Meezan Bank has launched a new and unique Islamic Investment facility, Meezan Providence. The facility is the first of its kind in Pakistan, whereby a corporate or business concern can make a 100 percent halal long-term investment of their Employee Provident/Gratuity/Pension Fund.
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 A1+, and a short-term entity rating of Al+, the highest short-term rating.
In addition, the activities of the bank are governed by the State Bank of Pakistan, and its shareholders are world-renowned financial institutions ie Pakistan Kuwait Investment Company (Pvt) Ltd, Shamil Bank of Bahrain E.C, Islamic Development Bank, Kuwait Awqaf Public Foundation and Saudi-Pak Industrial & Agricultural Investment Company (Pvt) Ltd.
Any registered on unregistered Employee Trust of companies and institutions operating in Pakistan can apply for this investment opportunity. Based on the Musharakah arrangement that is in conformity with the principles of Islamic Shariah.
These term deposits together with the bank's contribution will be invested in a pool of Ijarah and Murabaha financing. The profit payments will be made at maturity for tenures set at 3, 5 and 7 years. However, premature withdrawal has also been made available.
Meezan Bank thus presents Meezan Providence as a new product offering. This facility is now available at all the bank branches across different cities of Pakistan ie Karachi, Lahore, Islamabad, Faisalabad and Multan.-PR
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