Meezan Bank to provide Sharia advisory to Australian financial firm
Meezan Bank Limited's officials will engage in exporting their expertise of Shariabased banking in overseas starting with Australian financial service provider, official source said.
The bank has signed an agreement with Islamic Cooperative Finance Australia Limited (ICFAL), an Islamic finance entity incorporated under Cooperatives Act of Australia, for extending Shariah technical services and support to review existing products and introduce new Shariah-compliant products.
Under this arrangement, Meezan Bank will support ICFAL by sharing its expertise, knowledge and experience in the areas of Islamic finance such as product development, Shariah controls, training, Shariah audit and other related Shariah technical services and support.
The bank is quite active in expanding its operations, businesses and investments in multiple countries besides local market not only to tap unexplored and emerging market but to cater available opportunities emerging worldwide.
Its ongoing acquisition exercise of HSBC Oman will also help the Shariah-based bank to build its image outside country where it is already a leading Islamic bank with impressive and growing share in the whole industry.
The bank is also active in providing service of financial advisory to local financial companies. For instance, it extended Shariah technical services for Takaful industry by signing an agreement with Premier Insurance Limited (PIL) a conventional insurance company, for establishing Takaful window operations.
Under this arrangement, Meezan Bank will provide one window solution to PIL for introducing Takaful window operations which includes development of Shariah supervisory framework, product development, developing a strategic business plan, capacity building, developing Shariah policies and internal controls and manuals for Shariah compliance as well as providing investments guidelines and Shariah audit guidelines.
The advisory services of the bank are getting expanded to earn revenues under nonfinancing business which will contribute to significant share in the overall bottomline of the bank.
Meezan Bank posted a profit of Rs. 2.67 billion profit for the half year ended June 30, 2015 with deposits increased by 14% from Rs. 380 billion in December 2014 to Rs. 435 billion in June 2015. The management of the Meezan Bank has continued to widen its branches network to 550 by 2015-end in the highly attractive business locations across the countries including cities having potential to get tapped market with products of Shariah complaints.