Internship Report of an Islamic Bank(Meezan Bank) in Pakistan

6196 Words Oct 9th, 2010 25 Pages
INTRODUCTION

WHAT IS BANK? A bank is a financial institution, which deals with money and credit. It accepts deposits from individuals, firm and companies at a lower rate of interest and gives at a higher rate of interest to those who need them. The difference between the terms at which it borrows and those at which it lends from the source of it profit. A bank, thus, is a profit earning institution.

HISTORY OF ISLAMIC BANKING IN PAKISTAN

1947
The inception of Pakistan as the first Islamic Republic created in the name of Islam.

1949
The Objectives Resolution was adopted by the first Constituent Assembly based on the ideology of a sovereign Islamic state. This was the first step in the conception towards Pakistan’s Constitution.
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Abdul Sattar Abu Ghuddah ▪ Sheikh Essam M. Ishaq ▪ Dr. Muhammad Imran Ashraf Usmani - Shariah Advisor

Board of Directors

▪ H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa (Chairman) (Undersecretary, Ministry of Finance & National Economy,Kingdom of Bahrain) ▪ Naser Abdul Mohsen Al-Marri (Vice Chairman) ▪ Irfan Siddiqui (President & Chief Executive Officer) ▪ Istaqbal Mehdi ▪ Mohammed Abdul-Rehman Hussain ▪ Nawid Ahsan ▪ Ariful Islam (Chief Operating Officer) ▪ Rana Ahmed Humayun ▪ Mohammed Azzaroog Rajab ▪ Ahmed Abdul Rahim Mohamed

ACHIEVEMENTS

CREDIT RATING: Meezan Bank has reaffirmed its entity ratings at A+ for medium to long-term and A1+ for short-term. This rating was made by JCR-VIS Credit Rating Company, which has also set Meezan Bank’s outlook on medium to long-term rating as “Stable”. The rating is yet another milestone achievement in the Bank’s endeavor to be the Bank.

Meezan Bank’s ratings are based on its shareholding with world-renowned financial institutions, pioneering role in the industry, strong management initiatives in continuously introducing various range of Islamic products. The Credit Rating agency JCR-VIS has expressed commendation to Meezan Bank management’s ability to deploy funds in core banking assets, which reflected healthy growth trends last year.

FIRST LADIES BANKING IN PAKISTAN: The Bank is the first in the country to

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