Meezan Bank to pro­vide Sharia ad­vi­sory to Aus­tralian fi­nan­cial firm

The Pak Banker - - FRONT PAGE - Muham­mad Yasir

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.

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