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Meezan Bank: Annual Report 2017
Meezan Bank: Annual Report 2017
Amanah, Aqd, Arif, Fatwa, Fiqh, Halal, Infaq, Islam, Islamic banking, Kafalah, Mudarib, Mufti, Murabaha, Musharakah, Riba, Salam, Shariah, Shariah advisor, Shariah compliant, Shirkah, Sukuk, Takaful, Wakalah, Waqf , Zakat, Usufruct, Al-'aqd, Credit Risk, Mannan, Mudarabah Certificate, Net Assets, Participation, Provision, Receivables, Reserves, Restricted Investment Account, Sales, Specific Provision, Tijarah
Amanah, Aqd, Arif, Fatwa, Fiqh, Halal, Infaq, Islam, Islamic banking, Kafalah, Mudarib, Mufti, Murabaha, Musharakah, Riba, Salam, Shariah, Shariah advisor, Shariah compliant, Shirkah, Sukuk, Takaful, Wakalah, Waqf , Zakat, Usufruct, Al-'aqd, Credit Risk, Mannan, Mudarabah Certificate, Net Assets, Participation, Provision, Receivables, Reserves, Restricted Investment Account, Sales, Specific Provision, Tijarah
- Balance balance && Harmony Harmony While our planet Earth continues to move at the same speed, day after day, year after year; our lives move ever faster. The changing pace of technology, of life, of progress and of our professions affords us increasingly little time to reflect on the important aspects of life - one of which is balance. If you choose to look, there is balance in everything - in nature and nurture, in process and progress. The word "Meezan" means balance and the central element of our logo is also a balanced scale. In fact, balance and moderation in all aspects of life is one of the key teachings of Islam as well. This year, our annual report focuses on the many forms of balance that we see in our world.
- balance & Harmony While our planet Earth continues to move at the same speed, day after day, year after year; our lives move ever faster. The changing pace of technology, of life, of progress and of our professions affords us increasingly little time to reflect on the important aspects of life - one of which is balance. If you choose to look, there is balance in everything - in nature and nurture, in process and progress. The word "Meezan" means balance and the central element of our logo is also a balanced scale. In fact, balance and moderation in all aspects of life is one of the key teachings of Islam as well. This year, our annual report focuses on the many forms of balance that we see in our world.
- Contents Vision Mission Our Values Quaid
- Vision Establish Islamic banking as banking of first choice ... Mission To be a premier Islamic bank, offering a one-stop shop for innovative value-added products and services to our customer within the bounds of Shariah ...
- Core values Core values : Shariah compliance, integrity, professionalism, innovation, service excellence, social responsibility. Staff: Committed, motivated and professionally trained employees who are empathic to their customers ’needs. Brand Personality: A sober and established, strong, empathic, professional person; who is an extremely loyal and dependable friend and business partner, and is committed to offering comprehensive value-based Shariah-compliant financial solutions. Relationships: Our relationships are long-term. We recognize and value our customers ’needs above all and strive to ensure their fulfillment. All customers are treated with professionalism and in a friendly manner. It is our endeavor to ensure that they receive efficient and timely service. The Meezan Bank experience is a unique one.
- Quaid ’S Concept of Islamic Banking“ I shall watch with keenness the work of your Research Organization in evolving banking practices compatible with Islamic ideas of social and economic life. The economic system of the West has created almost insoluble problems for humanity and to many of us it appears that only a miracle can save it from disaster that is now facing the world. It has failed to do justice between man and man to eradicate friction from the international field. On the contrary, it was largely responsible for the two world wars in the last half century. The Western world, in spite of its advantages of mechanization and industrial efficiency is today in a worse mess than ever before in history. The adoption of Western economic theory and practice will not help us in achieving our goal of creating a happy and contended people. 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. We will thereby be fulfilling our mission as Muslims and giving to humanity the message of peace which alone can save it and secure the welfare, happiness and prosperity of mankind. " Quaid-e-Azam Mohammad Ali Jinnah Founder of the Islamic Republic of Pakistan On the occasion of the Opening Ceremony of The State Bank of Pakistan on July 1, 1948.
- Balancing Traditional Banking and Technology More often than not , banking is about providing solutions to customers that suit their diverse needs. In today's technology-driven world, there are many customers who prefer modern ways to bank, opting for internet banking and smartphone applications over conventional channels. In their fast-paced lives, writing checks to transfer funds or visiting branches to pay bills is not efficient. For them, Meezan Bank provides an extremely comprehensive Internet Banking service, a phone banking service as well as a very popular and easy-to-use smartphone application. However, there are also a large number of customers who feel more comfortable banking in a more traditional manner, with a relationship manager and a check book. For these customers and for those who are not quite comfortable with internet or smartphone banking, we continue to invest in our vast branch network, now comprising of over 600 branches nationwide. This balance of traditional banking and technology allows us to ensure that our growing customer base is served and their varying needs are catered to - helping us carve our place as Pakistan’s Premier Islamic Bank.
- profit & Responsibility - A Delicate Balance As an Islamic Bank, Meezan Bank carries a significant responsibility: to fulfill all the expectations that our customers have, especially with regard to their faith and our compliance with Shariah. At the same time, customers also have a reasonable expectation from the bank to operate profitably, giving them good returns on their investments. To maintain this balance of profit and responsibility, we not only have incredibly talented teams of banking professionals but also a peerless Shariah Board that oversees all the operations of the Bank from a Shariah perspective. With this winning combination, we are able to achieve success on both sides of the balance - turn over an excellent profit, year after year, without compromising on our responsibilities as a bank that is 100% Shariah-compliant. Determining and maintaining this balance between profit and responsibility - and managing to excel in both areas - is a major factor in our success as Pakistan’s Premier Islamic Bank.
- Striking the Ideal Work Life Balance In today It's everyday race to win against all competition and in continuously pushing ourselves to our limits, it is all too easy to forget that one of the most important balances in life is that between one's personal and professional life. As the stereotype goes, this applies more to the banking industry than most others. At Meezan Bank, we strive to ensure that our teams are able to achieve this important work-life balance - be it through facilities and perks such as a swimming pool and a fully featured gymnasium at our Head Office as well as farmhouses and beach huts at convenient locations, or by ensuring that people adhere to their working hours and regularly take dedicated time off for their families and loved ones. We understand and appreciate that in order to be properly motivated and efficient, Meezan Bankers need to have time for themselves. To this end, the bank provides the teams with other facilities such as access to discounts and privileges with various brand partners, ensuring that they have ample opportunities to make the most of life. This strategy, in place since the inception of the Bank, has resulted in a healthy team that is dedicated to their work and their customers and has been a key element in ensuring our success as Pakistan’s Premier Islamic Bank.
- The Perfect Balance of Relationships A bank caters to all types of customers - from individuals to entrepreneurs, from small businesses to large corporations. It is, however, the bank’s responsibility to ensure that all relationships are given equal importance. In the real world, with variances in business and transactions, it is quite possible that one relationship may be more profitable for the bank than another. This imbalance in the profitability of relationships, however, must not reflect in the bank’s handling of these relationships - and this is the service value that we instill in our people at Meezan Bank. From the junior-most branch staff right up to the bank’s senior management, we understand that each and every customer is equally important to the bank - more so because the bank is equally important to every customer. Striking this perfect balance between different relationships is what makes Meezan Bank special for our customers - and contributes to our success as Pakistan’s Premier Islamic Bank.
- HIGHLIGHTS - YEAR 2017 IBP Knowledge Partner A .F.FERGUSON & CO. 'BEST ISLAMIC RETAIL BANK' IN THE WORLD PROFIT AFTER TAX Rs 6.3 BILLION TOTAL ASSETS Rs 782 BILLION DEPOSIT GROWTH 19% STRONG SOCIAL MEDIA PRESENCE RETAINED TOP POSITION AS 'BEST ISLAMIC BANK' AT THE 2nd PAKISTAN BANKING AWARDS A member from the Rs PwC network 673 BILLION 1.9 MILLION CUSTOMERS LARGEST DEDICATED ISLAMIC BANKING NETWORK OF OVER 600 BRANCHES IN MORE THAN 150 CITIES OF THE COUNTRY EARNINGS BY SHARE Rs 6.13 OVER 1.5 MILLION FACEBOOK FANS (81% GROWING EMPLAKO'S FISTAN BANKING BANKING IN 2016) 2nd LARGES AND AMBASSADORS OF ISLAMIC BANKING 10,000+ JOINT FINANCIAL ADVISORS TO THE MINISTRY OF FINANCE FOR ISSUANCE OF GOVERNMENT OF PAKISTAN IJARAH SUKUK MOST CSAA QUALIFIED PROFESSIONALS AT ANY BANK IN PAKISTAN LEADING THE BANKING INDUSTRY OF PAKISTAN FUND!
- Key Figures at a Glance 2017 2016 2015 Profit and Loss Account Profit and Loss Account Return on financing49 45.75 1.79 30.00 9.13 32.31 23.21 67.10 47.00 2.022.08 30.00 27.50 - - 6.00 10.95 10.31 28.07 17.86 67.24 39.38 2.40 2.20 30.00 20.00 - - 12.34 9.97 17.1425.49 30.0545.75 1.75 1.79 15.0030.00 11.00 8.59 9.13 23.21 10.31 2.02 27.50 17.86 39.38 2.20 20.00 9.97 Earning per Share (Rs) Earning per Share (Rs) 6.13 5.45 5.01 Net Spread to Gross Return (%) Net Spread to Gross Return (%) 57.68 58.15 54.34 to Gross24.56 Income (%) 22.71 Net Profit Before Tax to Gross Income (%) Net Profit Before Tax 23.48 to Gross Income Net Profit After Tax to Gross Income (%) Net Profit After Tax14.46 15.27 (%) 13.49 Admin Expenses to59.24 Income before provisions (%) Admin Expenses to income before provisions (%) 62.80 59.62 4,566.13 57.68 45.73 23.48 20.77 14.46 13.76 59.24 58.55 5.45 3.95 58.15 45.28 24.56 21.39 15.27 14.99 62.80 58.61 3.50 5.01 47.2754.34 21.8022.71 14.6213.49 54.9359.62 45.28 21.39 14.99 58.61 Financing / Advances Ratio - ADR44.0 (%) Financing / Advances to Deposit Ratio - ADR (%) 62.4 to Deposit 55.2 Investment to Deposit (%) Investment to Deposit Ratio - IDR (%) 17.71 Ratio - IDR 23.08 31.01 Capital Adequacy12.89 Ratio (%) 12.91 Capital Adequacy Ratio (%) 10.98 Return on Average 0.88 Assets (%) 0.94 Return on Average Assets (%) 1.04 Return on Average20.20 Equity (%) 20.71 Return on Average Equity (%) 20.57 46.262.4 17.71 29.99 12.89 11.88 1.190.88 20.20 22.19 55.2 44.0 23.08 52.31 12.91 12.48 0.94 1.31 20.71 23.69 38.5 44.0 66.2131.01 14.0810.98 1.48 1.04 24.3520.57 46.2 29.99 11.88 1.19 22.19 44.0 52.31 12.48 1.31 23.69 Ratios Ratios Break up Value (Rs) Break up Value (Rs) 32.31 Market Value per Share Market Value per Share (Rs) 67.10 (Rs) Price to Book Value2.08 Ratio Price to Book Value Ratio Cash Dividend (%) 30.00 Cash Dividend (%) Stock Dividend (%) Stock Dividend (%) Right Shares (%) at Premium of Rs 40 / par Right Shares (%) 6.00 Price Earning Ratio Price Earning Ratio 10.95 28.07 67.24 2.40 30.00 12.34 311.530 88.678 207 , 569 127,623 657,767 274,437 531,850 329,725 564,024 230,426 471,821 289,811 10,027 9,034 10,027 10,027 7,000 28,149 15,494 25,557 17,908 67,422 27,147 45,875 39,488 9,168 5,9538,581 6,248 351571 has been rearranged for informationANANK 20 BANK 551 551
- Rupees in million 2010 1238 16.90 1.10 15.00 8.24 13.67 15.74 1.15 5.00 9.72 16.60 12.87 17.38 21.48 1.05 1.67 10.00 12.50 8.60 35.004.63 17.61 15.38 15.13 16.90 38.55 2.551.10 - 15.00 20.00 - 19.678.24 13.67 15.74 1.15 5.00 9.72 12.87 21.43.00 38.51 1.67 8.60 2.55 20.00 19.67 2.05 45.38 14.59 11.32 54.50 1.62 49.85 15.12 8.91 49.96 3.75 1.22 51.34 53.25 21.44 13.57 16.69 8.49 50.68 59.54 1.962.05 45.38 44.47 14.59 22.02 11.32 16.71 54.50 48.52 1.62 49.85 15.12 822.91 48.54.02 46.16 41.94 12.41 1.18 16.63 46.8 23.21 12.77 0.98 13.28 41.4 59.1 57.92 20.68 14.89 9.58 1.91 0.82 28.18 10.30 66.146.0 41.94 19.30 12.41 10.71 1.701.18 16.63 18.37 46.8 23.21 12.77 0.98 437,510 450,000 400,000 329,725 350,000 300,000 250,000 274,437 200,000 150,000 100,000 50,000 0 2012 2013 2014 2015 2016 2017 Share Capital Rupees in million 12,000 10,000 10,027 10,027 10,027 10 , 027 2013 2014 2015 2016 10.629 9.034 8.000 6.000 4.000 2.000 0 2012 2017 ANNUAL REPORT 2017 21
- Six Years
- Six Years
- Financial Analysis Statement of Financial Position The Bank It's non-performing (NPL) coverage ratio stood at 133% in 2017 - one of the highest in the banking industry in Pakistan. Advance to deposits ratio (ADR) of the bank now stands at 62%. During the year under review, the total assets of the bank grew by 19% to reach Rs 781 billion ($ 7.1 billion) as at December 31, 2017 as compared to Rs 658 billion as at December 31, 2016. The availability of Government of Pakistan (GoP) Ijarah Sukuk to deploy surplus liquidity continues to be a challenge for Islamic Banks. Only one auction of GoP Ijarah Sukuk was held during the year but unfortunately the issue size was small as compared to the demand for such instrument which led to a price war and the cut-off price was significantly lower than the equivalent instruments available to conventional banks . The Investments and Placements under Bai Muajjal increased slightly to Rs 266 billion from Rs 259 billion last year. In 2017, the Bank successfully completed a 6% Right Issue of shares to the existing shareholders at a price of Rs 50 per share (including of Rs 40 as premium per share) approved by the Board which increased the Bank’s equity by Rs 3 billion. The Bank’s Capital Adequacy Ratio (CAR) now stands at 12.89% - well above the minimum mandatory level of 11.28% for the year 2017 and this Right Issue will support the future growth plans of the Bank. The return on average equity on enhanced capital stood at 20.20%. On the liability side, the bank maintained its current and savings accounts (CASA) ratio at 75% despite intense competition for mobilization of low cost deposits in the industry and achieved a growth of 19% to close total deposits at Rs 673 billion. The Bank’s market share amongst the full-fledged dedicated Islamic Banks operating in Pakistan is approximately 58% and 35% for the Islamic Banking industry as a whole including Islamic Banking windows of conventional banks in Pakistan. The financing portfolio of the bank has increased by Rs 109 billion to register growth of 35% during the year and closed at Rs 420 billion. Financing in Corporate segment, SME / Commercial segment and Consumer segment (primarily Car Ijarah and Easy Home) grew by 29%, 53% and 48% respectively. In the corporate segment, major disbursements were made to entities backed by Sovereign Guarantee which carry lower risk weight for CAR purposes. To further enhance its exposure in SME and Commercial segment, the Bank has engaged International Finance Corporation (IFC) to provide advisory and technical services to revamp existing SME financing segment into a more robust SME Banking Model. Statement of Financial Position 35,077 Rupees in Million Equity & Surplus Assets Liabilities 201 6 201 7 The Bank has one of the lowest infection ratio of 1.54% in the Banking industry which bears testimony to the fact that the Bank maintains a high quality financing portfolio. The banking industry average portfolio infection ratio is 9%. However, recognizing some stresses in select sector exposures and prudent banking practices historically adopted by the bank, an additional general provision of Rs 850 million against potential non-performing financing was approved by the board during the year. This increase in General Provision also takes into account the aggressive growth in financing portfolio over the last few years. 30,474 627,293 657,767 746,622 781,699 Islamic Financing and Related Assets (Gross) 2017 3% 2% 1% 2016 1% 25% 1% 1% 4% 14% 12% 1% 7% 7% 17% 4% 3% 8% 5 % 14% 17% 20% 8% Agriculture, food, forestry and fishing Automobile and transportation equipment Cement Chemical and pharmaceuticals Others Individuals Power (electricity), oil, gas and water Services Sugar Textile Wholesale and retail trade Transport, storage and communication 23% 2% Deposits 2017 17% 1% 2016 1% 14% 1% 1% 1% 2% 2% 1% 3% 2% Agriculture, food, forestry and fishing Chemical and pharmaceuticals Construction Individuals Services Textile Transport, storage and communication Wholesale and retail trade Others 3% 2% 3% 3% 69% 24 MEEZAN BANK LIMITED 74%
- Profit and Loss Account CASA to Total Deposit Administrative and operating expenses increased to Rs 16 .8 billion from Rs 14.8 billion - an increase of 14% primarily due to increase in staff expenses, rent and costs associated with new branches - an investment which has reaped fruits for the bank, as is evident from the strong growth in deposits and profits over the years. The bank maintained the distinction of being the fastest growing bank in the industry with the branch network of over 600 branches in 159 cities. 70 71 72 2014 2015 68 66 75 75 2016 2017 60 50 40 30 20 10 0 2012 2013 NPL and coverage ratios 10 9 8 140 133% 130 121% 114% 110% 7 118% 116% 120 110 6 5 100 90 5.30% 4 3.60% 3 3.80% 80 3.30% 70 2.14% 2 1 60 1.54% 2012 2013 2014 2015 2016 Profit and Loss 2017 Profit before tax 10.252 2016 Profit after tax 6.313 Profit before tax 8.943 Net spread 20.814 Operating Expense 16.819 Commission 1.320 Coverage Ratio Growth in fee and commission income of 59% over last year stems from growth in trade finance business and other banking channels.The trade finance business handled by the bank, crossed Rs 700 billion milestone and recorded growth of 29% over the preceding year. This growth in trade business is supported by the Bank’s growing network of correspondent banking relationships around the world and better customer experience. Year-wise trend in% 80 NPL Ratio The Bank posted profit after tax of Rs 6.31 billion as compared to Rs 5.56 billion, an increase of 14% over the previous year. Earnings per share increased to Rs 6.13 per share from Rs 5.45 per share on enhanced capital after right issue. Notwithstanding the lower Discount Rate scenario and despite intense competition in the banking industry, the Bank's net spread before provisions increased by 16% from Rs 17.9 billion to Rs 20.8 billion primarily due to rise in financing portfolio and continued focus on maintaining optimal cost of funds through strong relationship management and better customer experience. Profit after tax 5.562 2017 Rupees in Million Net spread 17.888 Operating Expense 14.788 Reversals 185 Non funded income 7.577 50 Non funded income 5.657 DuPont Analysis Description 2017 2016 2015 2014 2013 2012 Profit Margin -% 14.5% 15.3% 13.5% 13.8% 15.0% 14.6% Asset Turnover 0.06 0.06 0.08 0.09 0.09 0.10 Equity Multiplier - Times 23.04 22.15 19.85 18.63 18.09 16.48 20.20% 20.71% 20.57% 22.19% 23.69% 24.35% Return on Equity (ROE) -% ANNUAL REPORT 2017 25
- Calendar of Major Events Incorporation of the Bank January 27 , 1997 Commencement of Business of the Bank September 29, 1997 Issuance of Scheduled Islamic Commercial Bank license January 31, 2002 Commencement of Operations as Scheduled Islamic Commercial Bank March 20, 2002 Financial Calendar 2017 1st Quarter Results issued on April 20, 2017 3rd Quarter Results issued on October 25, 2017 2nd Quarter Results issued on July 26, 2017 Annual Results issued on February 14, 2018 22nd Annual General Meeting Scheduled on March 28, 2018 2016 1st Quarter Results issued on 2nd April 26, 2016 Quarter Results issued on August 24 , 2016 3rd Quarter Results issued on October 28, 2016 Annual Results issued on February 16, 2017 21st Annual General Meeting March 28, 2017 Details of the Board meetings held outside Pakistan A total of four meetings were held during the year 2017, and all were hero in Pakistan. Issues raised in last AGM The Annual General Meeting was held on March 28, 2017 at Meezan House, the Bank’s Head Office in Karachi. None of the participants raised any issues, and as such, there was no need for any further action in this matter. Monthly Market Statistics of Meezan Bank's Share during 2017 Market Capitalization Share Price Sensitivity 90 KSE 100 Index 52,000 82.00 50,000 80.00 48,000 78.00 46,000 76.00 44,000 74.00 42,000 72.00 40,000 70.00 38,000 68.00 36,000 50 66.00 34,000 64.00 32,000 40 62.00 Share Price (Rupees) 80 70 60 26 Share Price 84.00 Jan Feb Mar Apr May Jun MEEZAN BANK LIMITED Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 30000 KSE 100 Index Rupees in Billion
- Through Running Musharakah the Bank participates in the operating activities of the customer and shares profit and loss as per the actual performance of the business . During 2017, the bank partnered with more than 140 companies, ranging from manufacturing to the service sector on the basis of profit and loss sharing. Running Musharakah was 1% of the Bank’s total financing portfolio when it was launched in 2011 - it now stands at 34% of the Bank’s total financing. The Bank ranks among the top banks globally in terms of percentage of financing through Shirkat-ul-Aqd. Runnning Musharakah Portfolio Over Time 34.0% 35 30 24.5% 25 22.4% 20 15.7% 15 7.8% 10 5 0 1.0% 1.4% 2011 2012 2013 2014 2015 2016 2017 State Bank of Pakistan regulates the Islamic Banking industry through a separate Islamic Banking Department, which regulates the industry through its own policies, regulations and guidelines in order to ensure Shariah compliance in Islamic Banks. Islamic Banking Department of the State Bank of Pakistan works under its Shariah Board, which comprises of renowned and reputed Shariah Scholars including Justice (R) Mufti Muhammad Taqi Usmani, Mufti Muhammad Zubair Usmani and Dr. Muhammad Qaseem. Some of the key regulations under which Islamic Banking industry operates are: ■ Shari'ah Governance Framework for Islamic Banking Institutions - 2015 ■ Instructions for Profit & Loss Distribution and Pool Management for Islamic Banking Institutions - 2012 ■ Guidelines on Islamic Financing for Agriculture - 2008 ■ Risk Management Guidelines for Islamic Banking Institutions - 2008 ■ ■ Guidelines for Islamic Microfinance Business by Financial Institutions - 2007 Six AAOIFI standards adopted by the State Bank of Pakistan. AAOIFI is the premier standard setting organization for Islamic Financial Institutions globally
- Our Institution Corporate Profile Credit Rating Shareholders Awards & Recognition History of Meezan Bank Board of Directors Shariah Supervisory Board Corporate Information Board Committees Organization Structure Management Team Management Committees Corporate Governance SWOT Analysis Risk & Opportunity Report Business Continuity Plan Products & Services 30 30 31 32 34 40 43 45 46 48 49 50 52 54 55 56 57
- Corporate Profile Founded with the vision of establishing ‘Islamic banking as banking of first choice’, the Bank commenced operations in 1997 as Al Meezan Investment Bank Limited. It converted to Meezan Bank Limited, a full-fledged Islamic commercial bank in 2002, when the State Bank of Pakistan issued it Pakistan’s first Islamic Commercial Banking license. Concurrently, the Bank acquired the Pakistan operations of Societe Generale, and started commercial banking with a small network of four branches, that has now grown to become one of the largest banking networks in the country with more than 600 branches in over 150 cities. Meezan Bank is a publicly listed company sponsored by leading financial institutions from Pakistan and the Middle East. The Bank offers a complete range of Islamic banking products and services through a retail banking network which is the 8th largest banking network in Pakistan. Meezan Bank has a strong Shariah-compliance setup that comprises of a dedicated Product Development and Shariah Compliance Department, a Resident Shariah Board Member and a Shariah Supervisory Board comprising of internationally renowned Shariah scholars. The Bank is well-recognized for its product development capability, Islamic banking research and advisory services, at both national and international levels. Credit Rating 2017 2016 Long Term AA AA Short Term A1 + A1 + The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan, has reaffirmed the Bank's long-term entity rating of AA (Double A) and short-term Rating at A1 + (A One Plus) with stable outlook. The short-term rating of A1 + is the highest standard in short-term rating. The rating indicates sound performance indicators of the bank. Meezan Bank is the only full-fledged Islamic bank with AA credit rating in the Islamic banking industry of Pakistan. 30 MEEZAN BANK LIMITED
- Shareholders Shareholding Structure Rs . in Million% Noor Financial Investment Co. Kuwait Pakistan Kuwait Investment Company (Pvt.) Ltd Islamic Development Bank Jeddah Others 5,220 3,189 991 1,229 49.11 30.00 9.32 11.57 Paid up Capital 10,629 100.00 Noor Financial Investment Company is a Kuwaiti investment company engaged in investment and financial activities primarily in Kuwait, the Middle East, Asia and other emerging markets. The company was established as the financing arm of the National Industries Group (NIG), which is one of the largest private sector industrial groups in Kuwait. Noor Investment provides a broad range of financial services through its investment banking department. These activities / services broadly include private equity, investment strategy & implementation, mergers & acquisition advisory, valuations, hedging & risk management, local / foreign listing, long-term financial planning and innovative structuring. The asset management department of the company also engages in managing proprietary and client portfolios of quoted and unquoted securities, real estate and funds in Kuwait, GCC and the MENA region. Pakistan Kuwait Investment Company (Private) Limited (PKIC), a joint venture between the Governments of Pakistan and Kuwait was established in 1979. PKIC is one of the most respected and profitable institutions in Pakistan. The company, operating for over 30 years in Pakistan, is engaged in investment and development banking activities in Pakistan. PKIC is the first financial institution in Pakistan that has been rated AAA (triple A) for the long-term by both PACRA and JCR-VIS Credit Rating Company, an affiliate of Japan Credit Rating Company. Islamic Development Bank (IDB) is located in Jeddah and is an International Financial Institution established in 1975 in pursuance of a declaration by the Conference of Finance Ministers of Muslim countries to foster economic development and social progress in member (Islamic) countries. IDB has an equity of approximately USD 9 billion and enjoys presence in 57 member countries. The Bank participates in equity capital and grants loans for productive projects and enterprises besides providing financial assistance in other forms for economic and social development. ANNUAL REPORT 2017 31
- Awards and Recognition 2017 Pakistan Banking Awards Best Islamic Bank Pakistan Stock Exchange Limited Top 25 Companies of the Yearcom - People's Choice Awards 'Most Popular Bank' in Pakistan's Islamic Auto Financing sector RTC-3 Potentials of Islamic Banking Forum Largest Islamic Bank in Pakistan 2015 Global Islamic Finance Awards (GIFA) Shariah Authenticity Award Islamic Finance News (IFN) - Malaysia Best Islamic Retail Bank - Global Award 3rd Best Overall Islamic Bank - Global Award Best Islamic Bank in Pakistan Pakistan Deal of the Year Asset Triple A - Hong Kong Best Islamic Bank in Pakistan Best Islamic Retail Bank in Pakistan Best Islamic Trade Finance Bank in Pakistan Best Islamic Investment Bank Best Sukuk House in Pakistan Best Islamic Trade Finance Deal Global Finance - New York Best Islamic Financial Institution in Pakistan AsiaMoney Best Islamic Bank in Pakistan The Banker - United Kingdom Top Islamic Bank in Pakistan
- South Asian Financial Disclosure Index Rankings Leading Islamic Bank of the region Ranked 10th in the top 15 global Islamic banks CFA Society of Pakistan Islamic Bank of the Year Corporate Finance House of the Year MasterCard Innovation Forum 2015 Best Shariah Compliant Product
- Meezan , the Arabic word for 'Balance' has been taken from Surah Al-Rahman. At Meezan Bank, we believe in maintaining a balance between the needs of our shareholders, our customers, our staff and other stakeholders. This approach will Insha’Allah help us achieve our vision of ‘providing a strong foundation for establishing a fair and just society for mankind '.
- 1997 2002 Al Meezan Investment Bank acquires Pakistan operations of Societe Generale and is issued the Establishment of Al Meezan Investment Bank Al Meezan Investment Management Ltd . becomes a subsidiary of Meezan Bank through acquisition of majority shares Branch network reaches 10 branches nationwide while the deposit base grows to Rs. 7.7 billion 2004 Meezan Bank acts as the Shariah Structuring Advisor for the historic transaction of international Sukuk offering for USD 600 million under a mandate awarded by the Government of Pakistan Deposit base grows to Rs.13.7 billion Number of branches reaches 16 first Islamic Commercial Banking license by SBP. Now a full-fledged scheduled Islamic commercial bank, it is renamed as Meezan Bank A 24/7 Call Center is established Deposit base stood at Rs. 5.08 billion Pakistan's first Shariah-compliant Housing finance product is launched 2005 ATM / Debit Cards and ATMs are introduced Online Banking is launched across all branches 2006 2007 2008 2009 2010 2011 Cities BANKING Meezan Bank wins Best Islamic Bank in introduced for the first time in Pakistan Deposit base grows to Rs. 34 billion Dollar Mudarabah Certificates and Special Musharkah Certificates launched for liquidity management and inter-bank market Branch network reaches the milestone number of 100 branches in 31 cities Bank handles more than Rs.100 billion of Import / Export business Deposit base grows to Rs. 70billion Import / Export business reaches Rs. 70 billion Deposit base grows to Rs 54 billion Dedicated Islamic Banking Training Centers established in 3 cities Best Islamic Bank in Best Islamic Bank in Pakistan Introduction of Istisna financing for working capital needs of customers Total deposits reach Rs. 131 billion Import / Export Business volume Rs. 143 billion Best Islamic Financial Institution in Pakistan Meezan Debit Cards launched Best Islamic Bank in Pakistan 9th largest bank in Pakistan in terms of branch network Islamic Bank of the Year Meezan House inaugurated Total assets cross Rs.200billion Meezan Bank becomes the Advisor and Lead Arranger for the first ever short-term Sukuk Best Islamic Bank in Pakistan Corporate Report Award Meezan Islamic Institution Deposit Account launched as a product tailored for Islamic Financial Institutions enabling them to manage their excess liquidity through a checking account with Meezan Bank Deposit base crosses Rs.100 billion Introduction of Tijarah financing allowing customers to raise funds for financing of stocks of finished goods Number of branches reaches 62 in 21 cities Deposit base grows to Rs 22 billion Number of branches reaches 28 Branch Network expands to 4 0 cities 38 Islamic Banking seminars held in 23 cities, attended by over 4,400 participants Islamic Bank of the Year Launch of Wakalah based financing product for the development of partnerships between Islamic and Microfinance banks Launch of SBP establishes a dedicated Islamic Banking Department and constitutes a Shariah Board Best Deals of the Year Pakistan Best Islamic Bank in Pakistan Corporate Report Award and Meezan Euro Savings Account as well as Meezan Pound Savings Account launched Best Islamic Bank in Pakistan SME operations start as an independent business unit Profit / Return earned on financing and investment activities exceed Rs. 10 billion Launched Implementation of new core banking application T24 Meezan Bank stands among the top three auto-finance providers in the country Total deposits cross Rs.
- 2013 Over 350 100 Over Branches 2014 428 Branches Cities 117 2015 7th largest bank in terms of branch network 551 Branches 2016 Over 143 Cities 570 145 Over Branches Cities Cities Meezan Bank acquires Pakistan operations of HSBC Oman 8th largest bank in Pakistan in terms of branch network 2017 8th largest bank in Pakistan in terms of branch network Best Islamic Bank in Pakistan Total deposits reach Best Islamic Retail Bank in the world Rs . 289 billion CFA Society Pakistan Islamic Bank of the Year Corporate Finance House of the Year (Fixed Income) Best Islamic Financial Institution in Pakistan Best Bank in Asia-Pacific Region Total deposits reach Rs. Irfan Siddiqui & Dr. Muhammad Imran Ashraf Usmani as members of the Steering committee of Islamic banking Total deposits reach Rs. 380 billion Agreement Signing with Karandaaz Pakistan 7 Best Islamic Bank in Pakistan Deals of the Year-Pakistan Meezan Bank acquires HSBC Pakistan 16 Best Islamic Bank in Pakistan Meezan Titanium MasterCard Debit Card Launched Accidental Death and Permanent Disability and ATM Cash Withdrawal Takaful coverage (Islamic Insurance) of up to Rs 1 million for all account holders Official Page crosses 130,000 Fans Online Account Opening Form Launched Strategic partner of 1st World Islamic Finance Forum organized by IBA CEIF Launch of New Corporate Website Official Page crosses 1 Million Fans Launch of secure online shopping with 3D secure Joint Financial Advisors to the Ministry of Finance for issuance of GoP Ijarah Sukuk Developed Shariah-compliant trading platform at Pakistan Mercantile Exchange (PMEX) Launch of e- IPO service for investors with CDC Completion of Sindh's first-ever Voca tional training CSR initiative
- Board of Directors Riyadh S . A. A. Edrees Chairman Mr. Riyadh S.A.A. Edrees has been a Director of Meezan Bank since October 2012. He is the Chairman of the Board and was also the Chairman of Human Resources and Remuneration Committee of the Bank until 14th February, 2018, upon which date, Independent Director Mr. Talal SA Al Shehab took over as Chairman of the Committee to fulfill the requirements of Listed Companies (Code of Corporate Governance) Regulations, 2017. Mr. Riyadh has also previously served as the Vice Chairman of Meezan Bank's Board. Mr. Riyadh S.A.A. Edrees holds a B.Sc. degree in Chemical Engineering from Newcastle Upon Tyne University, U.K. and M.Sc. in Chemical Engineering from Kuwait University. His skills and experience encompass a wide range of industries and various roles including Executive Manager for Industrial Investments & Development Div. at National Industries Group Holding - (Kuwait), Assistant Lecturer at Kuwait University, Vice Chairman at Gas & Oil Fields Services Co. - (Kuwait), Board member at Kuwait Rock Company - (Kuwait), Vice Chairman at Eastern United Petroleum Services ( Kuwait), Kuwait Ceramic Company - (Kuwait), Director at Sajaa Gas Private Limited Co. (UAE), Board member at K-Electric Pakistan, United Gas Transmissions Company Limited Co.- (UAE). Directorships and other recent offices held: Deputy CEO Investment & Mega Projects, National Industries Group Holding - Kuwait Chairman, Privatization Holding Co. - Kuwait Board Member, Ikarus Petroleum Industries - Kuwait Board Member , Noor Financial Investment Co. - Kuwait Vice Chairman - Noor Telecommunication Co. - Kuwait Chairman, IT Partners Information Technology Co. - Kuwait Advisory Board Member, Markaz Energy Fund - Kuwait Board Member, Saudi International Petrochemical Company (SIPCHEM) - KSA Vice Chairman , Airport International Group - Jordan Chairman, Middle East Complex for Engineering, Electronics and Heavy Industries Co.- Jordan Board Member, Investment Committee of Bunyah Fund of the Kuwait Investment Co.- Bahrain Advisory Board Member, Cleantech I & II Zouk Venture Limited - UK Faisal A. A. A. Al-Nassar Mr. Faisal A.A.A. Al-Nassar has been a Director of Meezan Bank since March 2015. He is Vice Chairman of the Board and also Chairman of the Risk Management Committee of the Board. Mr. Faisal A.A.A. Al-Nassar has a Bachelor's degree in Accounting and Finance from Kuwait University and has held many senior management positions in the finance industry including Corporate Affairs Executive Manager at National Industries Group Holding Co., Auditor for government agencies in Kuwait Bureau of Accountancy and Head of Taxation Department, Ministry of Finance, Kuwait.40 MEEZAN BANK LIMITED Directorships and other recent offices held: ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ Deputy Chief Executive Officer, Finance and Administration at National Industries Group Holding Co. Chairman and CEO, Al Durra National Real Estate Company Chairman, Noor Executive Committee Chairman, Shorfat al Safwain KSA Chairman, Durrat Alshameya Investment in KSA Chairman, Director and Chairman Audit Committee, Abu Dhabi Marina Real Estate Investment Company Chairman, Director, Noor Al Salehia Real Estate Director, Noor Financial Investment Company Director, Noor Audit Committee Director, Noortel Director, Investment Committee and Arabic Investment Group, Egypt General Manager, Ikarus Real Estate - Dubai Bader HAMA Al-Rabiah Mr. Bader HAMA Al-Rabiah has been a Director of Meezan Bank since November 2015. Mr. Bader H.A.M.A. Al-Rabiah has a strong academic background in accounting and a focused experience in investments honed over the past 14 years. He was involved in establishing the Real Estate Investment Department at Noor Financial Investment Company and served as the Chairman at Arab Investment, Real Estate and Agricultural Development Group, Egypt. Directorships and other recent offices held: Chairman & CEO Noor Salhia Real Estate Company Chairman, Palms Agro Production Director, Noor Financial Investment Co. Director, International Hotels Group Reserve Director, Kuwait Finance House General Manager Tamouh National & General Trading & Contracting Vice Chairman, Al-Durra National Real Estate Co. Board member, International Hotel Group (Jordan) Chairman, Arab Investment Real Estate and Agriculture (Egypt) General Manager, Sidra Middle East for Electrical, Mechanical And Building Contracting Co. General Manager, Ikarus Real Estate (UAE) General Manager, Noor Al-Salhiya Real Estate Company (KSA) Mansur Khan Mr. Mansur Khan has been a Director of Meezan Bank since August 2016. He is also a member of the Information Technology Committee of the Board. He is the Managing Director of Pak Kuwait Investment Co. Ltd. (PKIC) since February 2014 and has over 30 years of diversified experience, and a proven track record in Development / Commercial / Investment Banking. He has done Masters in Business Administration (with distinction) from Pace University, New York, USA; majoring in financial management. Mr. Mansur Khan has served as President / CEO of Zarai Taraqiati Bank Limited (ZTBL), SME (Small and Medium
- Enterprises ) Bank Limited, Managing Director of Punjab Small Industries Corporation (PSIC) and the Sudanese Microfinance Development Facility (SMDF). He has international experience of working in Asia, Africa, USA, Europe and the Middle East. Prior to joining Pak Kuwait as Managing Director, he was associated with Weidemann Associates Inc, a Crown Agents USA company. Mr. Mansur Khan was a fighter pilot in the Pakistan Air Force from 1970 to 1978. He held Directorships in Engro Corporation, Sudanese Microfinance Development Facility, Zarai Taraqiati Bank Ltd., National Commodity Exchange Ltd, Saudi Pak Agricultural & Investment Company Ltd, National Database & Registration Authority, Kissan Support Services Ltd, SME Bank Ltd, SME Leasing Ltd, TMT venture Capital Fund, Small and Medium Enterprise Dev.Auth, Business Competitiveness / Support Funds, Punjab Small Industries Corporation, Pak-Kuwait Takaful Co Ltd and Pakistan Steel Mills Corp Ltd. A Certified Director from Pakistan Institute of Corporate Governance (PICG), Mr. Khan currently serves on the boards of PKIC, The General Tire and Rubber Co. of Pakistan Ltd, National Clearing Co. Pakistan Ltd and Meezan Bank Limited. Alaa A. Al-Sarawi Mr. Alaa A. Al-Sarawi has been a Director of Meezan Bank since January 2009. He is also a member of the Audit Committee of the Board. Mr. Alaa A. Al-Sarawi is a Senior Investment Manager at the Kuwait Investment Authority (KIA). After successfully completing the KIA training program, he held various senior management positions in the investment space. He completed his Bachelors of Business Administration, Minor in Government from Eastern Washington University in 1995 and received a Diploma in Accounting from Kuwait Business College in 1990. He has served as board member in several companies and has attended many courses, conferences and seminars, both local and overseas. Saad Fazil Abbasi Mr. Saad Fazil Abbasi joined the Board of Directors of Meezan Bank in February 2018. Mr. Saad Fazil Abbasi is a Joint Secretary to the Government of Pakistan’s presently posted in the Ministry of Finance. Mr. Saad Fazil Abbasi holds an LLM degree in International Economic & Business Law from Kyushu University, Japan. He has served as the Joint Secretary to the Government of Pakistan (Privatization Division) / Director General (Privatization Commission). Apart from Government of Pakistan he also has worked with Multilateral agencies such as the Asian Development Bank and the DFID as a consultant. Among his Government experience he has served in all major Ministries at the Federal level and on the Provincial Government level has remained an Aide to the Chief Minister of KPK. He has also worked with Regulators such as PEMRA and PPRA where he drafted Pakistan’s first law on procurement. Presently he is heading the Regulation Wing in the Finance Division. Muhammad Zarrug Rajab Mr. Muhammad Zarrug Rajab has been a Director of Meezan Bank since 2015. He is also a member of the Audit Committee of the Board. Mr. Muhammad Zarrug Rajab holds a Bachelors degree in Commerce from Libyan University and is a Fellow Chartered Accountant (England & Wales). He has held various senior management positions including Director at Bahrain Islamic Bank (BISB), Board Member at BISB Bahrain and Al Meezan Investments Pakistan and at Islamic Development Bank Jeddah. He has also held the prestigious positions of Auditor General of Libya, Minister of Treasury Libya and Governor of Libyan Central Bank. Mohammad Abdul Aleem Mohammad Abdul Aleem has been a Director on the Board of Meezan Bank since October 2010. He is the Chairman of the Audit Committee of the Board and also of the Information Technology Committee of the Board. Mr. Mohammad Abdul Aleem is a Fellow member of ICAP and has the honor of achieving Gold Medal for standing first in Pakistan in 1970. He is also a Fellow member of the Institute of Cost and Management Accountant. He started his career with A. F. Ferguson and then worked for National Refinery Ltd., before moving on to a Senior Executive role in Exxon Chemicals Pakistan, which is now known as Engro Corporation. During his 16 years with Exxon / Engro he served both in Pakistan and in Singapore. Mr. Mohammad Abdul Aleem joined Pakistan Tobacco Co. in 1991 as its CFO before being elevated in 1995 as the CEO of British American Tobacco subsidiaries overseas based in Cambodia and subsequently in Mauritius looking after the Indian Ocean region. On return to Pakistan in 2004, he was inducted in leadership positions for leading GOP owned corporations, Pakistan Telecommunication Company and PIA before moving on in 2008 as Managing Director, Pakistan State Oil Company. Currently he is the CEO and Secretary General of Overseas Investors Chamber of Commerce and Industry. Mr. Mohammad Abdul Aleem has been active also on the corporate governance front and has in the past been a board member of LUMS and Pakistan Refinery and Chairman of Telephone Industries of Pakistan and Faysal Asset Management Company. Currently, he is the Board member and Chairman Audit Committee of Engro Corporation, Meezan Bank and Dawood Hercules Corporation. He is also the Chairman of Meezan Bank’s Board Information Technology Committee. He also gives his time to non-profit organizations in the field of education and is currently the Vice Chairman of Professional Education Foundation and Chairman of Intellect School Board. ANNUAL REPORT 2017 41
- Noorur Rahman Abid Mr. . Noorur Rahman Abid has been a Director of Meezan Bank since January 2014. He is also a member of the Audit Committee and Human Resources and Remuneration Committee of the Board. Mr. Noorur Rahman Abid is a Fellow Chartered Accountant from Institute of Chartered Accountants in England and Wales and has held several senior management positions including Assurance Leader for Ernst & Young Middle East and North Africa, Engagement Partner for audits of large wholesale bank based in Bahrain as well as the largest Investment bank based in Bahrain, Chairman of Auditing Standards Committee and Deputy Chairman of Accounting and Auditing Standards Board of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). He played an instrumental role in promoting several successful initiatives, including the Islamic Banking Center of Excellence in Bahrain and was declared winner of the World Islamic Banking Conference 2012 Industry Leadership Award in recognition of his contribution to Islamic Banking. Irfan Siddiqui President & CEO Mr. Irfan Siddiqui is the founding President and Chief Executive Officer of Meezan Bank. Having articled with Coopers & Lybrand, London from 1975-1979, Mr. Irfan Siddiqui qualified as a Chartered Accountant from the Institute of Chartered Accountants in England and Wales. He has held several senior management positions including Chief Executive Officer at Al-Meezan Investment Bank Limited, General Manager at Pakistan Kuwait Investment Company, Advisor to the Managing Director at Kuwait Investment Authority, Manager Finance and Operation at Abu Dhabi Investment Company and Senior Business Analyst at Exxon Chemical (Pakistan) Ltd. Directorships and other recent offices held: ■ ■ ■ Directorships and other recent offices held: ■ ■ ■ ■ ■ ■ ■ Kuwait Finance House, Kuwait Kuwait Finance House, Bahrain Kuwait Finance House, Malaysia Arcapita Investment Management, Bahrain Al Shaheer Corporation Ltd Member of Board of Trustees, Accounting and Auditing Organization for Islamic Financial Institutions Dr Solaiman Fakeeh Hospital, Saudi Arabia Talal SA Al-Shehab Mr. Talal SA Al-Shehab has been a Director of Meezan Bank since November 2015. He is also a member of the Board Human Resources and Remuneration Committee of the Bank. Mr. Talal S. A. Al-Shehab holds a Bachelors degree in Accounting and Auditing from Kuwait University, Certificate in Credit Management from Institute of Banking Studies and American Business Accounting Certificate from Kuwait Association for Accountants. He started his career in the Taxation Department in the Ministry of Finance, Kuwait and has held senior management positions including Manager of Corporate Banking Division at Ahli United Bank and Corporate Finance Manager at Warba Investment Company. Ariful Islam joined the Bank as its first Chief Operating Officer in April 1999. He is presently the Bank’s Deputy CEO and an Executive Board Member. He is also a member of the Board Risk Management Committee as well as a member of several management committees including Board Information Technology Committee of the Bank. Mr. Ariful Islam qualified as a Chartered Accountant from the Institute of Chartered Accountants in England and Wales in 1982. He is also a Fellow Member of the Institute of Chartered Accountants in Pakistan. He worked with KPMG (formerly Peat Marwick Mitchell & Co., London Office) before moving back to Pakistan in 1985. He has over 30 years of banking experience and has held several senior management positions including Executive Vice President & Regional Manager South at Faysal Bank Limited and Senior Executive Vice President & Head of Investment Banking at MCB Bank Limited. Directorships and other recent offices held: ■ ■ ■ Chairman of the Board, Al-Meezan Investment Management Limited, Member of the HR Committee, Al Meezan Investment Management Limited Director, Atlas Battery Limited
- Shariah Supervisory Board Justice (Retd.) Muhammad Taqi Usmani ■ Justice (Retd.) Muhammad Taqi Usmani is a renowned ■ Chairman figure in the field of Shariah, particularly in Islamic Finance. He currently holds advisory positions in a number of financial institutions practicing Islamic Banking and Finance. Justice (Retd.) Muhammad Taqi Usmani has vast experience in Islamic Shariah, teaching various subjects on Islam for more than 50 years. He has served as a Judge in the Shariat Appellate Bench, Supreme Court of Pakistan from 1982 to 2002. He is also the Editor-in-Chief of the magazine Albalagh (a weekly publication of Jamia Darul Uloom, Karachi) as well as an active contributor of articles in leading Pakistani newspapers. Justice (Retd.) Muhammad Taqi Usmani graduated from Punjab University, Pakistan in 1970 and also holds an LL.B. from Karachi University, Pakistan. Prior to these, he completed the Takhassus course, which is the specialization course of Islamic Fiqh and Fatwa (Islamic Jurisprudence) from Jamia Darul Uloom Karachi, Pakistan. In March 2004, His Highness Sheikh Mohammad Bin Rashid Al Maktoum (Dubai Crown Prince and UAE Minister of Defense) presented a special award to Justice (Retd.) Muhammad Taqi Usmani in recognition of his lifetime service and achievement in Islamic Finance at the occasion of International Islamic Finance Forum, Dubai, which is one of the biggest events in the Islamic Finance Industry. Current Board Memberships: Vice President and Shaikul-Hadith, Jamia Darul Uloom, Karachi Chairman, International Shariah Standard Council set up by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain. Awards Received His Highness King Abdullah (of Jordan) Award Wisamul Istiqlal Award presented by His Highness King Abdullah of Jordan His Highness Prince Muhammad bin Raashid Aal Maktoom Award Lifetime Achievement Award presented by the Islamic Business and Finance Magazine IDB Prize in Islamic Banking and Finance 2011 2010 2004 2011 2014 Sheikh Esam Mohamed Ishaq Board Member Born in Bahrain, Sheikh Esam Mohamed Ishaq graduated from McGill University, Montreal, Canada and also studied Shariah with a number of Sheikhs in the traditional manner. He is a member of the High Council of Islamic Affairs of the Government of Bahrain and holds various Shariah positions in many social, commercial and educational institutions. Currently he also teaches Fiqh, Aqeeda and Tafseer courses in various Centers of Islamic Studies, supervised by the Ministry of Islamic Affairs in Bahrain. He holds memberships of the following institutions: ■ ■ ■ The Governance Board of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain The Shariah Supervisory Committee of the Maldives Monetary Authority (MMA), Maldives The Shariah Panel of International Islamic Financial Market (IIFM), Bahrain The International Advisory Panel of Islamic Banking and Finance Institute Malaysia (IBFIM), Malaysia ■ Member, Islamic Fiqh Academy of Rabita-al-'Alam-e-Islami, Makkah In addition to membership of the Shariah Supervisory Boards of a number of local, regional and international Islamic Financial Institutions (IFIs), he is the Chairman of Shariah Supervisory Boards of the following IFIs: Fellow of the Royal Aal al-Bayt Academy, Jordan Chairman Center for Islamic Economics Pakistan since 1991 ■ Chairman Shariah Board Abu Dhabi Islamic Bank, UAE ■ Chairman Shariah Board Meezan Bank Ltd., Karachi, Pakistan ■ Chairman Shariah Board Pak-Kuwait Takaful, Karachi ■ Chairman Shariah Board Pak-Qatar Takaful, Karachi ■ Member Shariah Board Guidance Financial Group, USA Permanent Member International Islamic Fiqh Academy, Jeddah, sponsored by OIC ■ ■ Member Unified Shariah Board Islamic Development Bank Jeddah Chairman Shariah Board Arif Habib Investments - Pakistan International Islamic Fund, Karachi Chairman Shariah Board Arcapita Investment Fund, Bahrain ■ The Family Bank for Microfinance, Bahrain Tamweel Africa Holding, Senegal Investment Dar Bank , Bahrain Eco Islamic Bank, Kyrgyzstan Furthermore, Sheikh Esam is Chairman of the Muslim Educational Society, Vice Chair & Shariah Advisor for Discover Islam Center & member of the Board of Trustees of Al-Iman Islamic Schools, Bahrain. Dr. Muhammad Imran Ashraf Usmani Resident Shariah Board Member Dr. Mufti Muhammad Imran Ashraf Usmani, son of Justice (Retd.) Mufti Muhammad Taqi Usmani, graduated with ANNUAL REPORT 2017 43
- specialization in Islamic Fiqh (Islamic jurisprudence) from Jamia Darul-Uloom, Karachi, where he has been teaching Fiqh since 1990. He also holds an LL.B. and Ph.D. in Islamic finance. He is a member of the administration board of Jamia Darul-Uloom, Karachi. Presently Dr. Usmani is the Resident Shariah Board Member at Meezan Bank and is responsible for Research and Product Development of Islamic banking products, advisory for Shariah-compliant banking and supervision of Shariah Audit & Compliance. Dr. Usmani is the author of numerous publications related to Islamic finance and other Shariah related subjects. He has presented papers in numerous national and international seminars and has delivered lectures at academic institutions including Harvard, LSE, LUMS and IBA. In past Dr. Usmani has served as an advisor / member of Shariah Boards of several renowned institutions since 1997 including the State Bank of Pakistan, HSBC - Amanah Finance, UBS - Switzerland, Guidance Financial Group USA, Lloyds TSB Bank - UK, Japan Bank for International Cooperation ( JABIC), Credit Suisse Switzerland, RBS Global, Old Mutual Albarakah Equity & Balanced Funds South Africa, AIG Takaful, ACR ReTakaful Malaysia, Capitas Group USA, Bank of London and Middle East Kuwait, BMI Bank Bahrain, Al Khaliji Bank Qatar, Sarasin Bank Switzerland, DCD Group Dubai, International Center for Education in Islamic Finance (INCEIF) and other mutual and property funds, Takaful Companies and international Sukuk etc. At present Dr.
- Corporate Information Board of Directors Riyadh S . A. A. Edrees Faisal A.A.A. Al-Nassar Bader H.A.M.A. Al-Rabiah Mansur Khan Alaa A. Al-Sarawi Muhammad Zarrug Rajab Mohammad Abdul Aleem Noorur Rahman Abid Talal S.A. Al-Shehab Irfan Siddiqui Ariful Islam Shariah Supervisory Board Justice (Retd.) Muhammad Taqi Usmani Sheikh Esam Mohamed Ishaq Dr. Muhammad Imran Ashraf Usmani Chairman (Non-Executive Director) Vice Chairman (Non-Executive Director) Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Independent Director Independent Director Independent Director President & CEO Executive Director & Deputy CEO Chairman Member Resident Shariah Board Member Auditors EY Ford Rhodes, Chartered Accountants Chief Financial Officer Shabbir Hamza Khandwala Company Secretary Muhammad Sohail Khan Registered Office Meezan House C-25, Estate Avenue, SITE, Karachi-Pakistan. Shares Registrar THK Associates (Pvt.) Ltd. 1st Floor, 40-C, Block-6, P.E.C.H.S., Karachi-75400, Pakistan.Ph: (92-21) 111-000-322, Fax: (92-21) 34168271 Email: [email protected] Website: www.thk.com.pk Contacts PABX: (92-21) 38103500 24 / 7 Call Center: 111- 331-331 & 111- 331-332 Email: [email protected] Website: www.meezanbank.com Social Media: www.facebook.com/MeezanBank www.linkedin.com/company/meezan-bank -ltd www.twitter.com/MeezanBankLtd ANNUAL REPORT 2017 45
- Board Committees Board Human Resources and Remuneration Committee Mr
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