Rising Higher-Exploring Horizons
Rising Higher Exploring Horizons
Since its inception, Meezan Bank has been committed to a set of core values that were embodied by the Bank’s founders and remain the cornerstone of our philosophy. These values shape everything we do - from how we develop and market our products to how we serve our customers, employees, and communities. By the grace of Almighty Allah, 2009 marks yet another milestone in the history of Islamic banking in Pakistan as Meezan Bank’s network grows to 201 Branches in 54 cities nationwide. This year’s Annual Report is a tribute to the workforce of Meezan Bank. Our constant commitment to excellence has not only kept us at the pinnacle of the Islamic Banking sector of the country but has also earned us recognition at the international level. With each passing year, we continue to expand and explore new horizons of success with a vision of rising higher and enhancing our expertise for serving you better, insha’allah.
Vision & Mission Our Values Quaid’s Concept of Islamic Banking Key Figures at a Glance Shareholders Organisation Structure Corporate Information History of Riba-Free Banking in Pakistan Chairman’s Review Charity for Social Walfare Business and Operations Review Directors’ Report to the Members Annexure to the Directors’ Report Statement of Value Added and Distributed Allocation of Income and Expenses to Remunerative Depositors’ Pool Shariah Advisor’s Report Shariah Advisor’s Report (Urdu) 02 03 04 06 08 09 10 12 14 16 18 30 35 36 37 38 45 Statement of Compliance with the Code of Corporate Governance Review Report to the Members Statement of Sources and Uses of Charity Fund Notice of Annual General Meeting Auditors’ Report to the Members Balance Sheet Profit and Loss Account Statement of Comprehensive income Cash Flow Statement Statement of Changes in Equity Notes to and forming part of the Financial Statements Consolidated Financial Statements Pattern of Shareholding Categories of Shareholders Correspondent Banking Network Branch Network Proxy Form 46 48 49 50 54 55 56 57 58 59 60 111 174 175 176 181
Establish Islamic banking as banking of first choice to facilitate the implementation of an equitable economic system, providing a strong foundation for establishing a fair and just society for mankind.
To be a premier Islamic bank, offering a one-stop shop for innovative value-added products and services to our customers within the bounds of Shariah, while optimizing the stakeholders’ value through an organizational culture based on learning, fairness, respect for individual enterprise and performance.
Core Values Shariah Compliance, Integrity, Professionalism, Service Excellence, Social Responsibility Staff Committed, motivated and professionally trained employees who are empathic to their customers’ needs. Brand Personality A sober and established, strong, empathic, professional person; who is an extremely loyal and dependable friend and business partner, and is committed to offering comprehensive value-based Shariah-compliant financial solutions. Relationships Our relationships are long-term. We recognize and value our customers’ needs above all and strive to ensure their fulfillment. All customers are treated with professionalism and in a friendly manner. It is our endeavour to ensure that they receive efficient and timely service. The Meezan Bank experience is a unique one.
“We must work our destiny in our own way and present to the world an economic system based on true Islamic concept of equality of manhood and social justice.” I shall watch with keenness the work of your Research Organization in evolving banking practices compatible with Islamic ideas of social and economic life. The economic system of the west has created almost insoluble problems for humanity and to many of us it appears that only a miracle can save it from disaster that is...