SBP Islamic Banking Bulletin, July-Sep 2007

Ganized in three regions across pakistan namely south

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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. The Bank also offers a comprehensive Debit Card that is accepted at over 3,000 outlets across Paki- stan. The Bank has a total deposit base of over Rs. 50 bil- lion with more than 150,000 customers. Meezan Bank has established 100 branches spread over 31 major cities in all four provinces across Pakistan within a span of 5 years. The investment in the branch network is driven by the Bank’s vision that is to “establish Islamic Banking as the Banking of First Choice” so as to enable it to reach out to each and every citizen of Pakistan. There are currently six dedicated Is- lamic Banks operating in Pakistan with a total of 186 branches besides 102 standalone Islamic Banking Branches of Conventional banks. Source: Page 8 Bank in Focus Meezan Bank (PKR in Bn) % of Islamic Banking Industry Deposits 52 42% Financing 30 34% Total Assets 64 36% Branch Network 100 35% As of Sept 2007, Except Branch Network
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July-September 2007 Definition: Ijarah is a term of Islamic fiqh. Lexically, it means to give something on rent. In the Islamic jurispru- dence, the term Ijarah is used for two different situations. In the first place, it means to employ the services of a person on wages given to him as a consideration for his hired services. The second type of Ijarah relates to the usufructs of assets and properties, and not to the services of human be- ings. Ijarah in this sense means to transfer the usufruct of a particular property to another person in exchange for a rent claimed from him. In this case, the term Ijarah is analogous to the English term leasing. Basic rules : The subject of lease must have a valuable use which is recognized as Mal-e-Mutaqawwam in Shariah. It is necessary for a valid contract of lease that the corpus of the leased property remains in the ownership of the seller, and only its usu- fruct is transferred to the lessee. As the corpus of the leased property remains in the ownership of the lessor, all the liabilities emerging from the ownership shall be borne by the lessor, but the liabilities referable to the use of the property shall be borne by the les- see.
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