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Meezan Bank gets license to act as ‘Banker to Issue’

F.P. Report

KARACHI: Meezan Bank, Pakistan’s Best Bank has now become the first Islamic Bank in the country to be granted a license by the Securities and Exchange Commission of Pakistan to act as ‘Banker to the Issue’ for Initial Public Offering of Shares (both for Book Building and General Public portion) for companies going through listing at Pakistan Stock Exchange.

After successfully launching its electronic-Initial Public Offering (e-IPO) subscription facility for its customers, in which Meezan Bank was the first and only bank in Pakistan that allowed registered investors to make payments through all its Alternate Distribution Channels including Meezan Bank’s ATMs, Internet Banking and Mobile Banking Application, this BTI license enables the Bank to provide full range of Initial Public Offering services to its customers and the corporate sector in Pakistan.

Commenting on this occasion, the Deputy CEO of Meezan Bank, Mr. Ariful Islam said: “Meezan Bank is focused on providing innovative value-added services to customers leveraging on state-of-art technology. Customers will now be able to easily invest in new share issues by subscribing through the e-IPO facility.’’

Meezan Bank is the 7th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 600 branches supported by a countrywide network of 600 ATMs, VISA & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.

Meezan Bank has consistently been recognized as the ‘Best Islamic Bank in Pakistan’ by numerous local and international institutions. The Bank has also been recognized as the ‘Best Bank in Pakistan’ by Pakistan Banking Awards– the most prestigious awards in Pakistan’s Banking sector, which is a testimony of the Bank’s commitment to excellence. Other awarding institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.

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