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Business Strategy

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Submitted By saadalam95
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National College of Business Administration & Economics (NCBA&E)

Business Strategy
Assignment: Detailed Analysis of Islamic Banking in Pakistan.
Submitted By:
Saad Alam
2151407
Submitted To:
Sir Qayyum Qureshi

| | | | | Type | Public Limited | Traded as | KSE: MEBL | Industry | Islamic Banking, Commercial Banking | Founded | 1997 | Headquarters | Karachi, Pakistan | Products | Murabaha, Ijarah, Diminishing Musharakah, VISA Debit Card, Saving Accounts, Consumer Banking etc. | Number of employees | 7,000 - 2014 | Slogan | The Premier Islamic Bank | Website | www.meezanbank.com | |
PROFILE:Meezan Bank (Urdu میزان بینک) is the first and largest Islamic commercial Bank of Pakistan. The Bank is headquartered in Meezan House - Karachi, Pakistan. It has a network of over 490 branches in more than 100 cities of Pakistan. It commenced operations in 2002 when State Bank of Pakistan issued first-ever license for Islamic commercial banking. The Bank has a market share of 35% in Islamic banking industry of the country.JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, has rated the Bank’s short term rating at A1+ (A-One Plus), the highest standard in short term rating, and the long-term entity rating at AA (Double A) with “Stable” outlook, making it the only Islamic bank with AA credit rating in the Islamic banking industry of Pakistan. | | HISTORY:The founder of Pakistan, Quaid-e-Azam Mohammed Ali Jinnah while delivering speech at the opening ceremony of State Bank of Pakistan on July 1, 1948, stated:
"We must work our destiny in our own way and present to the world an economic system based on true Islamic concept of equality of manhood and social justice."The statement serves as the concept of Islamic banking by the founding father of the nation that was created in the name of Islam in 1947. * 1991: Procedure adopted by banks in 1985 was declared un-Islamic by the Federal Shariat Court (FSC). The Government and some banks/DFIs made appeals to the Shariat Appellate Bench (SAB) of the Supreme Court of Pakistan. * 1997: Al-Meezan Investment Bank is established with a mandate to pursue Islamic Banking. Mr. Irfan Siddiqui appointed as first and founding Chief Executive Officer. * 1999: The Shariat Appellate Bench of the Supreme Court of Pakistan rejects the appeals and directs all laws on interest banking to cease. The government sets up a high level commission, task forces and committees to institute and promote Islamic banking on parallel basis with conventional system. * 2001: The Shariah Supervisory Board is established at Al-Meezan Investment Bank led by Justice (Retd.) Muhammad Taqi Usmani as Chairman. State Bank of Pakistan sets criteria for establishment of Islamic commercial banks in private sector and subsidiaries and stand-alone branches by existing commercial banks to conduct Islamic banking in the country. * 2002: Meezan Bank acquires the Pakistan operations of Societe Generale and concurrently Al Meezan Investment Bank converts itself into a full-fledged Islamic commercial bank. The first Islamic banking license is issued to the Bank and it is renamed Meezan Bank. * 2003: Meezan Bank establishes itself as the pioneer of Islamic Banking in Pakistan and quickly establishes branches in all major cities of the country. A wide range of products are developed and launched consolidating the Bank’s position as the premier Islamic Bank of the country Al Meezan Investment Management Limited (AMIM), the asset management arm of Meezan Bank, introduces Meezan Islamic Fund (MIF), the country’s first open-end Islamic Mutual Fund. * 2004: The State Bank establishes a dedicated Islamic Banking Department (IBD) by merging the Islamic Economics Division of the Research Department with the Islamic Banking Division of the Banking Policy Department. A Shariah Board has been appointed to regulate and approve guidelines for the emerging Islamic Banking industry. The Government of Pakistan awards the mandate for debut of international Sukuk (Bond) offering for USD 500 million. The offering is a success and establishes a benchmark for Pakistan. Meezan Bank acts as the Shariah Structuring Advisor for this historic transaction. * 2006: 62 branches in 21 cities * 2007: Bank’s branch network reached the milestone number of 100 branches. The Bank introduced Istisna' financing to cater to the working capital needs of customers. * 2008: Meezan Bank introduced Tijarah financing to allow customers to raise funds for financing of stocks of finished goods. * 2009: The branch network reached 201 branches (including sub-branches) in 54 cities nationwide. * 2010: The Bank developed Meezan Business Plus, a Mudaraba-based account that offers an array of free services for businesses, Meezan Euro Savings Account and Meezan Pound Savings Account. Bank’s branch network reached 222 branches in 63 cities across Pakistan. * 2011: The inauguration of the new Head office in Karachi. During the year, 53 branches were opened to reach a landmark of 275 branches in 83 cities across Pakistan. * 2012: Completed 10 years of operations. * 2013: Over 350 branches in over 100 citiesOn 18 October 2014, the Bank acquired the HSBC Pakistan operations. After conversion of the business and branches of HSBC Pakistan to Meezan Bank; the HSBC Pakistan Accounts and Term Deposit Receipts (TDRs) converted to Meezan Bank accounts and Certificates of Islamic Investments (COIIs).SUCCESS STORY :Meezan Bank has established over 285 branches in over 80 cities across Pakistan. This is a milestone that is not only the success story of Meezan Bank but also the continuing success story of Islamic banking in Pakistan. With this extensive network, our existing and potential customers are now closer than ever in benefiting from Islamic Banking at their doorstep. All branches provide real-time online banking facilities to customers. DIFFERENCE BETWEEN ISLAMIC & CONVENSIONAL BANKING: Conventional Banking | Islamic Banking | Money is a commodity besides medium of exchange and store of value. Therefore, it can be sold at a price higher than its face value and it can also be rented out. | Money is not a commodity though it is used as a medium of exchange and store of value. Therefore, it cannot be sold at a price higher than its face value or rented out. | Time value is the basis for charging interest on capital. | Profit on trade of goods or charging on providing service is the basis for earning profit. | Interest is charged even in case the organization suffers losses by using bank’s funds. Therefore, it is not based on profit and loss sharing. | Islamic bank operates on the basis of profit and loss sharing. In case, the businessman has suffered losses, the bank will share these losses based on the mode of finance used (Mudarabah, Musharakah). | While disbursing cash finance, running finance or working capital finance, no agreement for exchange of goods & services is made. | The execution of agreements for the exchange of goods & services is a must, while disbursing funds under Murabaha, Salam & Istisna contracts. | Conventional banks use money as a commodity which leads to inflation. | Islamic banking tends to create link with the real sectors of the economic system by using trade related activities. Since, the money is linked with the real assets therefore it contributes directly in the economic development. | |

STRATEGIC VISION:

The main strategies will focus in the following key reform areas:

* ENABLING POLICY ENVIRONMENT Enabling legal, regulatory, supervisory, liquidity management framework, taxation regime and financial accounting & reporting framework

* SHARIAH GOVERNANCE & COMPLIANCE The focus in this area will remain on standardization and harmonization of Shariah practices, as well as on creating distinct Islamic banking products and services.

* AWARENESS & CAPACITY BUILDING Efforts will be made for coordination and collaboration amongst internal and external stakeholders, enhancing awareness about Islamic finance, and building capacity of the stakeholders

* MARKET DEVELOPMENT Initiatives will be undertaken for product diversification and financial inclusion with the collaboration of stakeholders

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