SBP Islamic Banking Bulletin, July-Sep 2007

The role of islamic banks in economic growth the case

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The Role of Islamic Banks in Economic Growth: The Case of Jordan Source : title.aspx?is=140394718X Page 7 Book in Focus
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July-September 2007 Meezan Bank Limited Company Information In 2002 the first Islamic banking license was issued to Meezan Bank by the State Bank of Pakistan. Societe Gen- erale’, a French commercial bank, operations in Pakistan were acquired by Meezan Bank and concurrently Al Meezan Investment Bank converted itself into a full fledged Islamic commercial bank. The new bank was renamed Meezan Bank Limited. Shariah Board Justice (Retd.) Muhammad Taqi Usmani (Chairman) Dr. Abdul Sattar Abu Ghuddah Sheikh Essam M. Ishaq Dr. Muhammad Imran Usmani ( Shariah Advisor) To ensure strict Shariah compliance in all the Bank’s operations a dedicated and full fledged Product Develop- men t & Shar iah Comp l iance (PDSC ) depar tmen t was formally setup by the bank in March 2005 for the cen- tralization of Product development activities, new prod- uct research, Islamic banking training and Shariah Com- pliance audit functions. The department works under the guidance & supervision of the Bank’s Shariah Advisor – Dr. Muhammad Imran Usmani and the Shariah Supervi- sory Board of the Bank. Meezan Bank has a large product menu offering a complete range of Islamic banking products and services, such as: Corporate and Investment Banking, Commercial and SME, Consumer Finance, Treasury & Financial Insti- tutions, and Asset Management. The Asset Management business is managed through a subsidiary Al Meezan In- vestment Management Limited. The Retail Bank is or- ganized in three Regions across Pakistan, namely South, Central and North Region. In 2005 Meezan Bank launched the Meezan Islamic Institution Deposit Account (MIIDA), a unique product tailored exclusively for Islamic Financial Institutions (IFIs). The facility was the first of its kind in Pakistan, whereby Islamic Banks (including dedicated, as well as conventional banks’ Islamic branches ) got the opportu- nity to manage excess liquidity by maintaining a check- ing account with Meezan Bank specifically designed for this purpose. All branches of Meezan bank are ‘on-line’ and are supported by state of the art 24/7 Banking services to all its customers, which includes 66 ATM’s, Internet Bank- ing and a Call Center that operates 24 hours a day seven days a week.
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The Role of Islamic Banks in Economic Growth The Case of...

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