TAUFIQ HUSEIN NARGUL. C/O HUSSIN KARIM NARGUL, AZIZ MANSION,ROOM F X DSOUZA. JM 3/ CATHOLIC COLONY NO 2 NEWTOWN S.C.G. SAMDANI. BLOCK NO. Meezan Bank's Foreign Exchange trading desk is responsible for effective Employee) Mr. Ghulam Samdani Bhatti (Executive, Employee) Mr. Arif Aslam Khan. MUHAMMAD TAUFIQ. N/A. /3 SAKHI MANZIL 1ST FLOOR KARIMABAD MARKET F B AREA KARACHI. AFTAKHAR AHMED. CRYPTO CALCULATOR LITECOIN
Earnings per share increased to Rs 6. None of the participants raised any issues, and as such, there was no need for any further action in this matter. During , the Bank partnered with more than companies, ranging from manufacturing to the service sector on the basis of profit and loss sharing. The Bank ranks among the top banks globally in terms of percentage of financing through Shirkat-ul-Aqd. Runnning Musharakah Portfolio Over Time Muhammad Qaseem.
Concurrently, the Bank acquired the Pakistan operations of Societe Generale, and started commercial banking with a small network of four branches, that has now grown to become one of the largest banking networks in the country with more than branches in over cities. Meezan Bank is a publicly listed company sponsored by leading financial institutions from Pakistan and the Middle East. The Bank offers a complete range of Islamic banking products and services through a retail banking network which is the 8th largest banking network in Pakistan.
The Bank is well-recognized for its product development capability, Islamic banking research and advisory services, at both national and international levels. The rating indicates sound performance indicators of the Bank. The company was established as the financing arm of the National Industries Group NIG , which is one of the largest private sector industrial groups in Kuwait.
Noor Investment provides a broad range of financial services through its investment banking department. The asset management department of the company also engages in managing proprietary and client portfolios of quoted and unquoted securities, real estate and funds in Kuwait, GCC and the MENA region.
PKIC is one of the most respected and profitable institutions in Pakistan. The company, operating for over 30 years in Pakistan, is engaged in investment and development banking activities in Pakistan. Islamic Development Bank IDB is located in Jeddah and is an International Financial Institution established in in pursuance of a declaration by the Conference of Finance Ministers of Muslim countries to foster economic development and social progress in member Islamic countries. The Bank participates in equity capital and grants loans for productive projects and enterprises besides providing financial assistance in other forms for economic and social development.
At Meezan Bank, we believe in maintaining a balance between the needs of our shareholders, our customers, our staff and other stakeholders. Edrees Chairman Mr. Riyadh S. Edrees has been a Director of Meezan Bank since October Talal S. Edrees holds a B. Faisal A. Al-Nassar Mr. A Al-Rabiah Mr. Bader H. Al-Rabiah has a strong academic background in accounting and a focused experience in investments honed over the past 14 years.
He is also a member of the Information Technology Committee of the Board. Mansur Khan was a fighter pilot in the Pakistan Air Force from to Pakistan Ltd and Meezan Bank Limited. Alaa A. Al-Sarawi Mr. He is also a member of the Audit Committee of the Board.
After successfully completing KIA training program, he held various senior management positions in the investment space. He has served as board member in several companies and has attended many courses, conferences and seminars, both local and overseas. Saad Fazil Abbasi Mr. Presently he is heading the Regulation Wing in the Finance Division.
Muhammad Zarrug Rajab Mr. He started his career with A. Ferguson and then worked for National Refinery Ltd. He also gives his time to non-profit organizations in the field of education and is currently the Vice Chairman of Professional Education Foundation and Chairman of Intellect School Board.
He played an instrumental role in promoting several successful initiatives, including the Islamic Banking Center of Excellence in Bahrain and was declared winner of the World Islamic Banking Conference Industry Leadership Award in recognition of his contribution to Islamic Banking.
Al-Shehab Mr. He is also a member of the Board Risk Management Committee as well as a member of several management committees including Board Information Technology Committee of the Bank. He currently holds advisory positions in a number of financial institutions practicing Islamic Banking and Finance. Justice Retd. Muhammad Taqi Usmani has vast experience in Islamic Shariah, teaching various subjects on Islam for more than 50 years.
He is also the Editor-in-Chief of the magazine Albalagh a weekly publication of Jamia Darul Uloom, Karachi as well as an active contributor of articles in leading Pakistani newspapers. Muhammad Taqi Usmani in recognition of his lifetime service and achievement in Islamic Finance at the occasion of International Islamic Finance Forum, Dubai, which is one of the biggest events in the Islamic Finance Industry.
He is a member of the High Council of Islamic Affairs of the Government of Bahrain and holds various Shariah positions in many social, commercial and educational institutions. He also holds an LL. He is a member of the administration board of Jamia Darul-Uloom, Karachi. Presently Dr. Usmani is the author of numerous publications related to Islamic finance and other Shariah related subjects.
In past Dr. At present Dr. Edrees Faisal A. Al-Nassar Bader H. Ph: , Fax: Email: secretariat thk. Noorur Rahman Abid Mr. The responsibilities of the BHRRC include reviewing and recommending Human Resource Management policies to the Board of Directors in light of local and international best practices which also includes but is not limited to remuneration practices defined by the State Bank of Pakistan, recommending to the Board the selection, evaluation, compensation including retirement benefits and succession planning of key personnel.
The Committee also monitors the training activities, utilization of training and development budget and implementation of approved training and development policy of the Bank to ensure that the members of staff are adequately trained for the job they are expected to perform. Board Risk Management Committee Mr. Al-Nassar Chairman Mr. Its responsibilities also include evaluating the risk profile and appetite of the Bank and ensuring that systems are in place for monitoring overall risk of the Bank.
Board Audit Committee Mr. Mohammad Abdul Aleem Chairman Mr. Mansur Khan Mr. The Committee also receives periodic updates from IT Steering Committee to monitor all technology related projects and ensures that technology procurements are aligned with the IT strategy approved by the Board.
If deemed necessary, the Committee may seek expert opinion from independent sources wherein the quorum will comprise of any two members. Irfan Siddiqui was replaced by Mr. Market and Liquidity risks are examined based on stress testing exercises and gap analysis while considering the overall economic environment of the country.
The ALCO is also responsible for monitoring policy rate movements and taking necessary steps across all assets and liabilities to ensure that the overall profitability of the Bank is maximized. This is mainly performed by alterations in the profit rates offered across different deposit products. It facilitates in execution of Business Continuity Plan as and when invoked and in resumption of critical business activities. BCSC steers BCP project s and their implementation and provides guidance on project direction to ensure that organizational requirements are met.
It also spearheads the adoption of best practices in all operations of the Bank, makes all processes and procedures efficient and effective and encourages and facilitates improvement at all levels and in all functions of the Bank. Terms of Reference The Credit Risk Management Committee CRMC is responsible for overseeing credit risk activities on Bank wide basis while ensuring compliance with regulatory requirements and internal policies. It is also required for delegating financing approving powers and prudential limits on large financing exposures.
Management Committees Disciplinary Action Committee Terms of Reference The Disciplinary Action Committee DAC is responsible for taking action on any violation of policies and procedures, acts of fraud and forgery, breaches of discipline and code of conduct, ethics and business practices, law of the land and statutory regulations of SBP by employees.
The Committee is responsibe for promoting compliance culture in the Bank, facilitate in implementation of Compliance Program and oversee Money Laundering and Financing Terrorism risk. In addition, the Committee also oversees Operational Risk Framework by ensuring that policies and procedures are in place in all key risk areas and by reviewing Key Risk Indicators. The ITSC does this by working with the Information Technology department to establish overall priorities and provide general direction for IT initiatives by identifying and sponsoring projects that support the Bank's business plan.
It also assists the Bank's senior management, including IT Head, in effectively utilizing IT resources to meet the business and operational needs of the Bank, as well as in resolving conflicts in demand for IT services and resources. The Board of Directors and its subcommittees are competent and experienced, representing diversified educational and vocational backgrounds which are invaluable in determining the overall direction of the organization. The Board of Directors is keen to ensure that it reviews the effectiveness of its performance periodically.
To that end, all individual Board members answer a comprehensive questionnaire focused on evaluating, from various angles, whether the Board has discharged its duties diligently and with foresight. A committee of Directors is designated to collate individual responses and present them to the Board for deliberation and discussion. This process also ensures that the Board is constantly growing intellectually and the responsibility of steering the Bank to new heights of success is discharged effectively and efficiently.
Roles and Responsibilities of the Chairman The Chairman of the Board of Directors ensures that the organization keeps true to its long-term vision. Responsible for leadership of the Board, the Chairman ensures that the Board plays an effective role in fulfilling all its responsibilities. Ensure that dissent of directors, if any, is properly recorded in the minutes. Ensure that minutes truly reflect what transpired during the meeting.
Ensure that the Board discharges its role effectively and swiftly in line with regulatory requirements. Ensure that the Board subcommittees perform their designated functions with due diligence. Ensure execution of the strategy developed by the Board. Ensure that the Bank maintains its business position and brand image as the leading Islamic Bank of the country.
Efficiently allocate and manage organizational resources and budgets to ensure achievement of short- and mid-term objectives that contribute to the attainment of the long-term strategic goals. Establish a system of checks and controls to supplement the fast-paced growth of the Bank.
Foster a culture of professionalism and high ethical standards within the Bank. Facilitate an organizational culture of development of innovative products and services to service the growing needs of a diverse range of customers. Role of Shariah Supervisory Board The Shariah Supervisory Board SSB is entrusted with the duty of directing, reviewing and supervising the activities of the Bank in order to ensure that they are in compliance with the rules and principles of Shariah.
Ensure Shariah-compliance of all aspects of the Bank by virtue of having unhindered access to all books of accounts, records and documents. Guide and direct the Bank through rigorous deliberation on issues placed before the Shariah Supervisory Board. Monitor the Shariah-compliance of the Bank through Shariah Audit and Shariah-compliance reviews and prescribe appropriate enforcements whenever needed.
The Directors had attended a Directors Certification program as required under Code of Corporate Governance that the Bank had arranged in Accordingly, the Bank is in compliance with respect to training requirements of its Directors. The mechanism put in place allows for such matters to be reported electronically, in writing or over the phone. Similarly, a general complaints form for reporting and resolution of business-related complaints sends registered issues to relevant departments.
A dedicated email address complaints meezanbank. Independent Directors and their Independence The Board has 03 three Independent Directors and they meet the criteria of independence under Code of Corporate Governance. Meezan Bank's management is cognizant of the fact that the economy and the banking industry are in a state of flux and regularly conducts SWOT analysis of the organization to capitalize on its strengths and work on its weaknesses in view of the opportunities available in its environment and the threats that it needs to overcome.
Pursuing opportunities requires taking risks, which most are often reluctant to do so, because of the fear of the potential negative consequences. This equally applies to the banking business which by its very nature is risky coupled with enhanced opportunities over the period of time. Banks are exposed to commercial and financial risks including credit, concentration, liquidity, market, rate of return and equity investment risks.
Moreover, Meezan Bank being the premier Islamic Bank has to manage an important risk namely Shariah non-compliance risk that is only unique to Islamic banking. Key Sources of Uncertainity Rapidly changing environment brings with it number of uncertainties. The decrease in foreign exchange reserves, modest growth in the inflation rate, volatility in global oil prices, widening trade deficit, pressure on exchange rate flexibility along with rising external deficit, low level of fiscal discipline, delaying privatization process, dwindling performance of stock exchange market and increase in power sector receivables will have their bearings on economy including banking sector of the country.
No change in discount rate that remained on the lowest side has its implications on profitability of banking sector as a whole. An upward increase in the interest rate scenario will ease the pressure on performance of banks. However, improved security condition, energy supply and infrastructure investments have their positive impacts.
This is reflected in the private sector credit take-off and improved recoveries of non-performing financing. Enhanced realization for financial inclusion in the form of branchless and digital banking, need for efficient alternate distribution channels with increasing types of facilities and security features, inadequate focus on small and medium financing, search for new channels to upscale fee based income and outreach of fintechs in embracing wide range of activities put pressure on banking sector to think and act out of the box.
Several opportunities can be created under CPEC which include infrastructure project financing and share of Pakistani banks in those projects. In the context of Islamic banks, deployment of excess liquidity leads to uncertainty as there seems no offering of fresh Government of Pakistan Sukuks. Meezan Bank continued to explore opportunities to achieve its strategic objectives while ensuring proper risk mitigates and controls in place.
Under the overall supervision of the Board of Directors and Shariah Supervisory Board, various business units of the Bank continued to explore new business opportunities in close coordination with Risk Management, Compliance, PDSC,Information Technology and Operations departments, keeping in mind the risk appetite of the Bank. New business opportunities are supported through state of the art data centre, successful implementation of new version of core banking system, broad spectrum of alternate distribution channels with enhanced security environment, increased focus on personalized banking and high standards of service quality.
While searching for new business opportunities and improving its internal processes, the Bank is fully cognizant of strategic, Shariah non-compliance, regulatory and reputational risks as well as risks arising from people, processes, systems and external events.
Risk management in banking has been transformed over the past decade, largely in response to regulations that emerged from the global financial crisis, technological innovations and cyber crimes. Risk management and other control functions being the second line of defence are responsible for assisting business lines for designing and implementing adequate controls to manage risks. The Bank vigorously improves upon its risk policies, procedural manuals, systems, tools and techniques, management information systems and human resources capacity.
The Bank has enhanced its collaboration with solution providers for strengthening its control profile. Risk management tools help the Bank in identification, assessment, reporting and management of both conventional risks and risks peculiar to Meezan Bank. Further, these tools are subject to continual development and refinement. Risk Management strategies for various risk types and business continuity plan and IT disaster recovery arrangements are also in place to mitigate actual and potential risks.
Resources are diversified to medium to high risky areas while minor risks are typically managed through transfer and outsourcing strategy. The Bank manages all its critical operations on its own. The Bank defines its risk appetite at the level of risk it is prepared to take while pursuing its business strategy recognizing a range of possible outcomes as business plans are implemented.
The Bank emphasizes on diversified risk assessment tools and techniques and risk mitigates to better deal with the opportunities that it comes across. Integrated efforts help the Bank in significantly expanding its deposit base, financing portfolio and branch network without exposing itself to unwarranted risks.
In Meezan Bank the business continuity is managed at strategic, tactical and operational level. It involves documented plans and effective decision making, coordinated efforts and operational continuity. The Bank has in place a comprehensive business continuity framework with clear set of governance structure, business continuity and information technology disaster recovery plans, clearly defined roles and responsibilities of individuals and teams for disaster response, recovery, resumption and restoration of activities to a pre-defined level of operation following disruption.
The BCM program is in line with the guidelines issued by the regulator and industry standards and is subject to periodic reviews. It sets out the agreed arrangements for bringing disaster events under control and ensures availability of necessary resources for maintaining critical business functions. Having a BCM framework in place helps the Bank to ensure safety of human resources, protection of critical assets and resumption of mission critical activities from alternate processing site s in case the primary site s are not accessible or available.
In Meezan Bank, the first priority is always is to ensure the safety of human life in case of any disaster. Migration Theory: Talking across Disciplines. Remittances over the Business Cycle: Theory and Evidence. Knomad Working Paper Migration and Development: A Theoretical Perspective.
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Hydrology Research. Lithologic mapping of a forested montane terrain from Landsat 5 TM image. Geocarto international, 34 7 , pp. Hydrological responses to dry and wet conditions in an agricultural cold region. Hydrological Processes, 31 4 , Forest ecohydrological response to bimodal precipitation during contrasting winter to summer transitions. Ecohydrology, 7 3 ,pp. A climate-induced threshold in hydrologic response in a semiarid ponderosa pine hillslope.
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Samdani says the transition from working in the industry to academia was the right decision because of job fulfillment. You feel like you've made a contribution every day. Samdani is teaching four courses this fall semester, including a finance course in Millikin's Executive MBA program, two sections of financial management at the undergraduate level, and a course on corporate finance.
As a teacher, Dr. Samdani says his philosophy is that education is more about why you do things and less about how you do things. Finance is about valuation — the value of an asset, and we need to know how the market values assets. Understanding theory is crucial for understanding finance. Samdani is very active and passionate about research. He presented his research on new securities issues at several international conferences and most recently, he chaired a session at the Financial Management Association annual meeting in Boston, Mass.
He published several papers in reputable finance and economics journals, including the Journal of Corporate Finance and the Journal of Financial Stability. Samdani is one of two visiting professors in the Tabor School of Business. Omaima Hatem , visiting professor of entrepreneurship, started at Millikin during the academic year coming from the University of Edinburgh where she received her Ph.
Hatem from Scotland and Dr.
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