Report - Meezan Bank
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Transcript of Report - Meezan Bank
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8/8/2019 Report - Meezan Bank
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Meezan BankThe Premier Islamic Bank
Group Members
Murtaza Asgher Ali
Naeem Ahmed
Yousuf Hatim Taherali
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Introduction to Meezan Bank Ltd
Meezan was established as an islamic investment bankin 1997 as al meezan investment bank ltd. After thesuccessful completion and great struggle first islamiccommercial banks license was awarded to al Meezan
investment bank in year 2002, to start the commercialbanking facilities they bought the local operations ofsocite general (French bank) 03 branches and startedthe commercial islamic banking in the country.
Meezan Bank bears the critical responsibility of leading
the way forward in establishing a stable and dynamicIslamic Banking system replete with dynamic andcutting-edge products and services
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Present Situation of the
Organization 2008With 166 Branches (including 35 sub-branches) in 40 cities acrossPakistan, Meezan Bank is clearly positioned as the leading IslamicBank in the country. Work starts on the construction of MeezanBanks new Head Office building.The financing and investment
portfolio of local Islamic banks reached Rs. 185 billion in December2008 compared to Rs. 137.6 billion in December 2007. Market sharein the overall banking increased to five per cent at end December2008 compared with four per cent at end December 2007. Totalassets ofIslamic banking reached Rs. 271.1 billion in December2008 compared to Rs. 205.2 billion in December 2007.
2009
Branch network of six dedicated Islamic banks increases to 480branches (including sub branches) with Meezan Bank having a 42%share of the Islamic Banking branch network in country with201branches in 54 cities across the country. Islamic bankings sharegrows to over 5.5% of the total Banking industry
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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.
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Mission
To be a premier Islamic bank, offering a one-stop
shop forinnovative value added products and
services to ourcustomers within the bounds of
Shariah, while optimizing the stakeholders valuethrough an organizational culture based on learning,
fairness, respect forindividual enterprise and
performance
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Shariah Advisory Board
The letter and spirit ofIslamic Banking rest upon absoluteadherence to the Shariah. The foundations of a strong Shariahunderpinning at Meezan Bank were laid from the beginning
The primary role of this board is to maintain and further strengthenthis commitment and to ensure strict Shariah compliance in all theBank's operations.
The members of the Board are:
Justice (Retd.) Muhammad Taqi Usmani (Chairman)
Dr. Abdul Sattar Abu Ghuddah
Sheikh Essam M. Ishaq Dr. Muhammad Imran Ashraf Usmani (Advisor)
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Departments & the Products
Offered
There are 5 main departments at the
branch:
Customer Services Department Operations Department
Credit Department
Trade Finance Department Cash Department
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Customer Services Department
Account opening and closing is the function of customer servicesdeptt. The banks customers includes individuals (single or joint),firm (partnership/proprietorship), Autonomous corporations, Limitedcompanies, Charitable Institutions, associations, EducationalInstitutions or local bodies.
Brief Explanation of these accounts is as follows:
Products offered by this department:
Riba Free Rupee Savings Account Current account
Saving Account
Riba Free Dollar Savings Account Foreign Currency Account
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Operations Department
FUNCTIONS PERFOMED:
CLEARING
Inward clearing
Outward clearing
REMITTANCE
Pay order
Demand drafts
Inward collection
Outward collection
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Cash Department
The cash department is the mostimportant department of the bank. Itreceives cash from customers and then
deposits it into the accounts of thecustomers and maintained their balances.
In cash department following books are
maintained.Scroll bookPaying book
Cash balance book
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Credit / Finance Department
Islamic Financing for the following:
Corporate
SME Personal
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Suggestion & Recommendations
Expanding their business by establishing new branches in thoseareas which are near to the business area.
MBL has the option to increase its customers through efficientmarketing system.
The bank must hire the efficient marketing personnel.
MBL must take part in heavy advertisement as the people becomeaware of the Islamic banking System.
Bank should provide management training to their employees.
Bank should develop healthy relation to their customers.
MBL should give more compensations and benefits to its employeesand other workers for the improvement in the performance. Because
it leads to the improvement of overall banks performance.
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Conclusion
Islamic banking is a very young concept. Yet it has already been implemented as theonly system in two Muslim countries; there are Islamic banks in many Muslimcountries and a few innon-Muslim countries as well. Despite the successfulacceptance there are problems. These problems are mainly in the area of financing.
With only minor changes in their practices, Islamic banks can get rid of all theircumbersome, burdensome and sometimes doubtful forms of financing and offer aclean and efficient interest-free banking. All the necessary ingredients are already
there. The modified system will make use of only two forms of financing loans with aservice charge and Mudaraba participatory financing both of which are fully acceptedby all Muslim writers on the subject.
Such a system will offer an effective banking system where Islamic banking isobligatory and a powerful alternative to conventional banking where both co-exist.
Additionally, such a system will have no problem in obtaining authorization to operateinnon-Muslim countries.
Participatory financing is a unique feature ofIslamic banking, and can offer
responsible financing to socially and economically relevant development projects.This is an additional service Islamic banks offer over and above the traditionalservices provided by conventional commercial banks.