products and documentation of meezan bank ltd

8/18/2019 Products and Documentation of Meezan Bank ltd

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Head Office of Meezan bank is located at,

3rd Floor PNSC Building,

Moulvi Taeezuddin !"an #oad !arac"i,

Sind", Pakistan$

Tel% &'()(*+ -*./(0-*.-1'$Fa2% &'()(*+ -*.31

$eezanbank$co

(401 Call Center ***)33*)33*

Visiting Branch

Branc" Manager

S"a"zad Manzoor Butt Cell 5 .3..133*'1'

O6eration Manager Cell 5 .3..-3..*'1

S7ed 8a9as Noor Cell 5 .3.4.'(3('3

Meezan Bank :iited C"ok S"a"eedan Branc" Multan

http://www.meezanbank.com/http://www.meezanbank.com/


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Meezan Bank is publically listed company, frst incorporated on January 27, 1997. It started operations as an Islamic investment

bank in u!ust o" t#e same year, $#ic# #as been licensed by t#e

%&tate Bank o" 'akistan( to operate as an Islamic commercial

bank on )1st January 2**2. &tate Bank o" 'akistan !ranted t#e

nation+s frst "ull-e!ed commercial bankin! license o" Islamic

Bankin! to Meezan bank ltd. It $as a ne$ era in bankin! sector

#istory in 'akistan t#at Meezan Bank ltd ad#eres strictly to t#e

principles o" Islamic aria# $it# absolutely no compromise, and

is reco!nized as 'akistan+s truly premier Islamic Bank. Meezan

Bank is openin! approimately more t#an 1// branc#es in 0*

dierent cities.

In addition t#e %&tate Bank o" 'akistan( itsel" !overns

t#e activities o" Meezan Bank and its are#olders. Meezan bank

ltd #as a stron! Balance s#eet $it# ecellent operatin!

proftability, includin! a capital adeuacy ratio t#at #as placed t#e

Bank at t#e top o" industry, a lon!term entity ratin! o" 3, and as#ortterm entity ratin! o" 13.

'lannin! and mana!in! t#e $ork e4ciency is t#e key "actor o" t#e

Meezan bank+s Mana!ers.

5#e vision o" Meezan Bank is

%6stablis# Islamic Bankin! as bankin! o" frst c#oice(

Introduction


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aria# Board

5#e mission o" Meezan Bank is

%5o be a premier Islamic Bank(

Meezan Bank #as a very #i!#caliber %aria# &upervisory

Board(, comprises o" internationally reno$ned Islamic sc#olars.

5#e %aria# &upervisory Board( re!ularly revie$s t#e bank+s

activities and approves all ne$ products. 5#e bank also #as a

resident aria# advisor. octor Mu#ammad Imran 8smani, $#o

monitors daytoday transactions o" t#e bank. 5#e aria# Board

comprises o" t#e "ollo$in! members Justice :;etd.< Mu#ammad 5ai 8smani :'akistan< c#airman.

r. bdul &attar bu =#udda# :&audi rabia


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Mudarabah

5#is is a kind o" partners#ip $#ere one partner !ives money

to anot#er "or investin! in a commercial enterprise. 5#e investment comes "rom t#e frst partner $#o is called

%;abulMal( :Investorn a!reein! to become an account #older, t#e customer

enters into a relations#ip based on Mudaraba# $it# Meezan

Bank. 8nder t#is relations#ip

• 5#e Bank is t#e Mana!er :Mudarib< o" t#e "unds

deposited by t#e customers.

• 5#e customer is an investor :;abulMal


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5#ese "unds "rom t#e pool are utilized to provide fnancin! to

customers under Islamic modes t#at include, but are not

restricted to Mudaraba# and IEara#.

Prots 5#e !ross income $ill be s#ared bet$een t#e bank :as Mudarib<

and depositors :;abulMal< in a predetermined ratio :F< o" t#e

actual proft ea

Meezan Bank @td oers dierent types o" accounts on Mudaraba#

Basis. 5#ese are as under

;upee Aurrent ccounts

Meezan Bank is placed to oer ;ibaree

current account, a -eible rupee based account t#at is ideal "or

individuals and businesses lookin! "or aria# compliant bankin!

and pro"essionalism bot# under one roo".

5#e Meezan bank current account, is a compre#ensive #alal

met#od o" acuirin! a secure and easily maintainable ;iba "ree

bank account.

Bundled $it# 20G7 and special bankin! services, t#e Meezan bank

current account is an innovative value added account $#ic#

provides customers bot# case o" utility and unmatc#ed services

uality.

Key eatures o the Riba-Free urrent Account

• Instant access o" "unds at any online branc#• ree ;ealtime online bankin! services across our branc#

net$ork nation$ide

• Hisa ebit card

• ree 20G7 internet bankin!

• o restriction on $it#dra$als or number o" transactions


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• o deduction on lo$ balance maintained

• Bank balance certifcates C duplicate statements o" account

• &M& alerts services

• &top payment C old Mail instructions

• 20G7 Aall center $it# complete p#onebankin! services• 'ersonal fnancial consultancy services

• &pecialized K to K bankin! at selected branc#es

Ru!ee sa"in# Accounts

uniue bank account t#at oers t#e opportunity to earn alal

profts, $#ile enEoyin! a ran!e o" added benefts. It can be

opened $it# a minimum amount o" only ;s. 1*,***. 5#e proft

on t#is account is calculated and paid on a mont#ly basis, andcomes $it# a variety o" "ree benefts, no restrictions on

transactions, priority bankin! and more.

Key eatures

part "rom frst class service and personalized attention t#at

our customers !et $#en t#ey bank us, $e oer t#e "ollo$in!

additional convenience

• 'roft $ill be calculated on daily product basis

• istribution o" profts mont#ly basis

• Instant access to "unds at any online branc#

• ree online bankin! services at all Meezan bank branc#es

nation$ide


• Bank Balance certifcates and duplicate statement o"

account

• &top payment and #old mail instructions• Hisa debit card

• 20G7 call center $it# complete p#onebankin! services

• 'ersonal fnancial consultancy services

• &pecialized K to K bankin! at selected branc#es


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KMA $Karobari Munaa Accounts%

?arobari Muna"a is a #i!# proft savin! accounts specifcally

tailored "or lar!e corporate or =op controlled entities. It allo$s

customers to earn #i!#er returns on surplus cas# balances. It #asno preset transactions limits and comes $it# a variety o"

packa!ed benefts.

Key eatures

• 'roft $ill be calculated on daily product basis

• Minimum balance reuirement "or account openin! is ;s.

1 Million


• ree "acilities, c#eue books and pay orders

• edicated accounts G relations#ip mana!er

• 5#e ?arobari Muna"a accounts $orks under t#e principles

o" Mudaraba# and is strictly in con"ormity $it# t#e rules o"

Islamic aria#. 'roft calculations and all bankin!

transactions are in strict ad#erence to t#e Islamic aria#,

monitored by our aria# advisor and t#e aria#

&upervisory Board.

MBA $Meezan Bachat Accounts%

Meezan Bac#at ccounts is a uniue savin! account t#at provides

#i!# mont#ly returns $it# t#e -eibility to $it#dra$ savin!s i"

needed. 5#us Meezan Bac#at ccount oers a #i!#er epected

rate o" return t#e conviences o" a savin! account.

Dit# a Meezan Bac#at account, customers are entitled "or a

#i!#er t#e proft $it# a #i!#er account balance. Austomersreceive proft even i" your balance "alls belo$ ;s. 2L,***G in any

mont#. 'roft is credited to customer account every mont# and is

calculated $it# re"erence to t#e minimum balance maintained in

t#e account durin! t#e precedin! mont#.

Key Features


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6nEoy a ran!e o" valuable "eatures includin!

• alal C i!# competitive returns

• 'roft payment on mont#ly basis open "or individuals only

•

Minimum balance "or account openin! is Eust ;s. 2L,***G• Maimum balance limit "or !ettin! #i!#est proft rate is ;s.

1*,**,***G

• Daiver o" application "ee "or car IEara# C 6asy ome "or

accounts $it# minimum balance o" ;s. L**,***

• ree realtime online Bankin! services at all Meezan Bank

branc#es nation$ide

• ree bank balance certifcates

• Hisa ebit Aard


• 20G7 internet Bankin! "ree and instant access to your

account:s< anytime C any$#ere


• &pecialized K to K Bankin! at selected branc#es

&S 'ollar Sa"in# Account

Meezan bank is pleased to oer riba"ree dollar savin! account , a

"orei!n currency based investment opportunity t#at is set up on

t#e principal o" aria# and as a result is "ree "rom t#e element o"

interest.

Dit# a minimum o" only N1** you can open a dollar savin!

account $it# us a under a Mudaraba# arran!ement t#at is strictly

in con"ormity $it# t#e principles o" Islamic aria#. 5#e return

earned on t#e Mudaraba# pool is calculated every mont# and t#eproft ratio "or all investors is declared at t#e be!innin! maintain a

minimum avera!e mont#ly balance o" N L**, customer investor is

declared at t#e be!innin! o" t#e mont#. I" customer maintains a

minimum avera!e mont#ly balance o" N L**, customer s#all be


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eli!ible to receive proft t#at s#all be credited to customer+s

account every mont#.

Key Features

part "rom frst class services and personalized attention t#at

Meezan bank customers !et $#en t#ey bank us. Meezan Bank

oers t#e "ollo$in! additional conviences to t#eir customers

• Mot#ly proft payment



• 5akin! stop payment instructions• Issuance o" duplicate statement o" account


Meezan Business Plus - MBP

Meezan Business 'lus is a Mudaraba#based account t#at allo$s

customer to conduct your bankin! transactions $#ile availin! a

$ide ran!e o" "ree services and t#ere"ore provides you t#e ideal

blend o" convenience C -eibility t#at you deserve in Islamicbankin!.

Meezan business plus account can be opened by

• Individuals

• &ole proprietors#ips

• 'artners#ips

• @imited companies

Key Features

• Minimum investment is reuired to open an account is ;s.

1**,***G

• 5#ere is no deduction o" service c#ar!es i" t#e balance

maintained is lo$


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• 5#ere is no restriction on $it#dra$als or number o"

transactions

• Oou $ill #ave instant access to your account bot# t#rou!#

internet bankin! and t#rou!# online bankin! at all branc#es

o" Meezan bank across 'akistan

5#e "ollo$in! "acilities $ill be provided "ree o" c#ar!eP i" an

vera!e Mont#ly Balance o" ;s. 1**,***G is maintained in t#e

account

• ree c#eue books

• ree pay orders

• ree HI& ebit Aard

• ree account statements• ree online Bankin!

• ree internet Bankin!

• ree #old mail "acility

• ree &M& lert services

• ree intercity clearin!

Meezan (sla)ic (nstitution 'e!osit Account $M(('A%

5#e Meezan Islamic institution eposit account :MII< is auniue product, tailored eclusively "or Islamic inancial intuitions

:IIs


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5#e banks proft s#arin! ratio is L*F o" !ross income and

depositor+s proft s#arin! ratio is L*F o" =ross Income, calculated

a"ter deductin! costs and epenses directly incurred in drivin!

t#at Income. 5#e $ei!#ta!es are available on t#is $ebsite or can

also be obtained upon reuest. 5#e bank, at t#e time o" proftdeclaration, at its sole discretion may !ive additional proft to

depositors "rom its o$n proft s#are. In t#e case o" a loss, and as

per t#e rules o" Mudaraba#, t#e deposit pool s#all bear t#e loss on

a appropriate basis.

Key Features

5#e "eatures and mec#anics o" t#e product are detailed belo$

providin! a readymade solution ensurin! #i!# returns, easyaccessibility, total stability, and absolute aria# compliance.

c#eckin! account only available "or IIs

eposits invested under a Mudaraba# arran!ement

Minimum investment amount '?; 1,**,**,***G or multiples

t#ereo"

Maimum investment amount '?; 1 billion

Dit#dra$als o" "unds

20 #rs. notice "or '?; L*2**M deposit

Labbaik Sa"in# Aasaan-LSA

Meezan Bank is a completely alal C ;iba ree aEE C 8mra#

product.

?eepin! your convenience in mind, Meezan Bank 8mra# &c#eme

#as been launc#ed in collaboration $it# reno$ned 5ravel !ents.

Meezan bank is actin! as sales C "unds collectin! a!ents o" t#e

5ravel !ents.

Key Features

• ;eno$ned 5ravel !ents on Meezan bank panel


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• 'acka!es "or dierent durations C acilities are available

• Aomplete Hisa processin! by selected 5ravel a!ent

• Aonfrmed returned airline tickets on any airline

• Aomplete accommodation in otels in aram

• &pecial Meet C ssist services at airport• Installment plan available "rom Meezan Bank

*% Individual ccounts

+% Joint ccounts,%Minor ccount%&ole proprietors#ip ccounts.% Illiterate Austomer ccount/%'artners#ip ccount0%@imited @iability Aompanies ccounts1%ssociations, Aommittee, &ocieties or club ccounts2%on;esident ;upees ccounts*3% 5rust ccounts :$it# prior permission "rom >'<

**% 6ecutors, dministrators ccounts :$it# priorpermission "rom >'<*+% @ocal Bodies ccounts*,% &pecial convertible ;upees ccount :&A;<*% &ta ccounts

(ndi"idual Accounts

ccounts o" individual, $#o are resident or non

resident, are to be opened under t#is cate!ory.

4oint Accounts

5hese all current and sa"in# accounts can be o!ened in any

cate#ory o the ollo6in# ty!es o accounts


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Joint account is an account in t#e names o" t$o or

more persons :ot#er t#an partners o" trustees :ccounts

>penin! orm


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Bankin! c#ar!es and epenses incurred in connection $it# t#is

account

dditional care must be taken $#ile openin! o" sole proprietor

account. Beside ot#er documents t#e customer s#ould be ask toproduce t#e ori!inal 5 :ational 5a umber< certifcate issued

to #is name in t#e capacity as sole proprietor o" said frm.

(lliterate usto)er Account

5#ese types o" accounts ate opened only "or t#ose persons $#o

are illiterate. 5#is account is also kno$n as 7Photo Account89

t#at durin! openin! t#is account $e paste t#e current passport

size p#oto!rap#s $it# > :ccount >penin! ormperation.

Partnershi! Accounts

'artners#ip is an association o" t$o or more persons $#o #ave

a!reed to s#are profts o" a business carried on by all or by any

one o" t#em actin! "or all. 5#e terms and conditions must be

spelled out in t#e %'artners#ip eed( "ormally a!reed upon

amon! partners by incorporatin! t#e same in t#e eed.

It s#ould ensure t#at

• ccounts o" only ;e!istered 'artners#ip concerns $ill be

opened and t#e %partners#ip eed( $ill be obtained and

critically revie$ed.

• 5#e > must be si!ned by all partners in t#eir capacity as

individual and not as member o" t#e partners#ip.

• 5#e si!nin! and declaration o" po$er o" t#ose aut#orized to

operate t#e account s#ould be clearly stated on t#e >

documentation in accordance $it# t#e partners#ip eed. Li)ited Liabilities co)!any Accounts


15/23

5#ere are t$o types o" limited companies i.e. 'ublic @imited and

'rivate @imited. 5#e public and 'rivate @imited companies are

bot# incorporated and !overned under t#e provisions o"

company+s ordinance 19K0.

limited liability company may be open an account $it# t#e Bank

only i" it is aut#orized to do so by a resolution o" t#e Board o"

irectors o" t#e company.

urt#ermore, suc# resolution must speci"y t#e titles G desi!nation

o" t#e o4cials aut#orized to open and operate t#e account, t#e

etent o" t#eir aut#ority and t#e manner in $#ic# t#e account $ill

be operated.

Association9 o))ittee9 Societies or lub Accounts etc

ssociation, Aommittee, &ocieties or Alub may open an account

$it# t#e bank only i" aut#orized to do so by t#e !overnin! Body o"

t#e said ssociation G committee G &ociety or Alub.

ccount o" t#e ssociation, Aommittee, &ocieties or Alub s#ould

not be allo$ed to be overdra$n. o c#eue dra$n on t#e

accounts o" t#e ssociation, Aommittee, &ocieties or Alub s#all be

collected "or t#e credit o" personal G private accounts o" any o" t#e

>4ceBearers o" ssociation, Aommittee, and &ocieties or Alub.

:on-Residential Ru!ees Accounts

ccounts o" individuals, irms or Aompanies $#o are resident in

countries outside o" 'akistan and all nationals o" 'akistan and

persons domiciled in 'akistan, $#o visit abroad "or t#e purpose o"

employment, study and business etc., are treated as on

residents as lon! as t#ey remain outside 'akistan. ccounts o" all

"orei!n nationals $#o are resident in 'akistan may be treated as

;esident ccounts.


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5rust Accounts

trust ccount may be opened eceptionally $it# t#e prior

approval o" ead o" >perations. 5rust ccounts may only be open

"or parties $#ose inte!rity and standin! is beyond any doubt.Be"ore sendin! t#e > :ead >4ce< BM :Branc# Mana!er< and

Mo :Mana!er >peration< $ill !o t#rou!# t#e %5rust eed( to

ensure t#at no undue onus is placed on t#e Bank.

;


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currency account maintained by t#e nonresident investor in

'akistan. 5#e balance available t#ere in can be used "or purc#ase

o" any s#are uoted on t#e &tock 6c#an!e. Branc#es $ill be

reuired to submit $eekly statement in t#e prescribed 'er"orma

:H92< o" 6 Manual s#o$in! t#e position in respect o" &A;accounts as on eac# &aturday.

Staf Accounts

&tas can open only one savin! or current account sin!ly or

Eointly $it# #is G #er spouse at t#e time o" appointment in t#e

respective branc# o" Meezan Bank @imited. 5#e account $ill be

opened "or t#e purpose o" salary disbursement :like salary, bonus,

increments, allo$ance or any "orm o" reimbursement "romMeezan Bank @imited a!ainst services rendered by employee.

*= (ndi"idual accounts>

• Aopy o" AIA

• ny proo" o" Income :salary slipG 5<

• ny 8tility Bill :"or ddress Herifcation<

+= Pro!rietorshi! Account

• Aopy o" AIA

• 'roo" o" proprietors#ip :5 Aertifcate<

• ). ccount >penin! ;euest C 'roprietors#ip letter on irms

@etter ead

• ny 8tility Bill :"or ddress Herifcation<

'ocu)entation o ?!enin# an Account


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,= Minor Account

• Aopy o" AIA o" =uardian

• Aopy o" Birt# Aertifcate

•

AIA copy o" =uardian

= Partnershi! Accounts

• ;e!istered 'artners#ip eed :Aertifed Aopy


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• 8ndertakin!s to immediate in"orm t#e bank in $ritin!

about any c#an!es in Mana!ement AommitteeG

ut#orized persons.

:?5; 5#ese all documents are reuired ori!inal, bank itsel"

!et t#e p#otocopy o" t#ese documents.

ouse$ivesG&tudentsG;etired 'ersonal ocuments as reuested

by branc#.

Musharakah

Mus#araka# is t#e type o" 'artners#ip in $#ic# bot# t#e partners

invest eually, and s#are t#eir proft C losses eually.

'(FF;R;:; B@ M&SARAKA C M&'ARABA

Musharakah

• In Mus#araka# bot# parties invest

• Bot# parties $ork

• In Mus#araka# t#e proft and losses s#ared eually.

Mudarabah

• In Mudaraba# one party invest :;abulMal< and ot#er party

$ork :Mudarib<

• 'roft is s#ared as per a!reed ratio

• In case o" Mudaraba# all losses are borne by ;abul Mal

A>&8M6; B?I= ';>8A5& >6;& BO M66Q B?

@5. > M8&;? B&I&


20/23

?:S&M;R BA:K(:D PR?'&5S

Aonsumer Bankin! 'roducts are

1< Muraba#2< Aar IEara#)< 6asy ome0<

Meezan Bank Murabah

Muraba# is t#e type o" s#ort term fnancin! in $#ic# Bank is t#e

o$ner o" product and purc#ases t#at "or t#e customer. @ike ot#er

banks Meezan bank is not providin! t#e loan to t#e customer, buti" t#ey need any type o" product like Mac#inery etc "or #is use.

Bank #as no epertise, so banks make t#e a!ent to t#at person,

#e $ill buy #imsel" and t#en #and it over to t#e bank. 5#en bank

$ill !ive #im on cost plus proft. I" durin! buyin! any type o"

sudden accident occurs, t#e $#ole loss $ill be borne by t#e bank

because t#e bank is o$ner o" t#at material.

Meezan Bank ar (Earah

Aar IEara# is 'akistan+s frst %Interest ree( car fnancin! based on

Islamic fnancin! mode o" IEara# or Islamic leasin!. 5#is product is

ideal "or interest adverse individuals, lookin! "or a car fnancin!

t#at provides t#e convenience o" a $ell desi!ned product $#ile

avoidin! an interest based transaction.

Aar IEara# is simply a rental a!reement under $#ic# t#e car $ill

be !iven to t#e customer on rent "or a period, a!reed at t#e time

o" t#e contract. Meezan Bank purc#ases t#e car and rents it out to

t#e customer "or a period o" ), 0 or L years. 8pon completion o"

t#e lease period #e customer !ets o$ners#ip o" t#e car a!ainst

#is initial security deposit.


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Aar IEara# is uniue and is approved by Meezan Banks aria#

Board

Aar IEara#, desi!ned under t#e supervision o" Meezan Banks

aria# &upervisory Board, is uniue to car leasin! "acilitiesprovided by ot#er banks. ;i!#ts C liabilities o" >$ner vGs 8ser

n Islamic IEara# is an assetbased contract, i.e. t#e lesser s#ould

#ave o$ners#ip o" t#e asset durin! t#e period o" t#e contract.

8nder Islamic aria#, all o$ners#ip related ri!#ts and liabilities

s#ould lie $it# t#e o$ner $#ile all usa!erelated ri!#ts and

liabilities s#ould lie $it# t#e user. conventional lease contract

does not distin!uis# bet$een t#e natures o" t#ese liabilities and

places all liabilities on t#e user o" t#e asset, contradictory toIslamic aria#. 8nder IEara#, all o$ners#iprelated risks lie $it#

t#e Bank $#ile all usa!e related risks lie $it# t#e user, t#us

makin! t#e @esser t#e true o$ner o" t#e asset and makin! t#e

income !enerated t#rou!# t#e contract permissible :alal< "or t#e

Bank

Aar (Earah, 'akistan+s irst Islamic Aar inancin!

s a step to$ards Meezan Bank+s mission to provide a onestop

s#op "or innovative value added aria# compliant products,

Meezan Bank+s Aar IEara# unit provides a car fnancin!, based on

t#e principles o" IEara# and is "ree o" t#e element o" interest.

Aar IEara# is 'akistan+s frst Interest ree car fnancin! based on

t#e Islamic fnancin! mode o" IEara# :Islamic leasin!


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period o" ) to L years, a!reed at t#e time o" t#e contract. 8pon

completion o" t#e lease period t#e customer !ets o$ners#ip o"

t#e car a!ainst #is initial security deposit.

Meezan Bank ;asy o)e $house nancin#%

6asy ome is 'akistan+s frst totally aria#compliant ome

inance "acilityR >ne t#at is compre#ensive, aordable, and totally

#assle"ree. or at Meezan Bank, $e are committed to meetin!

our customers+ needs, in a truly aria#compliant manner

coupled $it# dedicated service ecellence.

hy is alal ho)e nance so i)!ortant to you

>$nin! your o$n #ome is one o" li"e+s most important

ac#ievements. It represents your security, stability, and is a !reat

blessin! in itsel". It provides t#at allimportant sa"ety and com"ort

"or you and your loved ones.

o$ever, in todaySs o"ten unpredictable and costly environment,

savin! t#e reuired money can take a li"etime in itsel". ;isin!property prices, taes, in-ation, currency devaluationT it+s all a

very #ard bar!ain. >n t#e ot#er #and, o$nin! your o$n #ome and

payin! an easy installment, $#ic# takes you step by step to$ards

complete o$ners#ip, is so muc# better t#an payin! rent $#ic#

ultimately only adds to your epenses.

dded to t#at is your desire to stay a$ay "rom interest based

fnancin! and be totally ;iba"ree, t#us ac#ievin! t#at complete

inner satis"action and peace o" mind. D#y not #ave t#e best o" bot# $orldsU IsnSt t#at $#at you are $orkin! so #ard "or any$ayU

(sla)ic Financin# on a 'i)inishin# Musharakah basis


23/23

Dit# 6asy ome you participate $it# Meezan Bank in a Eoint

o$ners#ip o" your property, $#ere t#e Bank $ill provide a certain

amount o" fnancin! :usually up to K*F

products and documentation of meezan bank ltd

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