 6 1 9 0 . 0 2 5 3 9 8 0 . 0 2 2 9 0 9
2 5 % 0 . 0 2 8 9 3 4 0 . 0 2 4 0 3 2 0 . 0 2 1 6 9 3
3 0 % 0 . 0 2 7 2 4 9 0 . 0 2 2 6 6 6 0 . 0 2 0 4 7 8
3 5 % 0 . 0 2 5 5 6 5 0 . 0 2 1 2 9 9 0 . 0 1 9 2 6 2
4 0 % 0 . 0 2 3 8 8 0 0 . 0 1 9 9 3 3 0 . 0 1 8 0 4 6
4 5 % 0 . 0 2 2 1 9 5 0 . 0 1 8 5 6 7 0 . 0 1 6 8 3 0
5 0 % 0 . 0 2 0 5 1 1 0 . 0 1 7 2 0 0 0 . 0 1 5 6 1 4
F o r e x a m p l e : i f y o u a r e i n t e r e s t e d i n a c a r
c o s t i n g R s . 3 0 0 , 0 0 0 f o r a t e n u r e o f 5 y e a r s a n d a r e
w i l l i n g t o p a y a 5 0 % S e c u r i t y D e p o s i t , y o u r m o n t h l y
r e n t a l w o u l d b e ,
R s . 3 0 0 , 0 0 0 X 0 . 0 1 5 6 1 4 = R s . 4 , 8 4 / - p e r m o n t h f o r 5
y e a r s
49
( * * A l l o t h e r c o s t s w i l l b e c h a r g e d a t a c t u a l )
Renta l Ca l cu la t ion fo r used ca rs
S e c u r i t y
D e p o s i t
3 y e a r s 4 y e a r s 5 y e a r s
1 5 % 0 . 0 3 2 5 1 9 0 . 0 2 6 9 9 0 0 . 0 2 4 3 6 4
2 0 % 0 . 0 3 0 8 2 3 0 . 0 2 5 6 1 1 0 . 0 2 3 1 3 5
2 5 % 0 . 0 2 9 1 2 6 0 . 0 2 4 2 3 2 0 . 0 2 1 9 0 6
3 0 % 0 . 0 2 7 4 2 9 0 . 0 2 2 8 5 3 0 . 0 2 0 6 7 6
3 5 % 0 . 0 2 4 5 7 2 0 . 0 2 1 4 7 4 0 . 0 1 9 4 4 7
4 0 % 0 . 0 2 4 0 3 6 0 . 0 2 0 0 9 5 0 . 0 1 8 2 1 8
4 5 % 0 . 0 2 2 3 3 9 0 . 0 1 8 7 1 6 0 . 0 1 6 9 8 9
5 0 % 0 . 0 2 0 6 4 2 0 . 0 1 7 3 3 8 0 . 0 1 5 7 6 0
F o r e x a m p l e : I f y o u a r e i n t e r e s t e d i n a c a r
c o s t i n g R s . 3 0 0 , 0 0 0 f o r t e n u r e o f 5 y e a r s
50
A n d a r e w i l l i n g t o p a y a 5 0 % S e c u r i t y D e p o s i t , y o u r
t o t a l m o n t h l y r e n t a l w o u l d b e :
R s . 3 0 0 , 0 0 0 X 0 . 0 1 5 7 6 0 = R s . 4 , 7 2 8 p e r m o n t h f o r 5
y e a r s
( * * A l l o t h e r c o s t s w i l l b e c h a r g e d a t a c t u a l )
Documentat ion requ i red fo r Car I j a rah
I t i s v e r y e a s y t o a p p l y f o r C a r I j a r a h , j u s t b r i n g
t h e f o l l o w i n g d o c u m e n t s .
C o p y o f C N I C s .
T w o r e c e n t p a s s p o r t s i z e d p h o t o g r a p h s
R e c e n t U t i l i t y B i l l ( E l e c t r i c / G a s / W a t e r ) r e c e i v e d
a t t h e r e s i d e n t i a l a d d r e s s
L a s t S i x M o n t h B a n k S t a t e m e n t
51
L a s t S i x M o n t h B a n k S t a t e m e n t o f B u s i n e s s ( f o r
B u s i n e s s m e n )
C e r t i f i e d / O r i g i n a l c o p y o f R e c e n t P a y s l i p ( f o r
S a l a r i e d I n d i v i d u a l s )
C o p y o f R e n t A g r e e m e n t ( i f a p p l i c a b l e )
How can I app ly?
S i m p l e ! A l l y o u n e e d t o d o i s f i l l o u t a c u s t o m e r
a p p l i c a t i o n f o r m , a t t a c h t h e r e q u i r e d d o c u m e n t s
m e n t i o n e d i n t h e f o r m a n d g e t y o u r f i n a n c i n g
a p p r o v e d i n a 1 - 2 w o r k i n g d a y s . T o e x p e r i e n c e t h e
c o m f o r t o f o u r p e r s o n a l i z e d s e r v i c e s j u s t v i s i t y o u r
n e a r e s t M e e z a n B a n k B r a n c h .
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3. Easy Home .
M e e z a n B a n k ’ s “ E a s y H o m e ”
Y o u r o w n h o m e , t h e R i b a - F r e e w a y .
F i r s t comp le te I s l amic Home F inance Fac i l i t y i n
Pak i s tan!
W e l c o m e t o P a k i s t a n ’ s l o n g a w a i t e d t o t a l l y S h a r i a h -
c o m p l i a n t
H o u s i n g F i n a n c e f a c i l i t y ; a p p r o v e d b y M e e z a n B a n k ’ s
r e n o w n e d S h a r i a h s u p e r v i s o r y B o a r d E a s y H o m e i s
c o m p r e h e n s i v e , a f f o r d a b l e , a n d t o t a l l y h a s s l e - f r e e .
F o r a t M e e z a n B a n k , w e a r e c o m m i t t e d t o m e e t i n g o u r
c u s t o m e r s ’ n e e d s , i n a t r u l y S h a r i a h - c o m p l a i n t
m a n n e r c o u p l e d w i t h d e d i c a t e d s e r v i c e e x c e l l e n c e .
53
Why i s Ha la l home f inance so impor tant to you?
O w n i n g y o u r o w n h o m e i s o n e o f l i f e ’ s m o s t
i m p o r t a n t a c h i e v e m e n t s . I t r e p r e s e n t s y o u r s e c u r i t y ,
s t a b i l i t y , a n d i s a g r e a t b l e s s i n g i n i t s e l f . I t p r o v i d e s
t h a t a l l - i m p o r t a n t s a f e t y a n d c o m f o r t f o r y o u a n d
y o u r l o v e d o n e s . H o w e v e r , i n t o d a y ’ s o f t e n
u n p r e d i c t a b l e a n d c o s t l y e n v i r o n m e n t , s a v i n g t h e
r e q u i r e d m o n e y c a n t a k e a l i f e t i m e i n i t s e l f . R i s i n g
p r o p e r t y p r i c e s , t a x e s , i n f l a t i o n , c u r r e n c y
d e v a l u a t i o n … i t ’ s a l l a v e r y h a r d b a r g a i n . I n t h e o t h e r
h a n d , o w n i n g y o u r o w n h o m e a n d p a y i n g a n e a s y
i n s t a l l m e n t t h a t t a k e s y o u s t e p b y s t e p t o w a r d s
c o m p l e t e o w n e r s h i p , i s s o m u c h b e t t e r t h a n p a y i n g a
r e n t w h i c h u l t i m a t e l y o n l y a d d s t o y o u r e x p e n s e s .
A d d e d t o t h a t i s y o u r d e s i r e t o s t a y a w a y f r o m
i n t e r e s t b a s e d f i n a n c i n g a n d b e t o t a l l y R i b a - F r e e ,
54
t h u s a c h i e v i n g t h a t i n n e r s a t i s f a c t i o n a n d p e a c e o f
m i n d y o u d e s i r e s o m u c h . W h y n o t h a v e t h e b e s t o f
b o t h w o r l d ? I s n ’ t t h a t w h y y o u a r e w o r k i n g s o h a r d
f o r a n y w a y
I s l amic F inanc ing on a D imin i sh ing Musharakah
bas i s
W i t h E a s y h o m e y o u p a r t i c i p a t e w i t h M e e z a n
B a n k i n a j o i n t o w n e r s h i p o f y o u r p r o p e r t y , w h e r e t h e
B a n k w i l l p r o v i d e a c e r t a i n a m o u n t o f f i n a n c i n g –
u s u a l l y u p t o 8 5 % . Y o u a g r e e t o a m o n t h l y p a y m e n t
t o t h e B a n k o f w h i c h a c o m p o n e n t i s f o r t h e u s e o f
t h e h o m e ( r e n t ) , a n d a n o t h e r f o r y o u r e q u i t y s h a r e . I n
f a c t , t h e t o t a l m o n t h l y p a y m e n t i s r e d u c e d r e g u l a r l y
a s y o u r s h a r e i n t o t h e p r o p e r t y g r o w s . W h e n y o u h a v e
m a d e t h e f u l l i n v e s t m e n t t h a t h a d b e e n a g r e e d , y o u
55
b e c o m e t h e s o l e o w n e r w i t h a f r e e c l e a r t i t l e t o t h e
p r o p e r t y .
Easy Home o f fe rs you a comprehens ive so lu t ion :
Easy Buyer – Buy ing a home i s Easy & Ha la l
Easy Bu i lder - Bu i ld ing a home i s Easy &Ha la l
Easy Renovate - Renovat ing a home i s Easy &
Ha la l
Easy Rep lacement - Rep lac ing your ex i s t ing
mor tgage i s Easy & Ha la l
W i t h i n t h e s e w o n d e r f u l o p t i o n s c o m e t h e s p e c i a l
b e n e f i t s o f E a s y H o m e .
F l e x i b l e F i n a n c i n g T a i l o r e d t o S u p p o r t Y o u
H i g h f i n a n c i n g a m o u n t s .
F l e x i b i l i t y t o m a k e p a r t i a l p r e p a y m e n t s .
M i n i m a l p r o c e s s i n g c h a r g e s .
56
V e r y a f f o r d a b l e a n d c o m p e t i t i v e m o n t h l y
p a y m e n t p l a n w i t h a r e g u l a r l y r e d u c i n g r e n t a l
a m o u n t .
Q u i c k P r o c e s s i n g T i m e
A b s o l u t e l y h a s s l e - f r e e . Q u i c k t u r n - a r o u n d - t i m e s ,
w i t h n o b u r d e n s o m e c o m p l e x i t i e s o r e x c e s s p a p e r
w o r k . I t ’ s s i m p l e , H a l a l , a n d e a s y !
C o m e a n d t a k e t h e s t e p t o w a r d s R i b a f r e e
f i n a n c i n g f o r y o u r h o m e , m a d e e a s y w i t h M e e z a n
B a n k ’ s E a s y H o m e !
Easy Home
Buy ing a Home i s Easy & Ha la l !
C h o o s e i t a n d b e r e a d y t o m o v e i n .
M e e z a n B a n k w i l l f i n a n c e u p t o 8 5 % o f t h e a p p r a i s e d
v a l u e o f y o u r n e w h o m e .
57
F l e x i b l e f i n a n c i n g f r o m P K R 3 0 0 , 0 0 0 / - t o P K R 4 0
m i l l i o n .
E a s y s e l e c t i o n o f f i n a n c i n g t e n u r e f r o m 3 y e a r s u p t o
a m a x i m u m o f 2 0 y e a r s .
Easy Bui lder
Bui ld ing a Home is Easy & Hala l !
F o r t h a t s p e c i a l h o m e y o u w a n t t o b u i l d
y o u r s e l f , o r t o h e l p c o n t i n u e c o n s t r u c t i o n y o u m a y
h a v e a l r e a d y s t a r t e d .
M e e z a n B a n k w i l l f i n a n c e u p t o 7 0 % o f t h e a p p r a i s e d
v a l u e o f y o u r h o m e c o s t .
F l e x i b l e f i n a n c i n g f r o m P K R 3 0 0 , 0 0 0 / - t o P K R 4 0
m i l l i o n .
58
E a s y s e l e c t i o n o f f i n a n c i n g t e n u r e f r o m a m i n i m u m o f
2 y e a r s ( e x c l u d i n g c o n s t r u c t i o n p e r i o d o f m a x 1 2
m o n t h s ) u p t o a m a x i m u m o f 2 0 y e a r s .
Easy Renovate
Renovat ing your Home is Easy & Hala l !
M e e z a n B a n k ’ s E a s y R e n o v a t e !
M e e z a n B a n k m a y f i n a n c e u p t o a m a x i m u m o f
8 0 % o f t h e a p p r a i s e d v a l u e o f y o u r e x i s t i n g h o m e
a l r e a d y i n a “ l i v a b l e ” s t a t e .
F l e x i b l e f i n a n c i n g , 3 0 % v a l u e o f t h e p r o p e r t y .
E a s y s e l e c t i o n o f f i n a n c i n g t e n u r e f r o m 2 y e a r s u p t o
a m a x i m u m o f 1 5 y e a r s .
M a x i m u m 6 m o n t h s r e q u i r e d f o r r e n o v a t i o n w o r k .
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Easy Replacement
Replac ing your exist ing mortgage is Easy &
Hala l
R e p l a c i n g a n e x i s t i n g M o r t g a g e f a c i l i t y f r o m a n o t h e r
i n s t i t u t i o n . A p p l i e s t o t h e r e s i d e n t i a l a p a r t m e n t o r
B u n g a l o w .
M e e z a n B a n k c a n F i n a n c e u p t o m a x i m u m 8 5 % f o r
s a l a r i e d p e r s o n s a n d 7 0 % f o r B u s i n e s s p e r s o n s .
F l e x i b l e f i n a n c i n g f r o m P K R 3 0 0 , 0 0 0 / - t o P K R 4 0
M i l l i o n .
Documents Required for Easy Home:
I ncome In fo rmat ion .
Sa la r ied Person :
C o p y o f r e c e n t p a y s l i p / e m p l o y e r l e t t e r .
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E m p l o y e r C e r t i f i c a t e f o r S a l a r i e d e m p l o y e e s
i n c l u d i n g t e n o r , d e s i g n a t i o n & s a l a r y .
L a s t 6 m o n t h s B a n k s t a t e m e n t .
Bus iness person :
C o p y o f m a n a g e m e n t a c c o u n t s ( i f a p p l i c a b l e ) .
B a n k S t a t e m e n t o f B u s i n e s s .
3 Y e a r s P r o o f o f B u s i n e s s ( e . g . T a x R e t u r n / B a n k
C e r t i f i c a t e ) .
P r o f e s s i o n a l A s s o c i a t i o n M e m b e r s h i p
C e r t i f i c a t e / P r a c t i c e L i c e n s e .
P r o f e s s i o n a l D e g r e e s / C e r t i f i c a t e s .
Proper ty Documents :
C o p y o f a l l r e l a t e d P r o p e r t y d o c u m e n t s .
A p p r o v e d B u i l d i n g P l a n .
Process ing Fee :
W i t h A p p l i c a t i o n .
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P r o c e s s i n g f e e 5 , 0 0 0 / -
L e g a l C h a r g e s 5 , 0 0 0 / -
I n c o m e E s t i m a t i o n C h a r g e s 4 , 0 0 0 / -
P r o p e r t y V a l u a t i o n C h a r g e s 3 , 5 0 0 / -
Af te r Approva l :
L e g a l d o c u m e n t a t i o n C h a r g e s .
R s . 1 , 0 0 0 ( U p t o 1 M )
R s . 2 , 5 0 0 ( A b o v e 1 M )
R s . 1 0 , 0 0 0 ( A b o v e 1 0 M ) .
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63
64
Conc lus ion :
F i n a l l y , t h a n k s t o A l l a h , d u e t o H i s b o u n t e o u s
b l e s s i n g , w e b e c o m e a b l e t o c o n t r i b u t e t h i s
c o m p r e h e n s i v e r e p o r t t o w a r d s t h e d e e p k n o w l e d g e o f
o c e a n a l r e a d y e x i s t . H e a r t i s w a r m w i t h l o v e a n d
t h o u g h t s h a v e t u r n e d t o t h e c i t y o f k n o w l e d g e .
B e f o r e j o i n i n g M e e z a n b a n k , w e w e r e t h i n k i n g t h a t
a l l b a n k s e i t h e r I s l a m i c o r C o n v e n t i o n a l w o r k s u n d e r
t h e s a m e p o l i c i e s b u t , a f t e r j o i n i n g t h e M e e z a n B a n k
L t d . w e r e c o g n i z e d t h a t w e w e r e w r o n g . w e d o n ’ t k n o w
a b o u t t h e o t h e r b a n k s b u t I c o u l d s a y c o n f i d e n t l y t h a t
M e e z a n B a n k L t d . i s w o r k i n g u n d e r t h e p o l i c i e s o f I s l a m
a n d t r i e s i t s l e v e l b e s t t o w a r d s t h e I s l a m i c b a n k i n g .
I n t h i s m o d e r n e r a i n t h e c o m p e t i t i o n o f t h o u s a n d s o f
c o n v e n t i o n a l b a n k s M e e z a n B a n k L t d . i s f u l f i l l i n g t h e
c u s t o m e r b a n k i n g n e e d s b e i n g i n t h e “ S H A R I A H ” . B y
t h e g r a c e o f A l l a h , 1 6 6 B r a n c h e s o f M e e z a n B a n k L t d .
a r e s e r v i c i n g t h e c u s t o m e r i n d i f f e r e n t 4 0 c i t i e s .
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“ I w i s h M E E Z A N B A N K s u c c e s s i n i n i t i a t i n g
t h e c a u s e o f R i b a - f r e e b a n k i n g ” .
TERM REPORT
Meezan Bank Ltd
KASHIF AFZAL JUNEJO (FA07-BB-0033)
SYED ARSALAN MANNAN (FA07-BB-0087)
M.MUSSAIB ASIM (FA07-BB-0035)
AHSAN MAQBOOL (FA07-BB-0040)
66
02- Dec – 2009
SUBMITTED TO SIR SHUJJAAT SALEEM
FOR THE COURSE FINANCIAL INSTITUTIONS
Tab le o f Contents
A c k n o w l e d g e m e n t … … … … … … … … … … … … … … … … … … … … 1
E x e c u t i v e S u m m a r y … … … … … … … … … … … … … … … … … … … 2
I n t r o d u c t i o n … … … … … … … … … … … … … … … … … … … … … … . . 3
S h a r i a h B o a r d … … … … … … … … … … … … … … … … … … … … … … 4
67
S h a r e H o l d e r s i n M e e z a n
B a n k … … … … … … … … … … … … … … 5
O u r H e a d O f f i c e … … … … … … … … … … … … … … … … … … … … … 6
I n t r o d u c t i o n t o M e e z a n
B a n k … … … … … … … … … … … … … … . . . 7
( G a r d e n W e s t B r a n c h K a r a c h i )
O b j e c t i v e s … … … … … … … … … … … … … … … … … … … … … … … … 8
S t a f f ( G a r d e n W e s t B r a n c h K a r a c h i )
… … … … … … … … … … … … 9
O r g a n i z a t i o n a l S t r u c t u r e … … … … … … … … … … … … … … . .
… … . 1 0
( G a r d e n W e s t B r a n c h K a r a c h i )
A c c o u n t s o f f e r e d b y M e e z a n b a n k o n
M u d a r a b a h B a s i s … … … … … … … … … … … … … … … … … … … … …
1 1
D o c u m e n t a t i o n O f A c c o u n t s
O p e n i n g … … … … … … … … … … … . 2 1
I n v e s t m e n t C e r t i f i c a t e I s s u e d B y M e e z a n
b a n k … … … … … … . . 2 3
68
P a c k a g e s L a u n c h e d b y M e e z a n
B a n k … … … … … … … … … … … . . 2 5
C o n s u m e r B a n k i n g P r o d u c t s O f f e r e d b y M e e z a n
b a n k … … … . . 3 6
D i f f e r e n c e B / w M u s h a r a k a h &
M u d a r a b a h … … … … … … … … … 3 6
M u r a b a h … … … … … … … … … … … … … … … … … … … … … … … … …
3 7
C a r
I j a r a h … … … … … … … … … … … … … … … … … … … … … … … … . 3 7
W h a t M a k e s C a r I j a r a h U n i q u e ?
… … … … … … … … … … … … … . . 3 8
D o c u m e n t a t i o n R e q u i r e d f o r C a r I j a r a h … … … … … … … … … … . 4 5
E a s y H o m e … … … … … … … … … … … … … … … … … … … … … … … … 4 6
E a s y B u y i n g … … … … … … … … … … … … … … … … … … . 4 8
E a s y b u i l d e r … … … … … … … … … . . … … … … … … … … . . 4 9
69
E a s y R e n o v a t e … … … … … … … … … … … … … … … … … . 4 9
E a s y R e p l a c e m e n t … … … … … … … … … … … … … … … . . 5 0
D o c u m e n t a t i o n R e q u i r e d f o r E a s y h o m e … … … … … … … … … … . . 5 0
B a l a n c e S h e e t o f M e e z a n B a n k … … … . . … … … … … … … … … … … 5 2
P r o f i t & L o s s A c c o u n t M e e z a n b a n k … … … … … … … … … … … … . 5 3
W h a t I L e a r n e d D u r i n g M y I n t e r n s h i p i n M e e z a n B a n k
( G a r d e n W e s t B r a n c h K a r a c h i )
… … … … … … … … … … … … … … … 5 4
C o n c l u s i o n … … … … … … … … … … … … … … … … … … … … … … … … .
5 6
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