INTRODUCTION

:
M e e z a n B a n k i s p u b l i c l y l i s t e d c o m p a n y, f i r s t i n c o r p o r a t e d o n J a n u a r y 2 7 , 1 9 9 7 . I t s t a r t e d o p e r a t io n s a s a n I s l a m i c i n v e s t m e nt b a n k i n A u g u s t o f t he s a m e y e a r , w h i c h ha s b e e n l i c e n s e d b y t h e ³S t a t e B a n k o f P a k i s t a n ´ t o o p e r a t e a s a n I s l a m i c C o m m e r c i a l b a n k o n 3 1 s t J a nu a r y 2002. State Bank o f P ak ist a n granted t he N a t io n s fir st fu l l - f l e g e d

c o m m e r c i a l b a nk i n g l i c e n s e o f I s l a m i c B a n k i n g t o M e e z a n b a nk L t d . I t w a s a n e w e r a i n ba n k i n g S e c t o r h i s t o r y i n P a k i s t a n t ha t M e e z a n B a n k L t d a d he r e s s t r i c t l y t o t he p r i n c i p l e s o f I s l a m i c S ha r i a h w i t h a b s o l u t e l y no c o mp r o m i s e , a nd i s r e c o g n i z e d a s P a k i s t a n ¶ s t r u l y p r e m i e r I s l a m i c B a n k . M e e z a n B a nk i s o p e r a t i n g a p p r o x i m a t e l y mo r e t ha n 1 6 6 br a n c h e s i n 4 0 d i f f e r e nt c it i e s . I n ad d it io n, t he ³S t at e B a nk o f P ak ist a n ´ it s e l f g o v er n s t he act iv it ie s o f Me ez a n Ba n k a n d it s S h ar e ho ld er s. M ee z a n b a nk Lt d h a s a st r o ng Ba la n c e s h eet w it h e x ce l le nt o p er at in g p r o fit a b i l it y, i n c lu d in g a c ap it a l ad eq u ac y r at io t hat ha s p la ce d t h e Ba n k at t h e t o p o f in d u st r y, a lo ng - t e r m e nt it y r a t ing o f A + , a n d a s ho r t - t e r m e nt it y r at in g o f A1 +.

P l a n n i n g a n d m a n a g i n g t he w o r k e f f i c i e n c y i s t he k e y f a c t o r o f t h e Meezan Bank¶s Managers.

1

The Vision of Meezan bank is

³Establish Islamic B a nki ng A s b a nki ng of F i r s t C ho i c e ´ .

T h e M i s s i o n o f M e e za n b a n k i s

³To Be A Premier Islamic B a nk´ .

2

Overview of the Organization
Brief History of the Organization
1947 The inception of Pakistan as the first Islamic Republic created in the name of Islam. 1980 CII presents report on the elimination of Markup genuinely considered to be the first major comprehensive work in the world undertaken on Islamic banking and finance. 1985 Commercial banks transformed their nomenclature stating all Rupee Saving Accounts as markup-free. However, foreign currency deposits in Pakistan and foreign loans continued as before. 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 markup 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. President General Pervez Musharraf inaugurates the new Islamic Commercial Bank at a formal ceremony in Karachi.

3

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. 2005 Meezan Bank becomes the first customer of Islamic Insurance (Takaful) by signing the first Memorandum of Understanding MoU with Pak-Kuwait Takaful Company Limited (PKTCL). The signing of this MoU has ushered Pakistan into a new era of Islamic Insurance (Takaful). 2006 A number of new dedicated Islamic Banks, namely Bank Islami and Dubai Islamic Bank, commence operations in Pakistan.Meezan continues its leadership position in the industry by more than doubling it branch network to a total of 62 branches in 21 cities, clearly establishing itself as the largest Islamic Bank of the country. Meezan Bank, becomes the first Islamic bank to introduce 8 am to 8 pm banking at selected branches in Karachi. 2007 Meezan Bank opens up its 100th branch. Two new dedicated Islamic Banks start operations in Pakistan, namely Emirates Global Islamic Bank and Dawood Islamic Bank. 2008 With 166 Branches (including 35 sub-branches) in 40 cities across Pakistan, Meezan Bank is clearly positioned as the leading Islamic Bank in the country. Work starts on the construction of Meezan Bank¶s new Head Office building.The financing and investment portfolio of local Islamic banks reached Rs. 185 billion in December 2008 compared to Rs. 137.6 billion in December 2007. Market share in the overall banking increased to five per cent at end December 2008 compared with four per cent at end December 2007. Total assets of Islamic banking reached Rs. 271.1 billion in December 2008 compared to Rs. 205.2 billion in December 2007.

4

Shariah Board
M e e z a n B a n k ha s a ve r y h i g h- c a l i b e r ³ S h a ri a h S u p e rv i s o r y B o a rd ´ , c o mp r i s e s o f i nt e r n a t io na l l y r e no w ne d I s l a m i c S c ho l a r s . T h e ³ S h a r i a h S u p e rv i s o r y B o a r d ´ r e g u l a r l y r e v i e w s t h e ba n k ¶ s a c t i v it i e s a nd a p p r o v e s a l l n e w p r o d u c t s . T h e b a nk a l s o h a s a r e s i d e nt S h a r i a h a d v i s o r . D r . M u h a m m a d I mr a n U s m a n i , w ho mo n i t o r s d a y- t o - d a y t r a n s a c t io n s o f t h e b a n k . T he S h a r i a h B o a r d c o mp r i s e s o f t h e fo l lo w i n g m e m b e r s :

y

Justice

(Retd.)

Muhammad

Taqi

Usmani

(Pa kist an)-

Chai rman.

y

D r. A b d u l S a t t a r A b u G h u d d a h ( S a u d i A ra b i a ) .

y

S h e i k h E s s a m M . I s h a q ( B a h ra i n ) .

y

D r. M u h a m m a d I m r a n A s h r a f U s m a n i ( P a k i s t a n ) .

5

Sha re H o ld er s i n M eez a n B a n k
Share Ho ld er s of Meezan Bank are wor ld-renowned financ ia l i n st it u t io n i- e:

y y y y y

Pakistan Kuwait Investment Company (Pvt) Ltd. Shamil Bank of Bahrain E.C. Islamic Development Bank. KUWAIT Awqaf Public Foundation. Saudi-Pak Indu st ri a l & Agriculture Investment

Company (Pvt) Ltd.

Meezan Bank Head Office:

Head Office of meezan bank is located at, 3rd Floor PNSC Building, Moulvi Tameezuddin Khan Road Karachi, Sindh, Pakistan. Tel: (92-21) 5610582/5610679. Fax: (92-21) 5610375. www.meezanbank.com 24/7 Call Center 111-331-331.

6

Ob j e c t i v e s 
To be a pr emier Is lamic Bank.  T o fu lf ill t he ba nk ing r equ ir e me nt s o f t he c ust o mer a cco r d in g t o t he Isla m.  T o g u id e cu st o mer s a bo u t d i f fer e nt p r o d u ct s, Ba n k p o l ic ie s & requir ement s regard ing d iffer ent t ypes o f account s.  As s ist f ir st t ime cu st o mer in o p e n in g b a n k a cco u nt s.  To p r o mo t e the highest leve l of cu st o mer ser vices and

responsiveness t o cust omer base o f t he br anch.  Int elligent ly access t he needs and proble ms o f t he exist ing cu st o mer a n d g u id e t h e m in t he b e st so lu t io n o f t h e ir q u er ie s and concer n as per bank po licies.  T o o p er at e t he a cco u nt s o f su c h c u s t o mer s w ho e ar n s H AL AL & Riba- free inco me.  To represent s t he bank in pro fessio nal manner.  T o fa c ilit at e t he Cu st o mer t o ava il o ur s er vic e s ha pp ily a nd easily.  Assure custo mer of a truly Halal abso lutely Riba- free

invest ment .

7

Organizational Structure
As they already introduced Meezan bank Ltd (Garden West Branch Karachi). So, the Branch is com prises of a Branch Manager, who reports to the Area Manager about the work & performance of the branch employees. A separate area has been set aside for operations which are monitor by an Operation Manager, who reports to Branch Manager about daily cash

transactions, clearance, remittances & accounts opening. There are also PBO (Personal Banking Officer) and BDOs (Business Development Offi cers), who are directly related to Branch Manager and reports him about customer

relationship & services provided to them, and about deposits targets of concerned bank.

8

Branch Manager

Operation Manager

Chief Cash Officer

Cash Deposit Officer

Accounts opening Officer

Personal Banking Officer

Liability Sales

BDOs
Cash Officer

Sorter

Clearing Officer

Remittance Officer

9

Accounts Offered by Meezan Bank Ltd on Mudarabah basis.
Mudarabah: 
T h is is a k in d o f p ar t n er s h ip w h er e o ne p ar t ner g iv e s mo n e y t o a no t her fo r inve st ing in a co mme r c ia l e nt er pr is e.  T he inve st me nt co me s fr o m t he fir st par t ner w ho ³Rab-u l-Mal´ (I nvest or).  The management and work is an exclusive respo nsibilit y o f t he o t her, w ho is called ³Mudar ib´ ( Wo rk ing P art ner).  P r o f it is s h ar ed a s p er ag r ee d r at io .  In case o f Mudar bah all lo sses are borne by Rab-u l-Mal. is ca lled

Key Features: 
The St ruct ure is based o n t he pr incip le o f Mudar abah and is st r ict l y in co n fo r m it y w it h t he r u le s o f I s la m ic S h ar ia h .  It has been appro ved by t he S har iah S uper visor y Board o f Meezan Bank.  O n ag r ee in g t o be co me a n ac co u nt ho ld er , t he cu st o mer e nt er s i nt o a r e lat io n s h ip b a se d o n Mu d ar a b a h w it h Me ez a n Ba n k .  U nd er t h is r e lat io n s h ip :

10

-

T h e Ba n k is t h e Ma n ag er ( Mu d ar i b ) o f t h e fu n d s d ep o s it e d b y t h e cu st o mer s.

-

The Cust o mer is an I nvest or (Rab- ul- Mal), and ‡T he bank a l lo cat e s t he funds received from t he cu st o mer s to a

d ep o s it p o o l. T he se fu nd s fr o m t he po o l ar e u t iliz ed t o provide financ ing to

cust omer s under I sla mic modes t hat inc lude, but ar e not rest r icted t o, Murabaha and I jar ah.

Pr ofit D istribution Str uc ture:

Source

Investment Pool

Investment/Financing

Depositors
Funds

Murabah Ijarah

Bank

11

Profits

Profits

The Gro ss I nco me will be shared bet ween t he bank ( as Mudar ib) and Dep o s it o r s ( Ra b - u l- Ma l) in a p r ed e t er min e d r at io ( % ) o f t he a ct u a l p r o fit e ar n ed .

Meezan

Bank

Ltd

offers

different

types

of

Accounts

on

Mudarabah Basis. These are as under: 1. Rupee Current Accounts.
Meezan Bank is p leased t o o ffer R ib a- Free Curr ent Acco u nt , a f le x i b le Ru p e e ba s ed a cco u nt t hat is id ea l fo r in d iv id u a ls a nd bus ine s s es lo o k ing fo r S har ia h co mp lia nt ba nk ing a nd p r o fe s s io n a l is m bo t h u nd er o n e r o o f. The Meezan Bank Curr ent Acco u nt , is a co mprehensive Halal met ho d of acquir ing a secur e and eas ily ma int ainable Riba Free bank account . Bu n d le d w it h 2 4 / 7 a n d s p e c ia l ba n k i n g s er v ic e s, t h e M e ez a n B a n k Current Account is an inno vat ive value added account which p r o v id e s c u st o mer s bo t h ea s e o f u t i l it y a n d u n mat c h ed ser v ic e qualit y.

Key fe a tures of the R iba -F ree C ur re nt Acc ount
y y I nst a nt ac ce s s t o fu nd s at a ny o nlin e br a nc h Fr ee Real-t ime Online Banking S er vices across our br anch n et wo r k n at io nw id e y y Visa Debit Card Fr ee 24/7 I nter net Banking 12

y y y y y y y y

No r est r ict io n o n w it h d r a wa ls o r nu m b er o f t r a n sa ct io n s No d ed u ct io n o n lo w b a la n c e ma int a i n ed Bank balance cert ificat es & duplicat e st at ement s o f account SMS Alerts ser vice St op Payment & Ho ld Ma il inst r uct ions 2 4 / 7 Ca l l C e nt er w it h co mp let e P ho n e- b a nk in g ser v ic e s P er so n a l f in a n c ia l co ns u lt a nc y s er v i ce s Specialized 8 t o 8 Bank ing at select ed br anches

2.

R upe e Sa v i ng A c c o u nt s .

A u n iq u e b a n k ac co u nt t h at o ffe r s t he o p p o r t u n it y t o ear n H a la l p r o fit s, w h i le e n jo y i n g a r a n g e o f ad d ed b e n e f it s. I t ca n be o p e n ed w it h a minimu m a mo u nt of only Rs.10,000. T he p r o f it on this

ac co u nt is ca lcu lat ed a n d p a id o n a mo nt h l y b a s is , a n d co me s w it h a v ar iet y o f fr e e b e n e f it s, no r est r i ct io ns o n t r a ns act io n s, p r io r it y banking and more. M in i mu m a mo u nt r eq u ir ed t o o p en a n ac co u nt is R s. 1 0 , 0 0 0 R ib a F r e e COI I Ho ld er s ma y o p e n acco u nt s w it ho u t an y m in i mu m balance requir ement s Riba Free Rupee Saving Account works under the pr incip les o f

Mu d ar a b a h a n d is st r ict l y in co n f o r mit y w it h t he r u le s o f I s la m i c S h ar ia h . P r o fit c a lc u lat io n a n d a l l b a n k in g t r a n sa ct io n s ar e in st r ict ad h er e n c e t o t he I s la m ic S h ar ia h , mo n it o r ed b y o u r S har ia h Ad v iso r and t he S har iah Super visor y Board

13

Key features
Ap ar t fr o m f ir st c la s s ser v ic e a n d p er so na l iz ed at t e nt io n t h at o u r customer s get when t hey b a n k w it h us, we o ffer the fo l lo w in g

ad d it io n a l co n v e n ie n c es : y y y y P r o f it w i l l b e ca lcu lat ed o n d a i l y p r o d u ct ba s is D ist r ib u t io n o f p r o fit o n mo nt h l y b a s is I nst a nt ac ce s s t o fu nd s at a ny o nlin e br a nc h Fr ee Online Banking ser vices at all Meezan Bank

br a n c he s n at io nw id e y y y y y y y No r est r ict io n o n w it h d r a wa ls o r nu m b er o f t r a n sa ct io n s Bank balance cert ificat es & duplicat e st at ement s o f account St op Payment & Ho ld Ma il inst r uct ions Visa Debit Card 2 4 / 7 Ca l l C e nt er w it h co mp let e P ho n e- b a nk in g ser v ic e s P er so n a l f in a n c ia l co ns u lt a nc y s er v i ce s Specia li zed 8 t o 8 Bank ing at selected b ra nch es

P r o f it

Rates

are

applicable

for

p r o fit c a lc u lat io n

on Daily

P r o d u ct Ba s is fo r t h e mo nt h o f Ma y 2 0 1 0

Check ing Account Daily Product Basis (PKR)

P r o f it R at es ( % p er a n n u m) 5.02%

3.

K M A (K a r o ba r i M una f a A c c o unt s . )

Karo bar i

Munafa

is

a

high

p r o fit

savings

account

specifically

t a ilo r ed fo r la r g e Co r p o r at e o r Go P co nt r o lle d e nt it ie s. I t a l lo w s 14

cust omer s t o ear n higher ret ur ns o n sur plus cash balances. It has no p r e set t r a n sa ct io n l i m it s a n d co me s w it h a v ar iet y o f fr ee p ack ag ed b e n e f it s.

Key Features
P r o f it w i l l b e ca lcu lat ed o n a D a i l y P r o d u ct Ba s is y M in imu m ba la nc e r equ ir e me nt fo r ac co u nt o pe ning is R s. 1 Millio n y y y y No r est r ict io n o n d ep o s it s a n d w it h d r aw a ls Fr ee facilit ies: chequebooks and payorder s Ded ic at ed ac co u nt / r e lat io n s h ip ma n ag er The Karo bar i Munafa Account wor ks under t he pr inc iples o f Mudarabah and is str ict ly in co n fo r m it y w it h t h e r u le s o f

I s la m ic S h ar ia h . P r o f it c a lc u lat io n a nd a l l b a n k in g t r a n sa ct io n s ar e in st r ict ad h er e nc e t o t he I s la m i c S h ar ia h , mo n it o r ed b y o u r Shar iah Advisor and t he S har iah Super visor y Board P r o f it rates applicable for profit ca lc u lat io n on daily product

b a s is fo r t h e mo nt h o f Ma y 2 0 1 0 ( fo r KM A & KM A P lu s bo t h)
KAROBARI MUNAFA ACCOUNT Daily Product Basis (PKR) Re. 1 - 4.99 Million 5 Million - 9.99 Million 10 Million - 49.99 Million 50 Million - 99.99 Million Profit Rates (% per annum) 5.02% 5.93% 6.32% 6.78%

15

100 Million - 199.99 Million 200 Million and above

7.17% 8.21%

KAROBARI MUNAFA ACCOUNT PLUS Daily Product Basis (PKR) Re. 1 - 4.99 Million 5 Million - 9.99 Million 10 Million - 49.99 Million 50 Million - 99.99 Million 100 Million - 199.99 Million 200 Million - 299.99 Million 300 Million - 499.99 Million 500 llion and above Profit Rates (% per annum) 5.02% 5.93%

6.32%
-

4 . M B A (M e e za n B a c ha t A c c o u nts ) . Meezan Bachat Account is a unique saving account t hat provides h ig h mo nt h l y r et u r n s w it h t h e f le x ib i l it y t o w it hd r a w sa v in g s i f needed. Thus Meezan Bachat Account o ffer s a higher expected rate o f r et u r n w it h t he co n v e n ie n c e o f a sa v in g s ac co u nt . W it h a M ee za n B ac h at Ac co u nt , cu s t o mer s ar e e nt it le d fo r a h ig h er t he p r o f it w it h a h ig h er a cco u nt ba l a nc e. C u st o mer s r ec e iv e p r o f it e ve n i f yo u r ba la n c e fa l ls b e lo w R s. 2 5 , 0 0 0 / - in a n y mo nt h. P r o fit is cr ed it e d t o cu st o mer a cco u nt e v er y mo nt h a nd is ca lc u lat ed w it h

16

refer ence t o t he minimu m ba lance maint ained in t he account dur ing t he p r ec ed i n g mo nt h. The Riba- Fr ee Meezan Bachat Acco unt works under t he pr inc ip les o f Mudarabah and is str ict ly in conformit y wit h the rules o f Is lamic S h ar ia h . P r o fit ca lc u lat io n a nd a l l b a nk i n g t r a n sa ct io n s ar e in st r ict ad h er e n c e t o t he I s la m ic S h ar ia h , m o n it o r ed b y o u r S har ia h Ad v iso r and t he S har iah Super visor y Board.

Key Features
Enjo y a r ange o f valuable feat ures including: y y y y Ha la l & H ig h Co mp et it iv e r et u r n s P r o f it p a y me nt o n mo nt h l y b a s is o p e n fo r in d iv id u a ls o n l y M in imu m ba la nc e fo r ac co u nt o pening is ju st Rs. 2 5, 000 /Ma x i mu m b a la n c e l i m it fo r g et t in g h ig h e st p r o fit r at e is R s. 1,000,000/y Wa i v er o f ap p l ic at io n fe e fo r Ca r I jar a h & E a s y Ho me fo r ac co u nt s w it h m in i mu m b a la n c e o f Rs. 5 0 0 , 0 0 0 y Fr ee Re a lt i me O n l in e B a nk i n g ser v ic es at a ll Me ez a n Ba n k br a n c h es n at io n w id e y y y y Fr ee bank balance cert ificates Visa Debit Card 2 4 / 7 Ca l l C e nt er w it h co mp let e P ho n e- b a nk in g ser v ic e s 24/7 I nter net Banking ± free and inst ant access to yo u r

a c c o u nt ( s) a n yt i me & a n yw h e r e y y P er so n a l f in a n c ia l co ns u lt a nc y s er v i ce s. Specialized 8 t o 8 Bank ing at select ed br anches

17

.

P r o fit

Rates

are

app licable

fo r

p r o fit ca lcu lat io n

on minimu m

mo nt h l y b a la n c e fo r t he mo nt h o f Ma y 2 0 1 0 . I n ad d it io n t o t h is, a n ew p r o f it w e ig ht a g e w a s a ss ig n e d & w i l l b e ap p l ic a b le fo r a n y a mo u nt w it h d r a w n o r d ep o s it e d d u r i n g t he mo nt h o v er & a bo v e t h e m i n i mu m mo nt h l y b a la n c e Daily Product Basis (PKR) 1-24.999K 25K-199.99K 200K-499.99K 500K-1M Above 1M *Withdrawal (Diff. Amount) *Average of w it h d r a wa l & P r o f it R at es ( % p er a n n u m) 5.02% 5.74% 6.71% 7.89% 5.02% 0.07% ba lances excluding minimu m

d ep o s it

b a la n c e o f mo nt h

5 . U S d ol l a r s a v i ng a c c o u nt . Meezan Bank is pleased t o offer Riba- Free Do llar Saving Account , a fo r e ig n - c u r r e n c y b as ed in v e st me nt o p p o r t u n it y t h at is set u p o n t h e p r in c ip le s o f S har ia h a n d a s a r es u lt is fr e e fr o m t h e e le me nt o f inter est . W it h a m i n i mu m o f o n l y $ 1 0 0 yo u c a n o p e n a D o lla r S a v in g A c c o u nt w it h u s u n d er a Mu d ar a b a h ar r a ng e me nt t h at is st r ict l y in co n fo r m it y w it h t h e p r i n c ip le s o f I s la m ic S h ar ia h. T h e r et u r n e ar n ed o n t he Mu d ar a b a h p o o l is ca lcu lat ed e ver y mo nt h a nd t he p r o f it r at io fo r a l l

i n v e st o r s is d e c la r ed at t he b eg in n in g o f t h e mo nt h. I f c u st o mer ma in t a i n a m in i mu m a v er ag e mo nt h l y ba la n c e o f $ 5 0 0 , cu st o mer 18

shall

be

e ligible

to

receive

p r o f it s

that

shall

be

cr e d it ed

to

cu st o mer ¶ s a cco u nt e ver y mo nt h.

Additional Features
Apart fro m fir st class ser vice and per so na lized at t ent io n that Me ez a n ba n k cu st o mer s g et w h e n t h e y b a n k w it h u s, M ee z a n Ba n k o ffe r t h e fo l lo w i n g a d d it io n a l co n v e n ie n ce s t o t he ir cu st o mer s: y y y y y y y Mo nt h l y p r o fit p a y me nt No r est r ict io n o n w it h d r a wa ls o r nu m b er o f t r a n sa ct io n s. 2 4 / 7 Ca l l C e nt er w it h co mp let e P ho n e- b a nk in g ser v ic e s T ak in g st o p p a y me nt i n st r u ct io ns T ak in g ho ld ma i l in st r u ct io n s Issuance o f duplicat e st at ement of account P er so n a l f in a n c ia l co ns u lt a nc y s er v i ce s

6. Meezan Business Plus ± MBP
Meezan Business Plus is a Mudaraba- based account that a l lo w s

c u st o mer t o co nd u c t yo u r ba n k in g t r a n sa c t io n s w h i le a v a i l i n g a w id e range o f free ser vices and t herefor e provides you t he ideal blend o f c o n v e n ie n c e & f le x i b i l it y t ha t yo u d e s e r v e in I s la m ic b a n k in g . Meezan Business P lus Account can be opened by: y y y y Individuals S o le P r o p r iet o r s h ip s Partnerships Limited Co mpanies

19

Key features
y Minimu m 100,000/y There is no r est r ict io n on wit hdrawa ls or nu mbers of invest ment r equired to open an account is Rs.

t r an sa ct io n s y There is no d ed u ct io n of ser vic e charges if t he balance

ma intained is low y You will have inst ant access t o your account bot h t hroug h Int er net Banking and t hrough Online Banking at all branches o f Meezan Bank across Pak istan T he fo llo w ing fa c ilit ie s w ill be pr o vid ed fr ee o f c har g e* i f an average monthly balance of Rs. 100,000/-is maint ained in t he account y y y y y y y y y Fr ee Cheque books Fr ee Pay Or der s Fr ee VI SA Debit Card Fr ee Account St at ement s Fr ee Online Banking Fr ee I nter net Banking Fr ee Ho ld Ma il Facilit y Fr ee SMS Alert ser vices Fr ee i nt er c it y c le ar i n g

20

W ha t ma kes M ee za n B us i ness Pl us Shar ia h-c ompli a nt?
Meezan Bus iness P lus Account works on t he pr inc iple o f Mudaraba h u nd er w h ic h t h e cu st o mer is a n I n v e st o r ( Rab u l M aa l) , a n d t h e B a n k is t he Manager (Mudar ib) o f t he funds deposit ed by t he cust o mer. T h e Ba n k a l lo c at es t he fu n d s r e c e iv e d fr o m t he cu st o mer s t o a Dep o s it p o o l. F u nd s i n t h e p o o l ar e in v e st ed u nd er I s la m ic mo d e s o f finance t hat inc lude, but are not rest r icted t o, Murabaha, S ukuk and I jarah. The Bank ca lcu lat es t he pro fit on t he Deposit poo l ever y mo nt h. Gross inco me and of t he d ep o s it pool ul is shared on is between the the Bank of at a t he

(Mudar ib)

cu st o mer s

(Rab

Maal) t hat

basis

predeter mined

p r o f it - s har in g

r at io

anno unced

b eg i n n i n g o f ea c h mo nt h a n d is a v a i la b le at Me ez a n B a n k ¶s w e b s it e ( www. me e za n b a n k . co m) or can be obtained fro m any br anch of

Meezan Bank upo n request. I n ca se o f a lo ss, a s p er t he r u le o f M u d ar a b a h, t h e R a b- u l- M aa l s h a l l b ear t he lo s s in t he r at io o f h i s in v e st me nt P r o f it Rates are applicable for p r o fit c a lc u lat io n on Daily

P r o d u ct Ba s is fo r t h e mo nt h o f Ma y 2 0 1 0

Check ing Account Daily Product Basis (PKR)

P r o f it R at es ( % p er a n n u m) 0.07%

7. M ee zan Is lamic I nstitution D e pos it Acc ount ± M IIDA
The I sla mic I n st it u t io n Dep o s it Acco u nt for (MIIDA) is

Meezan

a

unique

product,

t a ilo r ed

exc lusive ly

Isla mic

Financia l

I n st it u t io n s ( I FI s) . W it h MI I D A, a n y I F I no w h a s t h e o p p o r t u n it y t o ma n a g e e x ce s s l iq u id it y i n a n i m m ed iat e a nd p r o fit a b le ma n n e r , b y ma in t a i n in g a c h e ck in g a cco u nt w it h Me e za n Ba n k . 21

Str uctur e of M IIDA
All elig ible I sla mic Banks can ent er int o a Mudar abah r elat io nship w it h Me ez a n B a n k . U nd er t h is r e l at io ns h ip , t h e r e sp ect iv e I s la m i c Banks are t he I nvest ors (Rab ul Maal), and Meezan Bank is t he Ma n ag er ( Mu d a ar ib ) o f t h e fu n d s d ep o s it e d b y t h e m. Me ez a n Ba n k a l lo cat e s t h e fu nd s r e c e iv e d fr o m t he I s la m ic B a n k s t o a d ep o s it p o o l co n s is t in g o f f in a n c in g u n d er I s la m ic mo d e s t h at in c lu d e s, bu t is not rest r icted t o, Murabaha and I jarah. The Banks p r o fit sharing r at io is 50% of Gro ss I nco me and

Dep o s it o r s p r o f it s har in g r at io is 5 0 % o f Gr o s s I n co me, c a lc u lat e d a ft er de duct ing co st s a nd e xp e nse s d ir e ct ly inc ur r e d in d er iv ing t hat I n co me. T he we ig ht ag es ar e a va i la b le o n t h is we b s it e o r ca n a ls o be Obt ained u p o n r eq u e st . T he Ba n k , at t he t i me o f p r o f it d ec lar at io n,

at it s so le d is cr et io n ma y g i v e ad d it io n a l p r o f it t o d ep o s it o r s fr o m it s o w n p r o f it s h ar e. I n t he c a se o f a lo ss, a n d as p er t h e r u le s o f Mu d ar a b a h, t he d ep o s it p o o l s h a l l be ar t h e lo ss o n a ap p r o p r iat e basis.

Key Features
The features a and mechanics of the product ensur ing are high detailed r et ur ns, b e lo w eas y provid ing ready- made so lu t io n

ac ce s s ib i l it y, t o t a l st a b i l it y, a nd a b so lu t e S har ia h co mp l ia n c e. y y y A C hec k ing Ac co u nt o nly a va ila b le fo r I FI s. Dep o s it s in v e st e d u n d er a Mu d ar a b a h ar r a n g e me nt M in i mu m in v e st me nt a mo u nt - P KR 1 0 , 0 0 0 , 0 0 0 / - o r mu lt ip le s t her eo f y y y Ma x i mu m in v e st me nt a mo u nt ± P KR 1 b i l l io n W it h d r a wa ls o f fu n d s : 2 4 hr s. no t ice fo r P KR 5 0 - 2 0 0 M d ep o s it 22

y y y

4 8 hr s. no t ice fo r 2 0 0 M + d e p o s it P r o f it d is b u r s ed o n a mo nt h l y b as is P r o f it c a lc u lat e d o n d a i l y p r o d u ct b as is

P r o f it R at es ar e ap p l ic a b le fo r p r o f it c a lc u lat io n o n d a i l y p r o d u ct b a s is fo r t h e mo nt h o f Ma y 2 0 1 0 A mo u nt T ier ( P KR) 10 million to 199.99 million 200 million to 399.99 million Above 400 million P r o f it R at es ( % p er a n n u m) 5.67% 6.65% 7.17%

8.

Labbaik Saving Aasaan ± LSA

Meezan Labba ik is a co mpletely Halal & Riba Fr ee Hajj & Umrah product. K e e p in g yo u r c o n v e n ie n c e i n m in d , Me e z a n Ba n k U mr a h S c h e me ha s been launched in co l la bo r at io n w it h renowned Trave l Agent s.

Meezan Bank is act ing as sales & funds co llect ing agent o f t he Travel Agent s.

T he T ra vel Age nts c urr e ntly on M ee za n B a nk' s pa nel are :
y y y y Univer sal Brot her s Univer sal E xpress Oasis Travels Mo re Travel Ag ent s ma y be added o n t he panel fro m t ime t o time. y Labba ik Travel Aasaan

La b b a ik T r a ve l Aas aa n is id ea l fo r cu st o mer & cu st o mer ¶ s fa m i l y i f customer wish to per fo r m Umrah 23 now w it h the convenience of

r e l y i n g o n cu st o mer ¶ s se le ct e d T r a v e l Ag e nt fo r a l l t r a v e l a nd U mr a h arrangement s.

Salie nt Fe atur es of the Labbaik U mr ah P ac kage
y y y y y y y Reno wned Tr avel Ag ent ¶s o n Meezan bank panel P ac k ag e s fo r d i f fe r e nt d u r at io n s & fac i l it ie s ar e a v a i la b le Co mplet e V isa Processing by select ed Travel Agent Confir med retur n air line t ickets o n any air line Co mp let e a cco m mo d at io n in ho t e ls i n Har a m Special Meet & Assist ser vices at airport Installment plan available fro m Meezan Bank

P r o f it

Rates

are

applicable

for

p r o fit c a lc u lat io n

on Daily

P r o d u ct Ba s is fo r t h e mo nt h o f Ma y 2 0 1 0

Non- Check ing Account Daily Product Basis (PKR)

P r o f it R at es ( % p er a n n u m) 8.87%

T he s e a l l c ur r e nt a nd s a v i ng a c c o unt s c a n be o pe ne d i n a ny c a te g or y of t he f ol l o w i ng ty pe s o f a c c o unt s .
‡ I nd ividual Account s ‡ Jo int Acco u nt s ‡ M inor Account ‡ So le Propr iet orship Account s ‡ I l l it er at e Cu st o mer Acco u nt ‡ Part ner ship Account s 24

‡ L i m it ed L ia b i l it y Co mp a n ie s Acco u nt s ‡ As so c iat io n s, Co m m it t ee, S o c iet ie s o r C lu b Ac co u nt s et c. ‡ No n-Resident Rupees Account ‡ T r u st Acco u nt s ( w it h p r io r p er m is s io n fr o m t h e H O)

.Executors,
fro m t he HO)

Administrators

Account s

( w it h

p r io r

p er m is s io n

‡ Local Bodies Account s. ‡ Sp ecia l Co nvert ib le Ru pees Acco u nt (SCRA) ‡ St aff Account s.

1. Individual Accounts.
A c c o u n t s o f I nd i v i d u a l s , w ho a r e r e s i d e nt o r no n- r e s i d e nt , a r e be o pe ned u nder t his c at ego r y to

2 . J oi nt A c c o u nt s .
J o i nt Ac c o u nt i s a n a c c o u nt i n t he n a m e s o f t w o o r mo r e p e r s o n s ( o t he r t ha n P a r t n e r s o r T r u s t e e s ) . I n t h i s r e g a r d it t o be e ns u r e d t h a t : ‡ T he ³ S u r v i v o r s h i p M a n d a t e ´ i s s i g n e d b y a l l t h e p a r t ie s t o t he a c c o u nt a n d i n s t r u c t io n s fo r t h e o p e r a t io n o f a c c o u n t a r e c l e a r l y s t a t e d a nd f i l l e d i n t he M a nd a t e . ‡ I n c a s e o f d e a t h, c h e q u e s s i g n e d b y D E C E AS E D A c c o u nt H o l d e r p r e s e nt e d fo r p a y m e nt w i l l no t b e e nt e r t a i n e d a nd t he r e fo r e m u s t b e ret urne d. ‡ W h e n t he ba l a n c e o f J o i n t A c c o u nt i s r e p a ya b l e t o e it he r p a r t y o r s u r v i v o r , t he S p e c i m e n S i g n a t u r e C a r d s ho u l d be m a r k e d t o e f f e c t t he a r r a ng e m e nt .

3. Minor Account
A per so n who has not at tained t he age o f 18 year s is minor. However, incase Court has appo int ed a Guar dian for t he propert y o f 25

a M in o r , a nd t h e n t h e p er io d o f h is / h er mat u r it y e xt e n d s t o t he ag e of 21

4. Sole Proprietorship Accounts.
A fo r ma l l y st a mp ed wr it t e n r eq u e st o n t h e o ff ic ia l L et t er Hea d o f t he Bu s in e s s / F ir m o f t h e S o le P r o p r iet o r in o r d er t o o p en a S o le

P r o p r iet o r

Account

must

be

su b m it t ed

a lo n g

wit h

AOF

( Acco u nt s Op e n in g Fo r m) . T his r equ e st fo r o pe ning o f a So le Pr o pr iet o r s hip Ac co u nt s ho u ld co mp r is e t h e fo l lo w i n g c lau s e: "I am a Sole Proprietor of the Firm and as such, I am entirely responsible for all t ransactions carried out in the name of the Firm and I am personally liable for any ov erd ra ft or other

ob lig ation s a ri si ng in o r i n conn ection with thi s account and t he Bank i s h ereby auth o ri zed to deb it the accou nt w ith co mmi ssio n and / or other ³.

Banking account ´.

charges

and

expenses

incurred

in

co n n e ct io n

w it h

this

Ad d it io n a l c ar e mu st

be t aken while opening o f so le propr iet or

ac co u nt . Be s id e o t h er d o cu me nt s t he cu st o mer s ho u ld b e a sk t o p r o d u ce t he o r ig in a l NT N ( N at io na l T a x Nu mb er ) cer t i f ic at e is s u e d t o h is na me i n t he ca p a c it y a s so le p r o p r iet o r o f sa id f ir m.

5. Illiterate Customer Account.
T he s e t yp e s o f a c c o u n t s a r e o p e ne d o n l y f o r t ho s e p e r s o n s w ho a r e i l l i t e r a t e . T h i s a c c o u nt is a l s o k n o w n a s ³P H O T O A C C O U N T ´ , t h a t d u r i n g o p e n i n g t h i s a c c o u n t w e p a s t e t h e c u r r e nt p a s s p o r t s i z e p ho t o g r a p h s w it h A O F ( Ac c o u nt s O p e n i n g F o r m) . I l l it e r a t e p e r s o n c o u l d o n l y o p e n S a v i n g A c c o u nt s . F u r t h e r mo r e , all w it hd r a w a l s 26 undertaken by i l l it e r a t e

C u s t o me r s m u s t be w it n e s s e d b y t w o B a n k o f f i c i a l s a n d c o u nt e r s i g n e d b y M a n a g e r O p e r a t io n

6. Partnership Accounts.
P a r t ne r s h i p i s a n a s s o c i a t io n o f t w o o r mo r e p e r s o ns w ho h a v e a g r e e d t o s ha r e p r o f i t s o f a bu s i n e s s c a r r i e d o n b y a l l o r b y a n y o n e o f t he m a c t i n g fo r a l l . T h e t e r m s a nd c o nd it io n s m u s t be s p e l l e d o u t i n t h e ³P a r t n e r s h i p D e e d ´ fo r m a l l y a g r e e d u p o n a m o n g P a r t ne r s b y i n c o r p o r a t i n g t he s a m e i n t he D e e d .

I t s h o u ld b e e n s u r e d t ha t : y A c c o u n t s o f o n l y R e g i s t e r e d P a r t ne r s h i p c o nc e r n s w i l l b e o p e n e d a n d t he ³ P a r t n e r s h i p D e e d ´ w i l l b e o bt a i n e d a nd c r i t i c a l l y r e v i e w e d . y T he A O F m u s t b e s i g n e d b y a l l t he P a r t ne r s i n t h e i r c a p a c i t y a s i n d i v i d u a l s a n d no t a s me m b e r o f t he P a r t ne r s h i p y T he s i g n i n g a n d d e l e g a t io n o f p o w e r s o f t ho s e a u t ho r iz e d t o o p e r a t e t he a c c o u n t s ho u l d be c l e a r l y s t a t e d o n t he AO F d o c u m e nt a t io n i n acco rda nce w it h Part nersh ip D eed y

7 . L i mi te d L i a bi l i ti e s C o m pa ny A c c o unt s .
T he r e a r e t w o t yp e s o f L i m it e d C o mp a n i e s i . e . , P u b l i c L i m i t e d a n d P r i v a t e L i m it e d . T h e P u b l i c a n d P r i v a t e L i m it e d C o m p a n i e s a r e b o t h i n c o r p o r a t e d a n d g o v e r ne d u nd e r t he p r o v i s io n s o f C o m p a n i e s O r d i n a n c e 1984. A L i m it e d L i a b i l i t y C o m p a n y m a y o p e n a n a c c o u nt w it h t he B a n k o n l y i f it i s a u t ho r iz e d t o d o s o b y a r e s o l u t i o n o f t h e B o a r d o f D ir e c t o r s o f t h e c o mp a n y . F u r t he r mo r e , s u c h r e s o l u t io n m u s t s p e c i f y t he t it l e s / d e s i g n a t io n o f t he o f f i c i a l s a u t ho r i z e d t o o p e n a nd o p e r a t e t he a c c o u nt , t he e xt e nt o f t h e i r a u t h o r it y a nd t he m a n n e r i n w h i c h t he a c c o u nt w i l l b e o p e r a t e d .

27

8. Ass ociations, C ommittee, Soc ie ties or C lub A cc ounts etc.
A n A s s o c i a t io n, C o m m it t e e , S o c i e t y o r C lu b m a y o p e n a n a c c o u n t w it h t he B a nk o n l y i f a u t ho r i z e d t o d o s o b y t he G o ve r n i n g B o d y o f t he s a i d A s s o c i a t io n / C o m m it t e e / S o c i e t y o r C l u b. A c c o u n t o f t h e A s s o c i a t io n, C o m m it t e e , S o c i e t y o r C l u b s ho u l d no t be a l lo w e d to be o v e r d r a w n. No cheques drawn on the a c c o u nt s of

A s s o c i a t io n , C o m m it t e e , S o c i e t y o r C l u b s h a l l b e c o l l e c t e d fo r t h e c r e d it o f p e r s o na l / p r i v a t e a c c o u nt s o f a n y o f t h e O f f i c e - B e a r e r s o f A s s o c i a t io n, C o m m it t e e , S o c i e t y o r C l u b.

9. Non-Residential Rupees Account.
A c c o u nt s of I nd i v i d u a l s , F ir m s or Co mpa nie s w ho are r e s i d e nt in c o u nt r i e s o u t s i d e P a k i s t a n a nd a l l n a t io n a l s o f P a k i s t a n a nd p e r s o n s d o m i c i l e d i n P a k i s t a n, w ho v i s i t a b r o a d fo r t he p u r p o s e o f e m p lo y m e nt , s t u d y a n d bu s i n e s s e t c . , a r e t r e a t e d a s N o n - r e s i d e nt s a s lo n g a s t he y r e m a i n o u t s i d e P a k i s t a n. A c c o u nt s o f a l l f o r e i g n n a t io na l s w ho a r e r e s i d e nt i n P a k i s t a n m a y b e t r e a t e d a s R e s i d e nt Ac c o u nt s .

10. Trust Accounts.
A Trust Ac c o u nt ma yb e opened e x c e p t io n a l l y w it h the p r io r a p p r o v a l o f H e a d o f O p e r a t io n s . T r u s t a c c o u nt ma y o n l y b e o p e n fo r p a r t ie s w ho s e i nt e g r it y a nd s t a nd i n g i s be yo nd a n y d o u bt . B e fo r e s e nd i n g t he t o H O ( H e a d O f f i c e ) B M ( B r a n c h M a na g e r ) a nd M O ( M a n a g e r O p e r a t io n) w i l l g o t hr o u g h t h e ³T r u s t D e e d ´ t o e ns u r e t ha t no u n d u e o n u s i s p l a c e d o n t he B a n k .

28

11. Executors and Administrators Accounts.
E xe c u t o r s a nd A d m i n i s t r a t o r s Ac c o u n t s s h a l l o n l y b e o p e ne d w it h t he p r io r p e r m i s s io n f r o m t h e H O . M o r e o ve r , w h e ne v e r a p p l i c a t io n fo r t h e o p e n i n g o f E xe c u t o r s a nd A d m i n i s t r a t o r s a c c o u nt i s r e c e i v e d , t he m a t t e r s h o u l d b e r e f e r r e d t o t he R e g io n a l M a n a g e r w ho w i l l fo r w a r d t he f u l l d e t a i l s o f t h e m a t t e r t o H O fo r g u i d a nc e a nd p e r m i s s io n t o o p e n s u c h a c c o u nt . N o E xe c u t o r a nd Ad m i n i s t r a t o r w i l l b e a l l o w e d t o t r a ns f e r t h e f u n d fr o m t he a c c o u nt t o t he i r p e r s o n a l a c c o u nt s .

1 2 . L oc a l B o d i e s A c c o u nt s .
C it y G o v e r n m e nt s , M u n i c i p a l it i e s , D i s t r i c t B o a r d s , D e v e lo p m e n t B o d i e s e t c a r e i n c l u d e d i n L o c a l bo d i e s . F u n c t io ns a nd p o w e r s o f t h e s e L o c a l B o d i e s a r e g o v e r ne d b y t he r e l e v a nt L o c a l A c t s a n d R u l e s / B ye l a w s m a d e i n a c c o r d a nc e w it h s u c h A c t . T h e s e L o c a l B o d i e s a r e r e g a r d e d a s d e s ir a b l e C u s t o me r s b e c a u s e t he y h a v e s u b s t a nt i a l a m o u n t o f f u n d s a t t he i r d i s p o s a l . H o w e v e r , o p e r a t io n s o n t h e s e a c c o u nt s mu s t b e c o nd u c t e d s t r ic t l y i n a c c o r d a n c e w it h t he s t a t u t o r y r u l e s a nd r e g u l a t io n s .

13. Special Convertible Rupees Account (SCRA).
A s p e r t he F o r e i g n E x c ha n g e M a n u a l C ha p t e r 2 0 , S C R A c a n b e o p e n b y N o nr e s i d e nt s fo r t he p u r p o s e t o t r a d e i n t h e s h a r e s q u o t e d o n t h e S t o c k E x c h a n g e s i n P a k i s t a n. S u c h a c c o u nt s c a n b e f e d b y r e m it t a nc e s f r o m a b r o a d o r b y t r a ns f e r f r o m a fo r e i g n c u r r e n c y a c c o u nt m a i n t a i n e d b y t he no n- r e s i d e nt i n v e s t o r i n P a k i s t a n. T h e b a l a n c e a v a i l a b l e t h e r e i n c a n b e u s e d fo r p u r c ha s e o f a n y s h a r e q u o t ed o n t he S t o c k E xc ha n g e . B r a n c h e s w i l l be r e q u i r e d t o s u b m it w e e k l y s t a t e m e nt i n t h e p r e s c r i b e d P e r fo r m a ( V - 9 2 ) o f F E - M a n u a l s ho w i n g t he p o s it io n i n r e s p e c t o f S C R A a c c o u n t s a s o n e a c h S a t u r d a y.

29

1 4 . S ta f f A c c o u nts .
S t a f f s c a n o p e n o n l y o n e s a v i n g o r c u r r e nt a c c o u nt s i n g l y o r jo i nt l y w it h h i s / he r s p o u s e a t t he t i m e o f a p p o i n t m e nt i n t he r e s p e c t i v e br a nc h o f M e e z a n B a n k L i m i t e d . T he a c c o u nt w i l l b e o p e ne d fo r t he p u r p o s e o f s a l a r y d i s b u r s e m e nt ( l i k e s a l a r y, bo nu s , i n c r e m e nt s , a l lo w a n c e o r a n y fo r m o f r e i m b u r s e m e nt r e n d e r e d b y e m p lo ye e . f r o m M e e z a n B a n k L i m it e d a g a i n s t ser vic e s

Documentation of Opening an Account .
1 . I nd i v i d ua l a c c o unt s :
1. 2. 3. Copy o f CNIC. A n y p r o o f o f I nc o m e ( s a l a r y s l i p / N T N ) . A n y U t i l it y B i l l ( fo r Ad d r e s s V e r i f i c a t io n) .

2 . P r o pr i e t or s hi p A c c o u nt :
1. Copy o f CNIC. 2. Proo f o f pro pr iet o rship (NT N Cert ific at e). 3. Acco u nt Ope n ing Req ue st & Pro pr iet o rship let t er o n Fir ms Head. 4 . A n y U t i l it y B i l l ( fo r Ad d r e s s V e r i f i c a t io n) . Let t er

3 . M i nor A c c o unt :
1. Co p y o f C NIC o f Gu ard ia n. 2. Co p y o f B irt h Cert ific at e. 3 . C N I C c o p y o f G u a r d i a n.

4 . P a r t ne r s hi p A c c o u nt s :
1 . R e g i s t e r e d P a r t ne r s h i p D e e d ( C e r t i f i e d C o p y) . 30

2 . L e t t e r o f Au t ho r it y & M a nd a t e . 3 . C o p ie s o f C N I C s o f a l l p a r t ne r s . 4. Acco u nt o pening Req ue st Let t er o n fir m¶s Let t er Head

5 . L i mi te d C o m pa ny :
1 . C o p y o f C e r t i f i c a t e o f I n c o r p o r a t io n . 2. List o f D ire ct o rs. 3 . M e m o r a nd u m & A r t ic l e s o f A s s o c i a t io n. 4 . B o a r d R e s o l u t io n . 5 . C e r t i f i c a t e o f C o m m e n c e m e nt o f B u s i n e s s ( fo r P u b l i c L t d . C o . ) . 6 . C o p i e s o f C N I C s o f a l l D i r e c t o r s / S ig n a t o r ie s . 7 . L a t e s t c o p y o f c e r t i f i e d F o r m- 2 9 .

6 . C l ub / S o c i e ty / A s s o c i a t i o n :
1 . C o p y o f R u l e s / B y- L a w s . 2 . C o p y o f R e g i s t r a t io n ( i f a p p l i c a b l e ) 3. List of e xecut ive M e m b e r / M a na g e m e nt Co mmit t ee/ Ma nage me nt

Board etc. 4 . C e r t i f i e d C o p y o f R e s o l u t io n. 5 . C N I C s o f a l l M e m b e r s o f M a na g e m e nt B o d y & S i g n a t o r i e s . 6 . U n d e r t a k i n g s t o i m m e d i a t e i n fo r m t h e ba n k i n w r it i n g a bo u t a n y c ha n g e s i n M a na g e m e nt C o m m it t e e / A u t ho r iz e d p e r s o ns .

NOTE:  The se a ll d ocu ment s a re requi red o rigina l, ban k it se lf g et the photocopy of these documents.
Housewives/Students/Retired Personal : Documents as requested by branch.

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CONSUMER BANKING PRODUCTS OFFERS BY MEEZAN BANK LTD. ON MUSHARAKAH BASIS. M us ha ra ka h:
Musharakah is t he t ype o f P art nership in which bot h p ar t n er s in v e st e q u a l l y, a n d s h ar e t h e ir p r o f it & lo s se s eq u a l l y. the

DIFFERENCE B/W MUSHARAKAH & MUDARABAH. M us ha ra ka h: 
In Musharakah bot h part ies invest .  Both part ies work.  I n Mu s h ar a k a h t he p r o fit a nd lo ss e s s har ed eq u a l l y.

Mudarabah: 
In Mudarabah one part y invest ( Rab-ul- Mal) and ot her part y work (Mudar ib).  P r o f it is s h ar ed a s p er ag r ee d r at io .  I n ca se o f M u d ar a b a h a l l lo s se s ar e bo r ne b y R a b- u l- M a l. CONSUMER BANKING PRODUCTS Consu mer Banking Products are: 1. Mur abah 2. Car I jarah 3. Easy Ho me 32

1. MEEZAN BANK MURABAH.
Mur abah is t he t ype o f short t erm financing in which Bank is t he o wn er o f p r o d u ct a nd p u r c h a se t h at fo r t h e cu st o mer . L ik e o t he r b a n k s M ee za n b a nk is no t p r o v id in g t h e lo a n t o t he cu st o mer , b u t i f t he y ne ed a n y t yp e o f pr o duct lik e M ac h ine r y et c fo r h is u s e. B a nk has no expert ise, so banks make t he agent t o t hat per so n, he will bu y h i ms e l f a nd t he n h a n d it o v er t o t he ba n k . T he n b a n k w i l l g iv e h i m o n co st p lu s p r o f it . I f d u r in g b u y i n g a n y t yp e o f s u d d e n ac c id e nt o ccu r s, t h e w ho le lo ss w i l l b e bo r n e b y t he b a nk be c au se t h e b a n k is owner o f t hat mat er ia l.

2. MEEZAN BANK CAR IJARAH.
Car I jar ah is Pak ist an¶s fir st ³I nt er est Free´ car financing based o n I s la m ic f in a n c in g mo d e o f I jar a h o r I s la m ic le a s i n g . T h is p r o d u ct is id e a l fo r in t er est a v er se i n d iv id u a ls , lo o k in g fo r a car f i n a n c in g t h at provides t he co nvenience o f a we ll designed product while avo iding a n int er e st ba se d t r a ns a ct io n. Car I jar ah is simp ly a rent a l agr eement under which t he car will be g iv e n t o t he c u st o mer o n r e nt fo r a p er io d , ag r ee d at t he t ime o f t h e cont ract . Meezan Bank pur chases t he car and r ent s it out t o t he cu st o mer fo r a p er io d o f 3 , 4 o r 5 ye ar s. Up o n co mp let io n o f t h e le a s e p er io d h e cu st o mer g et s o w ner s h ip o f t he car ag a in st h is in it ia l se cu r it y d ep o s it . Car I jarah is unique and is appro ved by Meezan Banks S har iah Board Car I ja r a h, d e s ig n ed u n d er t he su p e r v is io n o f Me ez a n B a n k s S h ar ia h S u p er v iso r y Bo ar d , is u n iq u e t o car le a s in g fa c i l it ie s p r o v id ed b y ot her banks. Right s & liabilit ies of Owner v/ s User An I s la m ic I jar a h is a n a ss et - b a se d co nt r a ct , i. e. t he L e sso r s ho u ld h a v e o w ner s h ip o f t h e a s s et d u r in g t he p er io d o f t h e co nt r act . U nd er I s la m ic S h ar ia h , a l l o w n er s h ip r e la t ed r ig ht s a n d l ia b i l it ie s s ho u ld lie wit h t he owner while a ll usage-re lated r ight s and liabilit ie s s ho u ld l ie w it h t h e u ser . A co n v e nt io na l le a se co nt r a ct d o es no t dist inguish bet ween t he nat ure o f t hese liabilit ies and places a ll liabilit ies on t he user o f t he asset , cont radict or y t o Islamic S har iah. Under I jarah, all owner ship-re lat ed r isks lie wit h t he Bank while al l u s ag e r e lat ed r is k s l ie w it h t he u s er , t hu s ma k in g t h e L es so r t he t r u e owner o f t he asset and making t he inco me gener at ed t hrough t he co nt r act per mis s ib le ( Ha la l) fo r t he Ba nk

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Car Ijarah, Pakistan¶s First Islamic Car Financing As a step towards Meezan Bank¶s mission to provide a one-stop shop for innovative value added Shariah compliant products, Meezan Bank¶s Car Ijarah unit provides a car financing, based on the principles of Ijarah and is free of the element of interest. Car Ijarah is Pakistan¶s first Interest Free car financing based on the Islamic financing mode of Ijarah (Islamic leasing). This product is ideal for individuals looking for car financing while avoiding an interest-based transaction. Meezan Bank¶ Car Ijarah is a car rental agreement, under which the Bank purchases the car and rents it out to the customer for a period of 3 to 5 years, agreed at the time of the contract. Upon completion of the lease period the customer gets ownership of the car against his initial security deposit.  What makes Car Ijarah unique? S o me o f t he k e y c har act er ist ic s o f Car I ja r a h ar e a s fo l lo w s

y

Car Ijarah also features Used Vehicles! In addition to our leasing of new cars, Meezan Bank also provides the unique opportunity of leasing second hand, both locally assembled and imported vehicles. This feature is specifically designed as a highly economical option. The Used Car Ijarah facility is made available at a minimum-security deposit as low as 20%. Financing of used cars are subject to a selection criteria.

Used car selection criteria: In addition to our leasing of new cars, Meezan Bank also provides the unique opportunity of leasing second hand, both locally assembled and imported vehicles. This feature is specifically designed as a highly economical option. The Used Car Ijarah facility is made available at a minimum-security deposit as low as 20%. Financing of used cars are subject to the following Selection Criteria. 
The second hand car selected should not be more then twice registered.  The vehicle should not be older than 5 years.  The minimum security deposit for a vehicle up to 2 years of age is 20%, while minimum security

deposit for a vehicle over 2 years of age is 30%. 
At the time of maturity of Ijarah agreement, the vehicle should not be more than 8 years old.

This means that if a car is 5 years old, the Car Ijarah tenure is not more than 3 years and if its 4 years old, the tenure may be set for a maximum 4-year term.

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Second hand vehicles selected should not be worth more than Rs. 1.5 million and less than Rs. 250,000/-. Meezan Bank will have the vehicle valued by an independent valuation company accordingly. Some points to ensure about selection: y Shariah Compliance

Car Ijarah, designed under the supervision of Meezan Banks Shariah Supervisory Board, is unique to car leasing facilities provided by other banks.
i. ii. iii. iv.

Difference in the Rights & Liabilities of Owner v/s User Continuation of lease rentals in case of total loss or theft of vehicle Takkaful instead of Insurance Permissibility for Penalty of Late Payment of Rent under Islamic Shariah

Car Ijarah, designed under the supervision of Meezan Banks Shariah Supervisory Board, is unique to car leasing facilities provided by other banks. Rights & liabilities of Owner v/s User

An Islamic Ijarah is an asset-based contract, i.e. the Lessor should have ownership of the asset during the period of the contract. Under Islamic Shariah, all ownership related rights and liabilities should lie with the owner while all usage-related rights and liabilities should lie with the user. A conventional lease contract does not distinguish between the nature of these liabilities and places all liabilities on the user of the asset, contradictory to Islamic Shariah. Under Ijarah, all ownership-related risks lie with the Bank while all usage related risks lie with the user, thus making the Lessor the true owner of the asset and making the income generated through the contract permissible (Halal) for the Bank.

Continuation of lease rentals in case of total loss or theft of vehicle

If the leased vehicle is stolen or completely destroyed, the conventional leasing company continues charging the lease rent till the settlement of the Insurance claim. Under the Islamic system, rent is consideration for usage of the leased asset, and if the asset has been stolen or destroyed, the concept of rental becomes void. As such, in the above-mentioned eventualities, Meezan bank does not charge the lease rental.

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Takaful instead of Insurance

Legally (in accordance to Pakistan¶s Law and Regulations), it is required for all leasing entities to insure the leased assets. As such, Meezan Bank insures its leased assets. Meezan Bank insured its assets through Takaful only, which is Islamic product for insurance.
Permissibility for Penalty of Late Payment of Rent under Islamic Shariah

In most contemporary financial leases, an extra monetary amount is charged, in their income, if the rent is not paid on time. This extra amount is the considered as Riba and is Haram. Under Ijarah, the Lessee may be asked to undertake, that if he fails to pay rent on its due date, he will pay certain amount to a charity, which will be administered through the Islamic Bank. For this purpose the bank maintains a charity fund where such amounts may be credited and disbursed for charitable purpose. 

Key Features of Car Ijarah y y y y y y
y y y y y y

No ap p l ic at io n fe e Ease o f acqu ir ing any new l9oca lly assembled car No up fr o nt ins ur a nce /T ak a fu l P a yme nt No advance Rent al Ava ilable in t enures o f 3, 4 and 5 year s M in i mu m- s ecu r it y d ep o s it a s lo w a s 1 5 %
Low monthly rental Rental paid after delivery, not in advanced Fastest processing and delivery Tracker option available Minimum security deposit as low as 10%* All new, used, local, imported and luxury vehicles can be financed

All new, used, local, imported and luxury vehicles can be financed

* Conditions apply 36 

Rental Calculations For information on calculation of monthly rentals contact use our Car Ijarah Calculator or call our 24/7 Call center.  Apply for Car Ijarah! To apply for Meezan Bank¶s Car Ijarah, fill out a customer application form (available at any Meezan Bank Ltd. Branch), attach the required documents and get your financing approved in a 1-2 working days. For further details make an appointment with an officer or call our 24/7 Call center. 

App roved by Meezan Ban k¶ s Sh a ri ah Boa rd Car I jar ah is designed under the super vis io n o f Meezan Bank¶s Shar iah Super visor y Board and is approved by t he Board. 

Schedule of Charges:
y y

Do mest ic Vehicles-New Do mest ic Vehicles-Used 

I mported Vehic les  Co mmerc ial Vehic les  Ou t S t at io n V er i f ic at io n C har g e s
Domestic Vehicles New Vehicles Cost of Vehicle Less than 1.00 million (999,999/-) Charges Processing Amount (PKR) 4,000/-

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Greater than 1.00 million

Processing

5,000/-

Domestic Vehicles Used / Imported Vehicles Cost of Vehicle Less than 1.00 million (999,999/-) Charges Processing Valuation Total Between 1.00 million & 1.5 million Processing Valuation Total Amount (PKR) 3,000/1,500/4,500/-

4,000/1,500/5,500/-

Note: Valuation changes for vehicle greater than 1.5 million will be charged at actual. Processing charges will remain unchanged.

Commercial Vehicles New Vehicles Cost of Vehicle Less than 1.00 million (999,999/-) Charges Processing Amount (PKR) 4,000/-

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Out Station verification charges Rs. 500/- to 1,000/- depending upon the distance

Rental Calculations T o ca lc u lat e t h e mo nt h l y r e nt a ls s i mp l y mu lt ip l y t he co st o f t he c ar w it h t h e r e nt a l fa ct o r s g iv e n in t he t a b le b e lo w

Rental Calculation for new cars S ec u r it y Dep o s it 10% 15% 20% 25% 30% 35% 40% 45% 50% 0.033988 0.032303 0.030619 0.028934 0.027249 0.025565 0.023880 0.022195 0.020511 0.028131 0.026765 0.025398 0.024032 0.022666 0.021299 0.019933 0.018567 0.017200 0.025341 0.024125 0.022909 0.021693 0.020478 0.019262 0.018046 0.016830 0.015614 3 years 4 years 5 years

For example: if you ar e int er est ed in a car cost ing Rs.300,000 fo r a t e nu r e o f 5 ye ar s a n d ar e w i l l i n g t o p a y a 5 0 % S e cu r it y D ep o s it , yo u r mo nt h l y r e nt a l w o u ld b e,

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Rs. 3 0 0 , 0 0 0 X 0 . 0 1 5 6 1 4 = R s. 4 , 8 4 / - p er mo nt h fo r 5 ye ar s (** All other costs w ill be charged at actual)

Rental Calculation for used cars S ec u r it y Dep o s it 15% 20% 25% 30% 35% 40% 45% 50% 0.032519 0.030823 0.029126 0.027429 0.024572 0.024036 0.022339 0.020642 0.026990 0.025611 0.024232 0.022853 0.021474 0.020095 0.018716 0.017338 0.024364 0.023135 0.021906 0.020676 0.019447 0.018218 0.016989 0.015760 3 years 4 years 5 years

For example: I f you ar e int erest ed in a car cost ing Rs. 300, 000 for t enur e o f 5 year s A n d a r e w i l l i n g t o p a y a 5 0 % S e c u r it y D e p o s it , yo u r t o t a l mo nt h l y rent al would be: Rs. 3 0 0 , 0 0 0 X 0 . 0 1 5 7 6 0 = R s. 4 , 7 2 8 p er mo nt h fo r 5 ye ar s (** All other costs w ill be charged at actual)

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How can I apply?

S i mp le ! A l l yo u n e e d t o d o is fi l l o u t a c u st o me r a p p l ic a t io n fo r m, at t ac h t h e r e q u ir e d d o c u me nt s me n t io n e d i n t he fo r m a n d g et yo u r financing appro ved in a 1-2 working da ys. To exper ience t he co mfort o f o u r p er so n a l iz e d s er v ic e s ju st v is it yo u r ne ar e st M e e z a n B a n k Branch.

SOME GENERAL INFO ABOUT CAR IJARAH

Does

Meezan

Bank

use

Takaful

or

conventional

i nsu ra nce

to

insure it s vehicles? MB L is in s u r in g it s Car I ja r a h v e h ic le s t hr o u g h T ak a fu l a r r a n g e me nt w it h P a k Ku w a it T a k a fu l Co mp a n y, P a k ist a n ¶ s fir st T ak a fu l p r o v id er . T h e se co mp a n y h as st ar t ed o p er at io n s in Kar a c h i and Car I jarah vehic les o f Kar achi are now being covered t hrough T ak a fu l. As t he o p er at io n s o f P ak Ku w a it T ak a fu l e xp a n d int o o t he r c it ie s o f P a k ist a n , C ar I jar a h v e h i c le s i n o t her c it ie s w i l l a lso b e insured t hrough Takafu l. MBL¶s pr esent insurance arr angement w ill be a va ila b le fo r c it ie s w her e T ak a fu l is no t pr ese nt ly a va ila b le s inc e Leased asset s are requir ed t o be insur ed under t he law. However, Meezan Bank¶s I jar ah arrangement clear ly st at es t hat Meezan Bank w i l l u se co n v e nt io n a l I n su r a nc e o n l y a s lo n g a s T ak a fu l is no t ava ilable, and we are now clear ly on t he road t o having all our Car I jarah vehic les insur ed t hrough Takaful.

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FATWA ON CAR IJARAH: NEW AND USED CAR FINANCING

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3. MEEZAN BANK EASY HOME (HOUSE FINANCING):

Easy Home is Pakistan¶s first totally Shariah-compliant Home Finance facility! One that is comprehensive, affordable, and totally hassle-free. For at Meezan Bank, we are committed to meeting our customers¶ needs, in a truly Shariah-compliant manner coupled with dedicated service excellence. 
Why is Halal home finance so important to you?

Owning your own home is one of life¶s most important achievements. It represents your security, stability, and is a great blessing in itself. It provides that all-important safety and comfort for you and your loved ones. However, in today's often unpredictable and costly environment, saving the required money can take a lifetime in itself. Rising property prices, taxes, inflation, currency devaluation« it¶s all a very hard bargain. On the other hand, owning your own home and paying an easy installment, which takes you step by step towards complete ownership, is so much better than paying rent which ultimately only adds to your expenses. Added to that is your desire to stay away from interest based financing and be totally riba-free, thus achie-ving that complete inner satisfaction and peace of mind. Why not have the best of both worlds? Isn't that what you are working so hard for anyway? 
Islamic Financing on a Diminishing Musharakah basis

With Easy Home you participate with Meezan Bank in a joint ownership of your property, where the Bank will provide a certain amount of financing (usually up to 80%). You agree to a monthly payment to the bank of which a component is for the use of the home, and another for your equity share. In fact, the total monthly payment is reduced regularly as your share in the property grows. When you have made the full investment, which had been agreed upon, you become the sole owner with a free and clear title to the property. 
What specifically makes Easy Home Shariah compliant?

As a Diminishing Musharakah it conforms to Shariah laws specifically related to financing, ownership and trade. Taking ownership through a partnership and then transferring complete ownership to the consumer instead of simply lending money is the major factor that makes our product Shariah compliant. The nature of the contract is a co-ownership and not a loan because the transaction is not based on the lending and borrowing of money but on the joint ownership of an asset. Meezan Bank shares in the cost of the asset being purchased, for example in the case of 43

buying a home. In conventional mortgages the interest charged is a mark-up on the money lent. The profit charged by Meezan Bank is the utilization payment for your use of our share throughout the life of the contract. Your payments to Meezan Bank are completely riba-free. 

Why is the profit margin charged by Meezan Bank correlated to the conventional

mortgage market trends?

At Meezan Bank, the profit margin is directly correlated to market trends to provide a competitive product to our customers. Shariah allows the use of any conventional market factor as a benchmark to determine the profit rate of a particular product. The mere fact that the applied profit rate of our product is based on similar factors used in determining the applied rate of interest of a mortgage does not render the transaction or the contract invalid from the Shariah perspective, and neither does it make the transaction an interest-bearing one. On the other hand, it is the underlying structure of the product that determines its Shariah compliance. 
Shariah Supervisory Board

The letter and spirit of Islamic Banking rest upon absolute adherence to the Shariah. The foundations of a strong Shariah underpinning at Meezan Bank were laid from the beginning. A world renowned Shariah Supervisory Board and a highly qualified and experienced in house Shariah Advisor are fundamental aspects of the Bank's core USP. The primary role of this board is to maintain and further strengthen this commitment and to ensure strict Shariah compliance in all the Bank's operations. The members of the Shariah Supervisory Board of Meezan Bank are Internationally-renowned scholars, serving on the boards of many Islamic banks operating in different countries.
The members of the Board are:
Justice (Retd.) Muhammad Taqi Usmani (Chairman) Dr. Abdul Sattar Abu Ghuddah Sheikh Essam M. Ishaq Dr. Muhammad Imran Ashraf Usmani (Advisor)

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Payment Plan

Step-up Model The Step-up Payment plan is introduced for customers who intend to avail maximum financing facility with lower installments. The step up model is based on Shariah Compliant structure of Diminishing Musharakah. In this model, the bank¶s share s divided into more Musharakah units and in the initial half of the facility tenure, the customer purchases one Musharakah unit from bank every month and in the later half of the facility tenure, the customer purchases two Musharakah units from bank every month. Thus the monthly installment during initial years is comparatively lower which is easily affordable. This model is a Shariah Compliant Alternative available to the customers who wish to avail maximum financing facility from bank. UMI Model Easy Home is structured under the concept of diminishing Musharakah where Meezan Bank and Customer enter into a Musharakah Agreement whereby both the parties provide their investments to be utilized for the purposes of purchase/construct/renovate the property. The Joint ownership is created in the property between Bank & customer by virtue of the Musharakah agreement. (This is based on the principle of Shirkat ul Milk) Bank¶s share is divided into units and is given to the client on rent and Client promises to purchase Bank¶s share (units) over the tenure of transaction Client purchases the units every month and will eventually become the owner of the property. Rental amount is adjusted according to the bank¶s share (units) remaining in the property. In UMI , the Musharakah unit price remains constant through out the financing period. Maximum Financing Tenure Now you can avail financing facility for maximum up to 25 years period. 
EASY HOME PRODUCTS Buy, Build, Renovate, or Replace!
a. Buying a Home is Easy & Halal!

Easy Buyer ² Choose it and get ready to move in!

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Features:

Flexible financing from PKR 300,000/- to PKR 40 million for Salaried, SEP, NRP Customers and from PKR 300,000/- to PKR 5 Million for Businessman Customer. Easy selection of financing tenure from 3 years to 20 years

Bank Investment Ratio (BIR)
Up to 70% for Salaried / SEP / NRP. Up to 60% for Businesspersons. No restriction on early unit purchase / early termination

b. Building a home is Easy & Halal!

Easy Builder

For that special home you want to build!

Easy Builder is a comprehensive proposition that contains: 1. Residential construction on applicant s owned land 2. Purchase of land & residential construction 3. Enhancement of an already constructed residential bungalow

Features:
Flexible financing from PKR 300,000/- to PKR 40 million for Salaried, SEP, NRP Customers and from PKR 300,000/- to PKR 5 Million for Businessman Customer. Easy selection of financing tenure from 2 years (excluding construction period of max 12 months) to 20

46

years. Bank Investment Ratio (BIR) Up to 70% for Salaried / SEP / NRP. Up to 60% for Businesspersons. No restriction on early unit purchase / early termination )

c.

Easy Renovate ² Make your home even better or just repair it!

Features: Flexible financing from PKR 150,000/- or up to 30% of property value Easy selection of financing tenure from 2 years up to a maximum of 15 years

d. Easy Replace ² Transfer your existing mortgage!

You can now continue to enjoy your home, but with the added satisfaction and peace of mind you always wanted. Meezan Bank will help you switch your existing liability over to us and let you enjoy the benefits of Halal and totally flexible financing.
Features: Flexible financing from PKR 300,000/- to PKR 40 million for Salaried, SEP, NRP Customers and from PKR 300,000/- to PKR 5 Million for Businessman Customer. Easy selection of financing tenure from 3 years to 20 years

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Bank Investment Ratio (BIR)
Up to 70% for Salaried / SEP / NRP. Up to 60% for Businesspersons. No restriction on early unit purchase / early termination after 12 Months. 

Special Benefits of Easy Home

Flexible Financing Tailored to Support You
o o o o o o o o

High financing amounts Adequate financing against property value Flexibility to make partial prepayments Minimal processing charges Affordable and competitive installment amounts with a regular reducing monthly rental Rate relaxtion for select MNCs & LCGs Quick Processing Time Absolutely hassle-free. Quick turn- around- times, with no burdensome complexities or excess paper work. Its simple, Halal and Easy! Come and take the step towards Riba Free Financing for your home, made easy with Meezan Bank s easy home.

o

Quick Processing Time Absolutely hassle-free. Quick turn-around-times, with no burdensome complexity or excess paper work. It is simple, halal, and easy! Even the eligibility is Easy! We at Meezan Bank, as prescribed by Islamic Shariah, seek to guarantee equal access to financing for all qualified applicants, while ensuring that the qualification process is bias-free. Non Resident Pakistanis Non Resident Pakistanis can apply with peace of mind for the fastest processing of their case.

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Special Offer for Chartered Accountants Qualified Chartered Accountants and Corporate CFOs can avail discounted rates and flexible repayment option with no pre-payment charges on early payment either partially or full. Special Offer for Easy Replacement Cases Why paying high installment on high rate? Transfer your existing home finance facility to Meezan Bank and avail attractive profit rate with flexible payment options. No pre-payment charges on early payment either partially or full. 

Profit Rate For Salaried Customers including SEP¶s, NRP¶s & Merchant Navy: Fixed ± 1st Year : K * + 3.00 % p.a Annual Re-pricing : K ** + 3.00 % p.a. (Floor 12.00% p.a. and Cap 30% p.a.) For Businessman Customers: Fixed ± 1st Year : K * + 4.00 % p.a Annual Re-pricing : K ** + 4.00 % p.a. (Floor 12.00% p.a. and Cap 30% p.a.) * For first year Fixed Rate, ³K´ denotes KIBOR (Karachi Inter Bank Offer Rate), announced on 1st working day of each calendar month. ** For annual revision, ³K´ denotes 90 days average of 12-month KIBOR (Karachi Inter Bank Offer Rate), announced for each calendar quarter by the Bank. Additional Unit Purchase Additional units will be revalued at 3%. Revision of Profit Rates Profit rates will be revised annually on Account Anniversary. Repayment Frequency and Mode Monthly installments, through Direct Debit of customers account maintained at Meezan Bank Ltd in any branch. Come and take the step towards Riba-Free financing for your home, made easy with Meezan Bank's Easy Home! 49 

ELIGIBILITY CRITERIA: Resident Pakistani

Particulars Citizenship Product Category

Eligibility Pakistani Buyer, Builder, Renovation & Replacement In such cases, a responsible person will be appointed by the NRP customer who will look after construction on Musharakah property/land. Salaried Only 50 % of Net income of Parents, Spouse & Son 50 % of Brother s Net income residing in Pakistan (on one off basis only)

Builder / Renovation Cases

Segment Co-applicant for Income clubbing

Age (Applicant & Co-applicant for calculation of MBL financing amount) 25 to 60 years Co-applicant Age (without income clubbing) 25 to 65 years Relaxation in age criteria may be allowed by HCF and RMU Income Employment Tenure Gross PKR 150,000/- & above Two years (minimum) regular experience in same industry. Minimum last 1-year existing job in the same country. Permanent & Contractual

Employment Status

50

Company Eligibility

Multinational Co. & Well Established Local Corporate Groups 3 to 20 Years As per existing policy parameter

Financing Tenor Financing Range

ADDITIONAL REQUIRED DOCUMENTS Particulars Verification Verified by Pak. Embassy or Attested by Notary Public of the country of employment Verified by Pak. Embassy or Attested by Notary Public of the country of employment.

Employment Letter

Salary Slip

Last 6 months bank Original or Attested. statement Copy of Employment Contract . Copy of Passport Copy of Pakistan Origin Card

To be confirmed from Employer

N.A Copy of Pakistan Origin Card and its NADRA verification. In case applicant has CNIC, the same shall also be verified from NADRA. Waiver for not availability of the same may be approved by HCF. N.A Last 2 years tax documents, where available. Details of other loans obtained in Country of Employment [if availed].

Visa Proof Tax Documents Other Loans

51 

APPLICATION PROCEDURE:
EasyHome Road Map Applying for Islamic Housing Fiance is Easy! Simply download the application form and follow the 9 easy steps given below to make your dream of owning a Home, in a truly Halal way, come true. Step 1: Application Form & Initial Payment
Submit the filled & signed application form to Meezan Bank. Submit the required cheque for Processing Fee & External Agency costs.

Step 2: Required Documents Kindly attach all the required documents with your Application Form as mentioned below:
Personal Information o Copy of NIC
o o o o o o o

Copy of Co-Applicants NIC (if applicable) 2 passport-sized colored Photographs of Applicant / Co-Applicant Copy of Rental Documents (if applicable) Copy of last paid Utility Bills (Electricity/Gas/Telephone) Borrowers Basic Fact Sheet Bank Statement - last 6 months Copy of recent Credit Card Bills

Income Information* o Original or certified copy of recent Pay Slip
o o o

Employers Certificate including Tenor/Designation/Salary Bank Statement of Business - last 6 months (if applicable) Copy of Management Accounts (if applicable)

Business/Professional Information
o o o

3 years proof of business (e.g. Tax Return / Bank Certificate) Partnership Deed (in case of Partnership) Professional Degree / Certificate

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o

Professional Association Membership Certificate / Practice License

If you have selected the property to buy or want financing for construction/ re-placement/renovation
o

Property Title Documents (copies at initial stage & original before disbursement)

In the case of a Co-Applicant, all income related documents will also be required.

Step 3: Address Verification Meezan Bank will verify your residential & office addresses and the addresses of references submitted.

Step 4: Income Estimation For Businessman / Self Employed professionals Meezan Banks External Consultant will contact you to determine your monthly income to help you in obtaining the maximum possible financing from the Bank. Kindly provide them all the required details. For Salaried Individuals Meezan Bank will verify the income with your employer.

Step 5: Legal opinion Meezan Bank will obtain a legal opinion on the property documents provided by you.

Step 6: Property Valuation Meezan Banks appointed Valuation Agency will evaluate the property to determine its market value

Step 7: Credit Approval & Sanction Letter After you have satisfactorily fulfilled all Meezan Banks credit requirements, we will give you a conditional sanction letter.

Step 8: Account Opening After approval of the case, you are required to open an account at Meezan Bank and submit a filled Account Opening Form.

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Step 9: Signing of House Finance Agreement After completion of the above steps and approval of your case, you are required to come to Meezan Bank for signing of the Islamic House Finance Agreement and other legal documents. Processing Fee The Easy Home application process is subject to the following fees Schedule of Charges:
Segment Salaried Businessmen

Processing Charges Legal Report Charges Property Valuation Charges Income Estimation Charges

PKR 5,000 PKR 5,000 PKR 3,500 N/A

PKR 5,000 PKR 5,000 PKR 3,500 PKR 5,000

*Documentation charges are exclusive of above-mentioned charges and will be obtained at the time of signing of Musharakah Agreement according to the limits of financing. Charity / Late Payment Charges In Easy Home, in the event of any delay in monthly payment without a valid reason, the customer will be required to pay as charity a sum of Rs.500/- (Rupees Five Hundred Only) and an amount @1% per day on such overdue amount remaining unpaid. 

DOCUMENTS REQUIRED FOR EASY HOME:

Income Information. Salaried Person: y Co p y o f r e ce nt p a y s l ip / e mp lo ye r le t t er .

54

y

E mp lo ye r C er t if ic at e fo r S a la r ie d d e s ig n at io n & sa lar y.

e mp lo ye e s in c lu d in g t e no r ,

y

La st 6 mo nt h s B a nk st at e me nt .

Business person: y y y y Copy o f management account s ( if applicable). Bank St at ement o f Bus iness. 3 Years Proo f o f Business( e.g. Tax Ret ur n/ Bank Cert ificat e). P r o fe s s io n a l License. y P r o fe s s io n a l D eg r ee s/ Cer t i f ic at e s. As so c iat io n Membership Cert ificate/Pract ice

Property Documents: y y Copy o f all r elat ed Propert y document s. Appro ved Bu ilding P lan. Processing Fee: y y y y W it h Ap p l ic at io n . Processing fee Legal Charges I n co me E st i mat io n C h ar g e s 5,000/5,000/4,000/-

y

P r o p er t y V a lu at io n C h ar g e s

3,500/-

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After Approval: Le g a l d o cu me nt at io n C h ar g e s. Rs. 1,000(Up to 1M) Rs. 2, 500( Abo ve 1M) Rs. 10,000( Abo ve 10M).

I n v e s t me n t C e r ti f i c a t e i s s u e d b y M e e z a n B a n k L td .
To facilitat e t he cust omer t hrough o pening account s o f differ ent t yp e s, Me e z a n Ba n k a lso is s u e s so m e in v e st me nt c e r t if ic a t e s t hr o u g h w h ic h t h e y co u ld b e n e f it cu st o mer . T h e cu st o mer co u ld e a s i l y i n v e st i n d i f fer e nt t yp es o f c er t i f ic at e s o f d i f fer e nt in v e st me nt s a nd c o u ld g et p r o fit at at t r act iv e r at es. T h e se cer t if ic at e s ar e a s u n d er :

1. Cert i ficate o f Isla mic Inv est ment-CO II. The Riba Fr ee Cert ificat e o f Is lamic Invest ment is a S har iah co mp l ia nt in v e st me nt cer t i f ic at e w it h a m in i mu m i n v e st me nt o f R s. 5 0 , 0 0 0 a nd o f fe r i n g t e nu r e s fr o m 3 mo nt h s t o 5 ye a r s. P r o fit o n inve st me nt ma y be ear ned o n t he fo llo w ing bas is : 
Mo nt h l y p r o fit o n 1 , 2 , 3 a n d 5 ye ar s ( M in i mu m I n v e st me nt Rs.

200,000) 
Qu ar t er l y p r o fit o n 1 , 2 , 3 a n d 5 ye ar s  At mat u r it y p r o fit p a y me n t fo r a l l t e nu r es

Riba- Free Cert ificat e o f I sla mic I nvest ment (COII) works under t he p r in c ip le s o f M u d ar a b a h a n d is st r ic t l y in co n fo r m it y w it h t he r u le s o f I s la m ic S har ia h. P r o f it c a lc u lat io n a nd a l l b a nk in g t r a n s act io n s 56

ar e in st r ict ad h er e n c e t o t he I s la m i c S har ia h, mo n it o r e d b y o u r Shar iah Advisor and t he S har iah Super visor y Board.

Inv est in C erti fi cat e o f Isla mi c In vest ment Riba- Free COII is available at all branches o f Meezan Bank Lt d. Me ez a n b a n k in v it e yo u t o v is it a n y o f t he ir br a n c h es t o ex p er ie n c e t he co mfo r t o f o ur per so na liz e d s er v ic es. T o mak e a n inve st me nt t he b a n k r eq u ir e s c u st o mer s t o ma int a in e it h er a c u r r e nt o r a sa v in g ac co u nt w it h M ee z a n B a n k . I n o r d er t o o p en a n ac co u nt , fi l l i n t h e Acco u nt Op e n i n g Fo r m, br in g i n t h e r eq u ir ed d o cu me nt s, a nd g et int roduced by an exist ing banker.

Additional Features 
Enjo y a r ange o f valuable feat ures including:  Ha la l a n d h ig h co mp et it iv e r et u r ns  P r e- mat u r e w it h d r a wa l o p t io n s a v a i l a b le  Fr ee Online Banking ser vices at any of our branches  2 4 / 7 Ca l l C e nt er w it h co mp let e P ho n e- b a nk in g ser v ic e s  Specialized 8 t o 8 Bank ing at select ed br anches

Certificate of Islamic Investment - COII Profit Rates are applicable for Certificate of Islamic Investment balances for the month of May 2010
Profit Rates (% per annum) Profit Rates at Maturity
6.78% 7.11%

Tenures

Quarterly Rates

Monthly Rates

Three Months Six Months

-

-

57

One Year Two Year Three Year Five Year

9.06% 9.39% 9.97% 11.67%

8.02% 8.28% 8.74% 9.97%

7.69% 8.02% 8.15% 9.13%

2. Monthly Muda ra bah C ert i ficate-MMC. Riba Free Monthly Mudarabah Certificates is a flexible rupee based investment which has been designed to give you a monthly return. The minimum investment required is only Rs. 100,000 and you receive profit for each complete month of investment with the Bank. The Monthly Mudarabah Certificate works under the principles of Mudarabah and in strict conformity with the rules of Islamic Shariah, the Profit calculation of Monthly Mudarabah Certificates and all other banking transactions are in strict adherence to the Islamic Shariah, monitored by our Shariah Advisor and the Shariah Supervisory Board.
KeyFeatures

During your relationship with us, you would be entitled to receive the following additional benefits. 
A 100% halal investment in strict compliance with Shariah  Monthly profit payment to your current or saving account with bank.  Pre-mature withdrawal option available as per approved schedule (applicable to all certificates)  Bank balance certificates  Free Online Banking services at all Meezan Bank branches  24/7 Call Center with complete Phone-banking services  Personal financial consultancy services  Specialized 8 to 8 Banking and Ladies Banking at selected branches

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Invest in a Monthly Mudarabah Certificate Just fill in the Account Opening Form and bring in the required documents. After opening of an account, customer can get their certificates and enjoy meezan bank personalized banking services. Monthly Mudarbah Certificate - MMC Profit Rates are applicable for Monthly Mudarbah Certificate balances for the month of May 2010
Average Monthly Balance (PKR) 100K & Above Profit Rates (% per annum) 6.58%

3. Meezan Aamdan Certificate-MAC.
The Riba-Free Meezan Aamdan Certificate (MAC) is a long-term deposit certificate with an exceptionally high monthly profit designed especially for those individuals and corporations who are in need of regular stream of monthly income. MAC is a monthly income (mahana aamdani) certificate with a variety of free packaged benefits. The certificate under the principles of Mudarabah, is strictly in conformity with the rules of Islamic Shariah. Profit calculation and all banking transactions are in strict adherence to the Islamic Shariah, monitored by our Shariah Advisor and the Shariah Supervisory Board.

Key Features
Enjoy a range of valuable features including: 
Halal high competitive returns  Minimum investment amount: Rs. 100,000/ Special attraction for Widows and Senior citizens with minimum investment of PKR 50,000/ Available tenures of 5½ years and 7 years  Profit payment on monthly basis.  Pre-mature withdrawal options available as per approved schedule  Free cheque book  Free ATM withdrawals (unlimited transactions per month) from Meezan Bank ATM outlet

nationwide network 
Free Online Banking services at all Meezan Bank branches nationwide

59 

Free Internet banking facility  24/7 Call Center with complete Tele-banking services  Specialized 8 to 8 Banking at selected branches

Invest in the Meezan Aamdan Certificate

Invest, in Riba-Free Meezan Aamdan Certificate (MAC) and enjoy personalized banking services from any Meezan Bank branch across Pakistan. Simply submit a completed application form, along with the relevant documents. Meezan Amdan Certificate - MAC Profit Rates are applicable for Meezan Amdan Certificate balances for the month of May 2010
Tenures 5 1/2 years 7 years Monthly Profit Rates (% per annum) 10.89% 12.84%

4. Meezan Providence Certificate.
Meezan Providence Certificate is a long-term investment certificate specially designed to cater to the needs of corporate and business concerns for purposes of investing their Provident, Pension and Gratuity Funds. As any prudent investor, your main concerns would be total security along with the best returns possible, especially as these funds are a trust from your employees and one that bears an important responsibility. Meezan Providence rests on the well known and solid financial strength of Meezan Bank, which has a strong and credible balance sheet with excellent operating profitability, including a capital adequacy ratio that has placed the Bank at the top of the industry, a long-term entity rating of A+, and a short-term entity rating of A1. Furthermore, bank sterling track record shows consistently beneficial and highly competitive returns for bank broad range of investors. Finally, comes the benefit of truly Halal returns, a benefit customer may not have had the opportunity to enjoy before and one that customer can now pass on to your employees, many of whom would be grateful for such an opportunity.

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Riba-Free Meezan Providence Certificate (MPC) works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. Profit calculation and all banking transactions are in strict adherence to the Islamic Shariah, monitored by our Shariah Advisor and the Shariah Supervisory Board.

Key Features
Enjoy a range of valuable features including: 
A 100% halal investment in strict compliance with Shariah  High Returns  Long-term security ensured  Minimum investment amount: PKR 1,000,000  Available tenures of 2, 3, 5 and 7 years  Pre-mature withdrawal options available

Eligibility Criteria Investing is simple and easy, as all you need is: 
To have a registered or unregistered Employee Provident/Gratuity/Pension Fund.  Have operations based in Pakistan. We at Meezan Bank, as prescribed by Islamic Shariah, seek to guarantee equal access to all qualified applicants, while ensuring that the qualification process is bias-free.

Meezan Providence Certificate - MPC Profit Rates are applicable for Meezan Providence Certificate balances for the month of May 2010
Tenures Profit Rates at maturity (% per annum) 9.45% 11.02% -

Two Year Three Year Five Year Seven Year

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5. Dollar M udarabah Certificate.
The Riba-Free Dollar Mudarabah Certificate (DMC) is a flexible investment product which has been designed to give you profit payment options at monthly, quarterly and maturity. DMC works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. On agreeing to become a DMC holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the customer is an investor (Rab-ulMaal), and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The Bank allocates the funds received from the customers to a deposit pool. These funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharkah.Certificate works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. Profit calculation and all banking transactions are in strict adherence to the Islamic Shariah, monitored by our Shariah Advisor and the Shariah Supervisory Board.

Key Features
Enjoy a range of valuable features including: 
Halal competitive returns  Minimum investment amount: USD 10,000/ Available tenures of 3 months, 6 months, 1 year, and 3 years  Profit payment option at maturity and six monthly basis  Pre-mature withdrawal options available as per approved schedule  Bank balance certificates  Access to priority desk.  Personal financial consultancy services  24/7 Call Center with complete phone banking services  8am to 8pm Banking and Ladies Banking at selected branches

Come and take the step towards Islamic Banking Simply fill in an Account Opening Form, and bring in the required documents. This is all that you need to invest in a Riba-Free Dollar Mudarabah Certificate (DMC) with us and enjoy personalized banking services from any Meezan Bank branch across Pakistan.

Dollar Mudarbah Certificate - DMC
Profit Rates are applicable for Dollar Mudarbah Certificate balances for the month of May 2010 62

Tenures

Profit Rates (% per annum) 10K - 49.9K Six Monthly Maturity 1.07% 1.16% 1.26%

Three Months Six Months One Year Three Year

1.21% 1.30%

1.36%

Tenures

Profit Rates (% per annum) 50K & Above Six Monthly Maturity 1.12% 1.26% 1.36% 1.43%

Three Months Six Months One Year Three Year

1.30% 1.40%

Pa c ka g e s L a u n c h e d b y M e e z a n B a n k L td .
Meezan bank Lt d launches d iffer ent packages pur ely Riba- free only fo r t he bet t er me nt o f cu st o mer s, a nd st r ive t o war d s t he pur e I s la mic Ba n k in g , t o fu l f i l l t h e c u st o mer s b a n k in g n e ed s a cco r d in g t o I s la m. Those at t ract ive product s are: 1. Meezan Labba ik U mrah. 2. Meezan Labba ik Ramadan U mrah. 3. Meezan Labba ik Hajj.

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1. Meeza n La bbai k U mra h: Me ez a n b a n k lau n c h e s U mr a h p ac k a g e s ( a Ho l y Jo u r ne y W it h Co mfo r t & Co n v e n ie n c e) fo r t he ir v a lu a b le cu st o mer s at at t r act iv e rates. The Meezan Labbaik Umr ah product is class ified int o t hr ee categor ies: I. Lab bai k T rave l Aa sa an ± Pa y t oda y a nd P er fo r m U mr a h no w.

I I. La b b a i k T ra v e l Aa sa a n ( I n st a l l me nt Op t io n) - P er fo r m U mr a h now and pay later I II. Labb ai k Sa ving Aa saan - S a ve t o da y a nd p la n fo r U mr a h o r Ha jj.

I. Labbaik Travel Asaan:  P a y t o d a y & p e r fo r m U m r a h o r H a j j no w a ft e r p r o c e s s i n g a n d d o c u m e nt a t io n.  A s p e r S a u d i P a k B a nk a n d E G I B e x p e r ie n c e ; a p p r o x i m a t e l y 5 0 % o f o u r t a r g e t c u s t o me r s w i l l l i k e l y o p t fo r T r a ve l A a s a a n a s mo s t o f t h e p i l g r i m s a r e n o t s a t i s f i e d w it h t h e s e r v i c e s o f t r a ve l a g e nt s a n d p r e f e r B a n k a s B a n k i n g i s a t r u s t bu s i n e s s .  B a n k w i l l a c t a s a c o m m i s s i o n a g e nt o f t he t r a ve l a g e nt a n d w i l l a n no u n c e t he p a c k a g e a s it s p a r t n e r .  B a n k w i l l c h a r g e a l u m p s u m f e e a nd a g e nt w i l l p r o v i d e t he a g r e e d s e r v i c e s ; h e r e B a nk w i l l m a k e s u r e t he s e r v i c e s a r e p r o v i d e d a s p e r c o m m it m e nt b y u s i n g c o nt i n u o u s m o n it o r i n g & fo l lo w u p s .

T he p a c ka g e c ha r g e s s c he d ul e i s a s unde r :
Description No. Of Peop le Ai rfa re + Package Total

64

A d u lt C hild (75% o f A d u lt ) I n f a nt ( 1 0 % o f A d u lt ) Package Price

2 1

55,700+40,000 41,775+30,000

1,91,400 71,775

1

5,570+4,000

9,570

2,72,745

I I . L a b b a i k T r a v e l A a s a a n ( I ns t a l l me n t P l a n ) : 
P e r fo r m U m r a h no w a n d p a y w it h i n 1 2 e a s y mo nt h l y i n s t a l l m e nt s . M B L w i l l c o l l e c t 1 0 % o f p a c k a g e p r i c e a s D o w n P a y m e nt a n d f i r s t i n s t a l l m e nt .  A s p e r F i n a n c i n g C o nt r a c t b a nk a p p r o v e s o r d i s a p p r o v e t he a p p l i c a t io n, i n c a s e o f a p p r o v a l ba n k s e nd s C u s t o m e r fo r U m r a h a ft e r p r o c e s s i n g o f V i s a , d o c u m e nt a t io n s a n d o t he r a r r a ng e m e nt . I n c a s e o f R e j e c t io n, B a n k w i l l p a y b a c k t he D e p o s it e d a mo u nt .  P r o c e s s i n g C h a r g e s a t Ac t u a l : T h e B a n k w i l l c o n d u c t c r e d i t a s s e s s m e nt s l i k e N A D R A , E C I B , D a t a C he c k a n d P h ys i c a l V e r i f i c a t io ns a n d D o c u m e nt a t io n s a nd d e b it c u s t o me r a c c o u n t w it h t he a c t u a l d ir e c t e xp e n s e s .  T he s e C h a r g e s w i l l b e a p p l i c a b l e i n c a s e o f a p p r o v a l o r r e j e c t io n b o t h.

Des cripti on

No. Of Peo ple

Airfare+ Package

Package Price

Down Pay me nt (10% of pac kag e price)

12Equal Monthly I ns t a l l m e n t s

Adu lt Child (75% of

2 1

55,700+40,000 41,775+30,000

1,91,400 71,775

19,140 7,178

14,355 5,383

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Adu lt) I nfa nt (10%of Adu lt) 1 5,570+4,000 9,570 957 718

T h e s a l i e n t p o i n t s o f L a b b a i k T ra v e l A a s a a n ( I n s t a l l m e n t P l a n ) a re :  R i b a f r e e 1 2 mo nt h s f i n a n c i n g .  P a c k a g e p r i c e fo r U p f r o nt & I ns t a l l m e nt P l a n w o u l d be t he s a m e .  S u c c e s s i s b a s e d o n t he p r o c e s s i n g t i m e .  A c c o u nt O p e n i n g M a nd a t o r y.  D e f a u lt i s l i k e l y v e r y lo w , p i l g r i m a g e b e i n g a n I s l a m i c d u t y. III. Labbaik Saving Aasaan:  S a ve t o d a y a n d p l a n f o r U m r a h o r H a j j .  S e l e c t M o nt h l y D e p o s it p l a n a c c o r d i n g t o e xp e c t e d p a c k a g e p r i c e .  D e p o s it C a l c u l a t o r w i l l b e a v a i l a b l e a t br a n c h e s & o n B a n k ¶ s w e b s it e .  C ust o m e r w il l d ep o s it f ix e d a mo u nt ea c h mo nt h.  O nc e t h e d e p o s it ed a mo u nt r e ac h e s t he p ac k ag e p r ic e t he Cu st o mer c a n fu l f i l l t he d e s ir e t o p er fo r m U mr a h / Ha j j. Pilgrimage to be performed on some future date (6 months to 20yrs).  B an k w il l gi ve sp e c ia l p r o f it t o t h e C ust o m e r o n M u d ar ab ah basis.  T h e s a v i n g a cco u nt w i l l b e a no n- c h eck in g ac co u nt i. e. no AT M or check book will be issued.

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Withdrawal from the Scheme O p t io n a va i l a b l e a n y t i m e , w it ho u t a n y p e na lt y i m p o s e d b y c lo s i n g h i s a c c o u nt . At m a t u r it y C u s t o m e r w i l l h a ve t he o p t io n t o t a k e h i s d e p o s i t e d a mo u n t w it h p r o f it a n d u t i l i z e fo r a n y p u r p o s e h e m a y d e e m f it . I t w i l l no t be m a n d a t o r y t o ut i l i z e t he a mo u n t fo r M e e z a n B a n k H a j j o r U mr a h S c h e m e . T h e C u s t o m e r m a y s e l e c t p a c k a g e s b y o t he r t o u r operators. Change o f Plan C u s t o me r w i l l ha v e t h e o p t io n t o s w it c h f r o m L a b b a i k S a v i n g A a s a a n t o L a b b a i k T r a v e l A a s a a n o r i n c a s e o f U m r a h t o L a b b a i k P a y m e nt Aa s a a n a n y t i m e w it ho u t ha v i n g a n y p e n a lt y s u b j e c t t o t he fu l f i l l m e n t o f e lig ib ilit y cr it er ia. I n t h i s s c e n a r io t he c u s t o me r w i l l e n jo y t h e be n e f it s o f t he p r o f i t s a s p e r t he L a b b a i k S a v i n g A a s a a n. P a c k a g e F e a t u re s .  T he s e U m r a h P a c k a g e s a r e o n l y fo r 1 5 d a ys .  R e c o m m e n d e d fo r fa m i l i e s a n d g r o u p s .  S t a y i n KS A i s 1 4 n i g ht s i. e . 4 - N g t s . I n M a k k a h, 7 - N g ht s . I n M a d i n a h & 3 - N i g ht s . I n M a k k a h.  A c c o m mo d a t io n i n A - C a t e g o r y H o t e l s i n M a k k a h & M a d i n a h.  R o u n d t r ip t r a n s f e r i n A i r - C o nd it i o ne d B u s e s ( J e d - M a k - M e d - M e e q a t Mak- Jed).  C o mp l e t e U m r a h V i s a P r o c e s s i n g .  M e e t & a s s i s t s e r v i c e s t hr o u g h t r a i n e d s t a f f i n KS A.  Z i a r a t i n M a k k a h & M a d i n a h w it h U r d u s p e a k i n g g u i d e .  W e e k l y g r o u p f l i g ht s w it h c o n f i r m e d r e t u r ne d a i r t ic k e t .  D o u b l e U m r a h F a c i l i t y.  Tawa f Al-w ida a.  Ar r a ng e m e nt o f Z a m Z a m 1 0 l it e r c a n ( s u b j e c t t o a va i l a b i l i t y) .

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NOTE:  Q u r b a n i ( N AH R ) i s no t a p a r t o f t h e P a c k a g e .  A i r f a r e i s no t i n c l u d e d i n t h e p a c k a g e p r i c e , w h i c h w i l l b e c h a r g e d a t a c t u a l ; a f t e r a n no u n c e m e nt o f r a t e s f r o m s e l e c t e d A i r l i n e s .  C o mp l e t e a d va n c e p a y m e nt s ha l l b e m a d e a t t he t i m e o f bo o k i ng .  L a s t d a t e fo r bo o k i n g i s J u l y 3 1 s t 2 0 0 9 .  M B L i s j u s t f a c i l i t a t i n g t he s a l e s w h e r e a s t r a ve l a r r a n g e m e nt s a r e t he r e s p o n s i b i l i t i e s o f t h e s e l e c t e d T r a v e l a g e nt .

R e q u i r e me n t s : 
C o p y o f M a c h i n e R e a d a b l e P a s s p o r t w i t h a t le a s t 1 ye a r va l i d it y.  1 2 P ho t o g r a p h s 4 x6 c m ( l i g ht b l u e b a c k g r o u nd ) .  Copy o f CNIC.  C o p y o f d e p o s it s l i p .

Meezan Visa Debit Card
Want access to your money anytime, anywhere? With a Meezan Visa Debit Card, you have access to the money in your account wherever you are, whenever you want, wherever you see the Visa symbol. The money is deducted from your balance straight away ² there is no interest to pay, no bills & no late fees! Using your card is quicker than making a trip to the bank, more convenient than queuing for a cash dispenser and safer than carrying money.

Features at a Glance
y y y y y y

Use your own money at more than 30 million outlets and 160 countries worldwide. Use it to buy both big and small items, wherever you see the Visa symbol. Each withdrawal taken directly from your Meezan Bank Linked Account. A safe and convenient alternative to carrying cash. You can call support 24 hours a day, 7 days a week with any queries. Simply call 111-331-331 All shopping transactions on your card are signature based. Simply swipe and sign!

Your perfect travel companion Next time you¶re planning to go abroad, you can use your Visa debit card for all your purchases and to withdraw cash at ATMs, just as you do at home wherever you see the Visa symbol.

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y y y

Convenient - No need to buy foreign currency or travellers cheques in advance. Safe - No need to take large amounts of cash with you. Accepted all over the world - Pay for hotels, sightseeing, shopping and dining out.

Ladies Banking
Anking section only for Ladies

The Bank is the first in the country to introduce 'Ladies Banking' a dedicated banking section only for ladies. This new service provides an exclusive banking area as per the set Shariah principles for our lady customers in a more comfortable environment. The dedicated Customer Services Officer in our ladies only banking area will provide consultancy for a full range of our Halal banking services including, 9am to 5pm Online Banking, Term Certificates, Current & Saving Accounts, Consumer Financing and 24/7 banking services.

Services provided at the Ladies Banking Section include:
y

Special Baking Services: Dedicated Customer Services Officer in our ladies only banking area who provide consultancy for all Halal banking needs.

y y y

Consumer Financing: Car Ijarah and Easy Home Retail Banking: Current & Savings Accounts, Foreign Currency Accounts, Term Deposits 24/7 Banking Services: ATM/Debit Card, Call Center, Internet Banking

Our ladies banking service is a part of Meezan Banks mission to focus on customer convenience and service quality and make Islamic Banking the banking of First Choice. This service is presently being offered at Barkat-e-Hyderi branch in Karachi, and will be offered at some of our other branches very soon. Insha'Allah.

Profit calculation
Meezan Bank¶s Savings Accounts (including Meezan Bachat Account, Karobari Munafa Account, etc.) and (COIIs, including all term deposits e.g Meezan Amdan, Meezan Providence, Monthly Mudarabah Certificate, etc.) are based on the Islamic principle of Mudarabah. Mudarabah is a form of partnership in which one partner invests funds (called the Rab ul Maal) while the other partner is the working partner (called the Mudarib) and is responsible for prudent management of funds. During the month, the Bank uses these funds /deposits to provide Islamic Financing to other Customers on the basis of Murabaha, Ijarah, 69

Istisna etc. At the end of the month, the Bank consolidates the Profit figures, and calculates the Gross Income. The Gross Income is calculated after deducting costs and expenses directly incurred in deriving that Income. Gross income of the deposit pool is shared between the Bank (Mudarib) and customers (Rab ul Maal) on the basis of a pre-determined profit sharing ratio announced at the beginning of the period. The profit is distributed to the account holders on the basis of predetermined weightages, also announced at the beginning of the month, based on their respective category/tiers. In case of a loss, as per the rules of Mudarabah, the deposit pool shall bear the loss in the ratios of investment of depositors.

Profit sharing ratios:
The current Profit Sharing Ratio between MBL (as Mudarib) and the Depositors (as Rab ul Maal) is as follows: 1. Rupee Deposit Accounts and Certificates Meezan Banks profit sharing ratio (as Mudarib) ---- 50% of Gross income. Depositors profit sharing ratio (as Rab ul Maal) ---- 50% of Gross Income. 2. Dollar Deposit Accounts and Term Certificates Meezan Banks profit sharing ratio (as Mudarib) ---- 50% of Gross income. Depositors profit sharing ratio (as Rab ul Maal) ---- 50% of Gross Income. At the beginning of the month Meezan Bank announces any change in the above mentioned Profit Sharing Ratio* for the coming period. Profit sharing weightages: Profit Sharing Weightages for various categories / tiers of deposits and COIIs are also announced at the beginning of the month for the coming period. However, any change in the Profit Sharing Weightages for the next period will also be announced by the Bank at the beginning of the month. Profit Sharing Weightages for the current month At the end of the month, the Bank may unilaterally reduce its profit sharing ratio for the benefit of depositors. Amount of Profit shall be derived and announced on monthly basis. Announcement of any change in Profit Sharing Ratios and Profit Sharing Weightages for the coming period by the 1st of that month.

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Current Weightages
Meezan Bank is pleased to declare the current weightages which are used to calculate the distribution of profit as per the requirements of Shariah.
Historical Weightages (Rupee Product) Historical Weightages (Foreign Currency)

Weightages for Pak. Rupee products from the month of June 2010 Profit Distribution Periods/ Tier groups monthly

Account / Certificate Categories

Weightage Assigned

Saving Accounts

0.77

Labbaik Saving Aasaan

Monthly

1.36

Margin Account

Monthly

0.01

Meezan Business Plus

Monthly

0.01

Meezan Bachat Account Meezan Bachat Account Meezan Bachat Account Meezan Bachat Account Meezan Bachat Account Meezan Bachat Account

1-24.99K 25K-199.99K 200-499.9K 500K-1M Above 1M

0.77 0.88 1.03 1.21 0.77 0.01

Withdrawal

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Karobari Munafa Account Karobari Munafa Account Karobari Munafa Account Karobari Munafa Account Karobari Munafa Account Karobari Munafa Account

1-4.99M 5M-9.99M 10M-49.99M 50M-99.99M 100M-199.99m 200M and above

0.77 0.91 0.97 1.04 1.10 1.26

Karobari Munafa Account Plus Karobari Munafa Account Plus Karobari Munafa Account Plus Karobari Munafa Account Plus Karobari Munafa Account Plus Karobari Munafa Account Plus Karobari Munafa Account Plus Karobari Munafa Account Plus

1-4.99M 5M-9.99M 10M-49.99M 50M-99.99M 100M-199.99m 200M - 299.99M 300M-499.99M 500M and above

0.77 0.91 0.97 1.04 1.10 1.26 1.27 1.30

Monthly Mudarabah Certificate

100K and above

1.01

Meezan Islamic Institution Deposit Account Meezan Islamic Institution Deposit Account

10M-199.9M 200M-399.9M

0.87 1.02

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Meezan Islamic Institution Deposit Account

Above 400M

1.10

Certificate of Islamic Investment - 3 months 3 months Certificate of Islamic Investment - 6 months 6 months Certificate of Islamic Investment - 12 months Monthly Certificate of Islamic Investment - 12 months Quarterly Certificate of Islamic Investment - 12 months Maturity Certificate of Islamic Investment - 2 years Certificate of Islamic Investment - 2 years Certificate of Islamic Investment - 2 years Certificate of Islamic Investment - 3 years Certificate of Islamic Investment - 3 years Certificate of Islamic Investment - 3 years Certificate of Islamic Investment - 5 years Certificate of Islamic Investment - 5 years Certificate of Islamic Investment - 5 years Monthly Quarterly Maturity Monthly Quarterly Maturity Monthly Quarterly Maturity

1.04 1.09 1.18 1.23 1.39 1.23 1.27 1.44 1.25 1.34 1.53 1.40 1.53 1.79

Meezan Providence - 2 years Meezan Providence - 2 years Meezan Providence - 3 years Meezan Providence - 5 years

6 Monthly Maturity Maturity Maturity

1.23 1.44 1.45 1.69

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Meezan Providence - 7 years

Maturity

1.70

Meezan Aamdan Certificate 5 1/2 years Meezan Aamdan Certificate 7 years

Monthly Monthly

1.67 1.97

Equity Weightages for foreign currency products from the month of June 2010

1.39

Dollar Saving Account

Monthly

0.45

Certificate of Islamic Investement - 3 months Maturity Certificate of Islamic Investement - 3 months Maturity Certificate of Islamic Investement - 6 months Maturity Certificate of Islamic Investement - 6 months Maturity Certificate of Islamic Investement - 1 year Certificate of Islamic Investement - 1 year Certificate of Islamic Investement - 1 year Certificate of Islamic Investement - 1 year 6 Monthly 6 Monthly Maturity Maturity

10K - 49.9K 50K & Above 10K - 49.9K 50K & Above 10K - 49.9K 50K & Above 10K - 49.9K 50K & Above

0.77 0.87 0.84 0.91 0.87 0.94 0.91 0.98

Certificate of Islamic Investement - 3 years Certificate of Islamic Investement - 3 years

6 Monthly 6 Monthly

10K - 49.9K 50K & Above

0.94 1.01

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Certificate of Islamic Investement - 3 years Certificate of Islamic Investement - 3 years

Maturity Maturity

10K - 49.9K 50K & Above

0.98 1.03

Equity

1.03

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Corporate and Commercial Banking
Corporate Banking Customers
A customer is termed as a corporate customer if
y y y

His annual sales turnover is Rs. 800 million or more He needs funded and non-funded lines of over Rs. 150 million He has a successful business trade record for a minimum period of 3 years, backed by audited financials

Corporate Banking has a large number of multinational and local clients representing various sectors of the economy. Client relationships are handled by dedicated Relationship Managers and fully supported by Bank¶s Branch staff to provide high quality service at competitive and market driven pricing.
Commercial Banking Customers

A customer is termed as a Commercial Banking Customer if:
y y

His annual sales turnover is between Rs. 300 million to Rs. 800 million He needs funded and non-funded lines of up to Rs. 150 million

Small & Medium Enterprise (SME)

A customer is termed as a SME Banking Customer if:
y y

His annual sales turnover is up to Rs. 300 million He needs funded and non-funded lines of up to Rs. 75 million

Meezan Bank extends financing to cater to business needs of all the above mentioned types of customers in the following areas:
1) Working Capital Finance 2) Project Financing for existing Corporates having expansion or BMR requirements 3) Islamic Export Refinance Facility (Part I and Part II) 4) Trade Related Services

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1) Working Capital Finance Solutions
(for short term financing requirements)
Part of the wide range of Shariah complaint solutions for our customers are Murabaha, Tijarah and Istisna¶a, designed to meet working capital requirements. For example, if you need finance for purchasing raw materials for your industry or are trading in goods then you could use Murabaha or Istisna¶a to meet your financial needs.

Murabaha
Definition Murabaha is a particular kind of sale where the seller expressly mentions the cost of the commodity purchased, and sells it to another person by adding some profit thereon. Thus, Murabaha is not a loan given on interest; it is a sale of a commodity for cash/deferred price. The Bai¶ Murabaha involves purchase of a commodity by a bank on behalf of a client and its resale to the latter on cost-plus-profit basis. Under this arrangement, the bank discloses its cost and profit margin to the client. In other words rather than advancing money to a borrower, the bank will buy the goods from a third party and sell those goods to the customer at an agreed price. One of the most common modes of finance employed by Islamic Banks, Murabaha is based on the exact requirements of each customer. It can be defined as a sales transaction where Meezan Bank purchases the commodity and sells it after adding an agreed profit. Thus, it is not a loan given on interest - it is the sale of a commodity on a deferred price. Hence Murabaha involves the purchase of a commodity by Meezan Bank on behalf of a customer and the subsequent resale to the customer on cost-plus-profit basis. The cost and profit margin to the bank is expressly disclosed to the customer. Simply put, rather than advancing money to the customer, Meezan Bank buys the commodity from a third party and sells it to the customer at an agreed price, which includes an element of profit.

So what is the difference between Murabaha and a Sale? A simple sale in Arabic is called Musawamah - a sale that does not involve disclosing or referring to the cost of goods sold. However, when the cost price is disclosed to the client, it is called Murabaha.

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Difference between Murabaha and Sale
A simple sale in Arabic is called Musawamah - a sale without disclosing or referring to the cost of goods sold. However when the cost price is disclosed to the client, it is called Murabaha . A simple Murabaha is one where there is cash payment and MurabahaMuajjal is one on deferred payment basis.

Basic Rules for Murabaha
Following are the rules governing a Murabahah transaction:
y y y

y y y y

y y y

The subject of sale must exist at the time of the sale. Thus anything that does not exist at the time of sale cannot be sold as this makes the contract void. The subject matter should be in the ownership of the seller at the time of sale. If the seller sells something that he himself has not acquired, then the sale becomes void. The subject of sale must be in physical or constructive possession of the seller when it is sold to another person. Constructive possession means a situation where the owner has not taken physical delivery of the commodity yet it has come into his control and all rights and liabilities of the commodity are passed on to him including the risk of its destruction. The sale must be instant and absolute. Thus a sale attributed to a future date or a sale contingent on a future event is void. The subject matter should be a property having value in the eyes of Shari¶a. The subject of sale should not be a thing used for an un-Islamic purpose. The subject of sale must be specifically known and identified to the buyer. For Example, µA¶ owner of an apartment building says to µB¶ that he will sell an apartment to µB¶. Now the sale is void because the apartment to be sold is not specifically mentioned or pointed to the buyer. The delivery of the sold commodity to the buyer must be certain and should not depend on a contingency or chance. The certainty of price is a necessary condition for the validity of the sale. If the price is uncertain, the sale is void. The sale must be unconditional. A conditional sale is invalid unless the condition is recognized as a part of the transaction according to the usage of the trade.

Istisna¶a
Istisna¶a is a sale transaction where a commodity is transacted before it comes into existence. It is an order to manufacture a specific commodity for the purchaser. The manufacturer (our customer) uses its own material to manufacture the required goods. In Istisna¶a, price is fixed with the consent of all parties involved. Similarly all other necessary specifications of the finished product are agreed beforehand.

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Istisna¶ as a mode of financing
Istisna Finance is used to cater for the working capital requirements of a business involved in the manufacturing of goods. It is ideally suited for exporters and manufacturers who have export orders in the shape of Sight/Usance Letter of Credit/ Sight Export Contract D/P/ Usance Export Contract D/A. Istisna¶ is a sale transaction where a commodity is transacted before it comes into existence. It is an order to a manufacturer to manufacture a specific commodity for the purchaser. The manufacturer uses his own material to manufacture the required goods. In Istisna¶ , price m ust be fixed with consent of all parties involved. All other necessary specifications of the commodity must also be fully settled. Istisna¶ may be used to provide financing for construction of house. If the client owns a land and seeks financing for the construction of a house, the financier may undertake to construct the house on the basis of an Istisna¶. If the client does not own the land and wants to purchase that too, the financier can provide him with a constructed house on a specified piece of land. Istisna¶ may also be used for similar projects like installation of an air conditioner plant in the client¶s factory, building a bridge or a highway. The modern BOT (buy, operate and transfer) agreements may be formalized through an Istisna¶ agreement as well. So, if the government wants to build a highway, it may enter into an Istisna¶ contract with the builder. The price of Istisna¶ can be the right of the builder to operate the highway and collect tolls for a specific period.

2) Project Financing, Expansion or BMR Requirement Solutions
(for medium and long term financing requirements)

Two of the most commonly used Islamic financing solutions availed by businesses today, Diminishing Musharakah and Ijarah are ideal for expansion of businesses, BMR requirements or other medium to long term financing requirements.

Diminishing Musharakah
Using this financing model, Meezan Bank and the customer participate in the joint ownership of an asset. The asset is divided into a number of units and the customer periodically purchases these units from the bank over a specified period. Over time, the customer purchases all units owned by the bank, making him or her the sole owner of the asset or the commercial enterprise. 79

Diminishing Musharakah is most commonly used for the financing of fixed assets, projects, homes and automobiles. According to this concept, a financier and his client participate either in the joint ownership of a property or an equipment, or in a joint commercial enterprise. The share of the financier is further divided into a number of units and it is understood that the client will purchase the units of the share of the financier one by one periodically, thus increasing his own share until all the units of the financier are purchased by the client so as to make him the sole owner of the property, or the commercial enterprise, as the case may be.

Financing on the basis of Diminishing Musharakah
The proposed arrangement is composed of the following transactions: 1. 2. 3. 4. 5. Creation of joint ownership in the property (Shirkat-ul-Milk). Giving the share of the financier to the client on rent. Promise from the client to purchase the units of share of the financier. Actual purchase of the units at different stages. Adjustment of the rental according to the remaining share of the financier in the property.

In the above mentioned arrangement, following conditions must be taken care of:
y

y y

The agreement of joint purchase, leasing and selling different units of the share of the financier should not be tied-up together in one single contract. However, the joint purchase and the contract of lease may be joined in one document whereby the financier agrees to lease his share, after joint purchase, to the client. At the same time the client may sign one-sided promise to purchase different units of the share of the financier periodically and the financier may undertake to reduce the rent on remaining units accordingly. At the time of the purchase of each unit, sale must be affected by the exchange of offer and acceptance at that particular date. It will be preferable that the purchase of different units by the client is affected on the basis of the market value of the asset as prevalent on the date of purchase of that unit, but it is also permissible that a particular price is agreed in the promise of purchase signed by the client.

Ijarah
In contrast to diminishing musharakah, this mode of financing is based on the provision of the required tangible assets, such as property, machinery, etc, on rental for an agreed period of time. The concept is similar to ³leasing´, which is common in conventional banking. However there are some specific prohibitions which render conventional leasing to be forbidden under Shariah. Ijarah is commonly used for long and medium term fixed asset financing, project financing and for retail products such as homes and automobiles.

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"Ijarah" is a term of Islamic fiqh. Lexically, it means 'to give something on rent'. In the Islamic jurisprudence, the term 'Ijarah' is used for two different situations. In the first place, it means 'to employ the services of a person on wages given to him as a consideration for his hired services." The employer is called 'mustajir' while the employee is called 'ajir', while the wages paid to the ajir are called their 'ujrah'. The second type of Ijarah relates to the usufructs of assets and properties, and not to the services of human beings. 'Ijarah' in this sense means ' to transfer the usufruct of a particular property to another person in exchange for a rent claimed from him.' In this case, the term 'Ijarah' is analogous to the English term 'leasing'. Here the lessor is called 'Mujir', the lessee is called 'mustajir' and the rent payable to the lessor is called 'ujrah'. The rules of Ijarah are very much analogous to the rules of sale, because in both cases something is transferred to another person for a valuable consideration. The only difference between Ijarah and sale is that in the latter case the corpus of the property is transferred to the purchaser, while in the case of Ijarah, the corpus of the property remains in the ownership of the transferor, but only its usufruct i.e. the right to use it, is transferred to the lessee.

Lease as a mode of financing
Lease is not originally a mode of financing. It is simply a transaction meant to transfer the usufruct of a property from one person to another for an agreed period against an agreed consideration. However, certain financial institutions have adopted leasing as a mode of financing instead of long term lending on the basis of interest. This transaction of lease may be used for Islamic financing, subject to certain conditions. It is not sufficient for this purpose to substitute the name of 'interest' by the name of 'rent' and replace the name of 'mortgage' by the name of 'leased asset'. There must be a substantial difference between leasing and an interest-bearing loan. That will be possible only by following all the Islamic rules of leasing.

Basic Rules of Ijarah
1. Leasing is a contract whereby the owner of something transfers its usufruct to another person for an agreed period, at an agreed consideration. 2. The subject of lease must have a valuable use (which is recognized as Mal-eMutaqawwam in Shariah. Therefore, things having no usufruct at all or whose usufruct is not permissible according to Shariah cannot be leased. 3. It is necessary for a valid contract of lease that the corpus of the leased property remains in the ownership of the seller, and only its usufruct is transferred to the lessee. Thus, anything which cannot be used without consuming cannot be leased out. Therefore, the lease cannot be effected in respect of money, eatables, fuel and ammunition etc. 4. As the corpus of the leased property remains in the ownership of the lessor, all the liabilities emerging from the ownership shall be borne by the lessor, but the liabilities referable to the use of the property shall be borne by the lessee. 81

5. The period of lease must be determined in clear terms. 6. The lessee cannot use the leased asset for any purpose other than the purpose specified in the lease agreement. If no such purpose is specified in the agreement, the lessee can use it for whatever purpose it is used in the normal course. 7. The lessee is liable to compensate the lessor for any damage to the leased asset caused by any misuse or negligence on the part of the lessee. 8. The leased asset shall remain in the risk of the lessor throughout the lease period in the sense that any harm or loss caused by the factors beyond the control of the lessee shall be borne by the lessor. 9. A property jointly owned by two or more persons can be leased out, and the rental shall be distributed between all the joint owners according to the proportion of their respective shares in the property. 10. A joint owner of a property can lease his proportionate share to his co-sharer only, and not to any other person. 11. It is necessary for a valid lease that the leased asset is fully identified by the parties. 12. The rental must be determined at the time of contract for the whole period of lease. 13. In the long term lease agreements, it is mostly not in the benefit of the lessor to fix one amount of rent for the whole period of lease because the market conditions change from time to time. For this purpose it is allowed to use benchmark rate to determine the rental amounts. However, rent for the month will be fixed at the start of the month, any change in benchmark rate during the month will not cause rent for that month to change. It is also necessary to define a floor and ceiling. 14. The lessor cannot increase the rent unilaterally, and any agreement to this effect is void. 15. The rent or any part thereof may be payable in advance before the delivery of the asset to the lessee, but the amount so collected by the lessor shall remain with him as 'on account' payment and shall be adjusted towards the rent after its being due. 16. The lease period shall commence from the date on which the leased asset has been delivered to the lessee, no matter whether the lessee has started using it or not. 17. If the leased asset has totally lost the function for which it was leased, and no repair is possible, the lease shall terminate on the day on which such loss has been caused. However, if the loss is caused by the misuse or by the negligence of the lessee, he will be liable to compensate the lessor for such negligence.

4) Trade related services
A complete range of products and services for importers and exporters are available. Based on various modes of Islamic Finance, the solutions have been designed to suit the needs of our customers. Some of the key services offered include:
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Letters of Guarantee - following types of guarantees could be issued o Bid Bond o Performance Bond o Payment Bond o Retention Bond 82

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Products for Exporters o Export bills for collection o Export (Sight) bills purchase under Salam Arrangement o Export (Usance) bills purchase under Murabaha Arrangement Products for Importers o Sight Letter of Credit o Usance Letter of Credit

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Investment Banking
Realizing the increasingly diverse needs of our customers for advisory and structured finance transactions, a specialized department focusing on Investment Banking is funtioning at Meezan Bank. The Investment Banking department provides unique structuring by using complex Shariah structures for transactions so as to meet customer's commercial needs. Meezan Bank as torchbearer of Islamic Banking has been making significant contribution in the Investment Banking industry by playing leading roles in business transactions.
Key Services
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Syndications & Structured Finance Project Financing Financial Advisory Services

Key Transactions
September 2007 Dawood Hercules Chemicals Limited

Febraury 2009 Liberty Power Tech Limited

Rated Privately Placed Sukook Issue PKR 12,000 million Lead Arranger Shariah Structuring Advisor September 2007 Engro Chemicals Limited

Privately Placed Sukook Issue PKR 9,185 million Lead Advisor & Arranger Shariah Structuring Advisor September 2007 Attock Power Gen Limited

Privately Placed Sukook Issue PKR 3,000 million Joint Lead Advisor & Arranger June 2007 Sui Southern Gas Company Limited

Syndicated Finance Facility PKR 7,800 million Co-Arranger Shariah Structuring Advisor August 2007 Water & Power Development Authority

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Privately Placed Sukook Issue PKR 2,000 million Joint Lead Advisor & Arranger

SLR Eligible Placed Sukook Issue PKR 10,000 million Co-Arranger

The Asset Management and Investment Advisory Arm of Meezan Bank Limited
Al Meezan Investment Management Limited (Al Meezan), the asset management and investment advisory arm of Meezan Bank Limited, specializes in the development and management of Shariah compliant investment solutions. Al Meezan Investments has one of the longest and the most successful track record of managing mutual funds in the private sector, spanning over fourteen years. Al Meezan is presently managing eight funds and an administrative plan i.e. Al Meezan Mutual Fund Limited (AMMF) - a closed end equity fund; Meezan Islamic Fund (MIF) - an open-end equity fund; Meezan Balanced Fund (MBF) - a closed end balanced scheme; Meezan Islamic Income Fund (MIIF) - Pakistan¶s first Shariah compliant open end income fund - Meezan Tahaffuz Pension Fund (MTPF) - a Voluntary Pension Scheme, Meezan Capital Protected FundI (MCPF-I) - Pakistan¶s first Shariah compliant open end capital protected fund, Meezan Mahana Kharch Account (MMKA) - an administrative plan of MIIF to provide monthly income, Meezan Cash Fund (MCF) - Pakistan¶s first Shariah compliant open end money market fund and Meezan Sovereign Fund (MSF) - Pakistan¶s first Shariah compliant open end government securities fund. The total size of these eight funds under management as at March 31, 2010 is over PKR 18.2 billion as compared to PKR 13.5 billion at the corresponding date last year. The increasing size of assets under management manifests the ability of the professional fund management team to consistently out-perform the peers and consequently build upon the investor confidence. Al Meezan is ranked among the best performing asset management companies in Pakistan. The fund wise break up of net assets as at March 31, 2010 is as follows:

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NET ASSETS FUND Meezan Cash Fund Meezan Islamic Fund Meezan Islamic Income Fund Al Meezan Mutual Fund Meezan Balanced Fund Meezan Capital Protected Fund-I Meezan Sovereign Fund Meezan Tahaffuz Pension Fund PKR (Millions) March 31, 2010 4,633 4,436 3,738 1,521 1,319 633 536 246

Al Meezan has also achieved Management Quality Rating ³AM2´, assigned by JCR-VIS. AM2 is currently the highest Management Quality Rating assigned by JCR-VIS to any Asset Management Company. This rating denotes high management quality rating with a stable outlook. Al Meezan¶s funds carrying equity exposures including Meezan Islamic Fund and Al Meezan Mutual Fund have befen amongst the top performing funds in their respective categories for the calendar year 2009. The Shariah Advisor of Meezan Bank Limited, also being the Shariah Advisor of Al Meezan, supervises the operations in order to ensure Shariah compliance of the funds. In addition to the service quality, Shariah compliance and impressive performance in terms of returns to investors, Al Meezan also complies with the global best practices in asset management and has voluntarily adopted ³Asset Manager Code of Professional Conduct´ from CFA Institute, USA. Hence it has the distinction of being the first asset management company in Pakistan to comply with the global best practices in asset management. Units of all open end funds are available at the offices of Al Meezan and all branches of Meezan Bank Limited (MBL) across Pakistan. For the convenience of investors, Al Meezan has placed dedicated investment officers at the selected branches of MBL. These officers provide guidance and assist the investors in meeting their investment objectives.

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³Authentic marketing is not the art of selling what you make but knowing what to make. It is the art of identifying customer needs and creating solutions that deliver satisfaction to the customers, profits to the producers and benefits to the stake holders´.

Philip Kotler
Following are some of the strengths of Meezan bank which distinguish it from other banks in market. 1. First exclusive Islamic bank. 2. The largest Islamic bank in Pakistan with a network of 201 branches in 54 cities across Pakistan. 3. Strong growth of its Islamic banking Strategic business unit. 4. The members of Shariah supervisory board of Meezan bank are renowned scholars of international repute, serving on the board of many banks operating in different countries. 5. Online banking facility is available in all branches of Meezan bank. And ATM card facility on almost all type of accounts. 6. Karachi August 20, 2008 Meezan Bank the largest Islamic bank has been conferred the best Islamic bank award by Rawalpindi chamber of Commerce and industry. 7. Dedicated and professional staff 8. Healthy working environment 9. Strong shareholding 10. A short term rating of A-1 by JCR-VIS CREDIT RATING COMPANY 87

1. High charges for different activities such as online banking and drafts as compared to other banks. 2. Lack of promotion and advertising of their products and services. 3. Lengthy and extensive documentation 4. Centralized procedures making process slow. 5. Weak marketing strategy, target market not identified 6. Risk averse policy 7. True Islamic procedures are not being adopted to make it complete Islamic banking 8. No credit card facility. 9. Non- aggressiveness

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1. House Financing sector can be targeted to maximize the profit. 2. Growing demand of Islamic financial products and services. 3. Venturing into Islamic groups outside the country as opportunity to expand business in UAE and Gulf states 4. Entering into business with other Islamic Financial Institutions. 5. Increasing Branch network within the country. 6. Providing true Shariah compliant products to customers not only in words but also in practice. 7. Adopting other Shariah compliant modes of financing. 8. Coming up with. Products for the SME

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1. New competitors setting up their Islamic banking branches 2. High interest rate from SBP 3. Fears on the credibility of Islamic banking ethical compliance and monitoring system. 4. Disassociation of Maulana Taqi Usmani from the Shariah advisory board of Meezan Bank

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Had it been a conventional bank equipped with an extensive network and complete portfolio of products, we would have proposed«. "Early to bed, early to rise Work like hell &ADVERT IS E" But this is not the case with Meezan Bank. The network and the portfolio of the products offered are limited. For this we would propose... ³Early to bed, early to rise Work like hell &IM PROVIS E" . In this particular scenario, the word IMPROVISE stands for; I M P R 0 V I S E Innovation Market perceptions Prudence Rationalization Objectives clearly understood Vision identifying & understanding customer needs Satisfying customer needs Educating the customers

Other recommendations that we suggest are 1.TV. Advertising 2. Press Advertising 3. Spreading awareness through Dars 4. Wall clocks for mosques 5. Awareness through curriculum 6. Umra and Haj packages

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Being a premier Islamic bank and an innovator in market Meezan Bank stands today at a noteworthy and critical juncture as The Premier Islamic Bank in Pakistan and is truly leading the way forward in establishing a real, stable, and dynamic Islamic Banking system in Pakistan. The foundation of this being the guidance of our highly qualified and globally renowned Shariah Supervisory Board headed by Justice (Retd) Muhammad Taqi Usmani and including renowned scholars from the Middle East, who as a whole bring together a rich knowledge base of Islamic Fiqh accumulated over the past1400 years. Furthermore, with the able support of the SBP's Islamic Banking Department, all the products offered by the bank are very thoroughly scrutinized by these Shariah specialists in Islamic finance; hence approval of these products is not based on unqualified individual opinion or views, but on very sound assessment and jurisprudence. However still if we go into ground realities there are issues which fall in contradiction with Islamic jurisprudence, But in our opinion revolution takes ample time to take effect and this effort of Meezan bank to provide a complete range of Islamic banking products to Pakistani citizens deserves true appreciation. We are also looking forward that in near future these issues could be resolved and we get a banking system in true Islamic way involving all Shraih compliant practices.

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http://www.meezanbank.com/ http://www.google.com.pk/ www.scribd.com www.docstoc.com www.wikepedia.com

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