ASSIGNMENT

PHYSICAL VISIT TO A BANK

SUBMITTED TO DR NAYEEM UL HASSAN ANSARI

BY SHIWANI KUMARI 20211-30554
The first Islamic bank in Pakistan is known as Meezan Bank, and it established its
operations in 2002 after receiving the State Bank of Pakistan's first license for Islamic
commercial banking. The bank has its main offices in Meezan House in Karachi,
Pakistan, where it is based. It has a vast network of more than 890 branches.I went to
the Meezan Bank office in Clifton, and they gave me a lot of information about opening
an account.
For Our Personal Banking Needs, Here Are 5 Unique Accounts that meezan bank
offers:
The widest selection of Riba-free Deposit accounts for Personal Banking is provided by
Meezan Bank. You have the option of selecting from one of their Current and Savings
Accounts, Special Savings Accounts, Meezan Asaan Accounts, or Meezan Express
Accounts.
CURRENT ACCOUNT
Bank Accounts that are Safe and Secure
You can deposit and withdraw money from a current account with a bank. To help you
select the account that best meets your needs, the majority of banks provide a variety of
current accounts with different features.
Meezan bank offers four different types of current accounts with us, both in local and
foreign currency, i.e RUPEES, EURO,DOLLAR AND GBP(POUND CURRENT
ACCOUNT).
RUPEE ACCOUNT:
 Meezan Current Account is a Rupee-based current account that provides you the
convenience of putting your money in a Riba-free account and accessing it without any
restrictions on withdrawal while enjoying a host of professional conveniences from
Meezan Bank.
Meezan Current Account can be opened by Individuals,Sole-Proprietorships,
Partnerships and Limited Companies.Freelancers can also open this account, subject to
satisfactory proof of income document.There is no rate of return on current account.
BANK FACILITIES
● Free Cheque Book. No charges on issuance of cheque book.
● Free Pay Orders. Free Pay Orders.
● Free Internet Banking. Avail completely free internet banking with a Current Account.

SAVING ACCOUNT

The simplest account you can start at any bank is this one. By definition, a savings
account enables you to deposit your money safely with the bank, eliminating the need
for you to carry it with you or bury it in that rusty old steel safe at home.
Since interest is considered to be forbidden in Islamic banking due to the fact that
Meezan is an Islamic bank, Islamic banks often offer lower returns than commercial
banks. According to the statistics provided by the bank manager for Meezan, their
return is 0.85 per month, or 10.2% annually. While all other commercial banks only
provide returns of 15% to 18% return.
Truly Halal Savings with Competitive Returns

1.RUPEE SAVING ACCOUNT

The Riba-free Rupee Saving Account is a basic banking account for every
customer's needs. The account provides expected monthly returns along with
a variety of free packaged benefits.Meezan Rupee Saving Account can be
opened by Individuals and businesses including Sole Proprietorships,
Partnerships and Limited Companies. Freelancers can also open this account, subject
to satisfactory
proof of income document.
2.DOLLAR SAVING ACCOUNT

A profitable foreign currency account for individuals, the Riba-free Dollar Savings
Account pays interest.
By utilizing US dollars to create and manage the account, you will be able to benefit
from additional value-added features while also earning returns that adhere to
Shariah.Diversify and safeguard your investments against currency fluctuations.
3.EURO SAVING ACCOUNT
A beneficial foreign currency account for individuals, the Riba-free Euro Savings
Account pays interest. Using Euros, you may create and manage this account, which
also offers additional advantageous features and is consistent with Shariah.
4.GBP SAVING ACCOUNT

A profitable foreign currency account for individuals, the Riba-free Pound Savings
Account pays interest. By using pounds to create and manage the account, you will be
able to benefit from additional value-added features while also earning returns that
adhere to Shariah.
SPECIAL SAVING ACCOUNT

Bank Accounts suitable for Your Various Saving Needs

Meezan bank offers five unique types of special savings accounts to

suit your various requirements.

MEEZAN BACHAT ACCOUNT:

A Savings Account with Halal Profit

The Meezan Bachat Account is a special type of savings account that offers high
expected monthly returns together with the ability to access funds as needed. Meezan
Bachat Account provides almost the same level of convenience and service as a typical
savings account, but with a greater predicted rate of return.
Meezan Bachat Account can be opened by Salaried or Self-employed, Housewives and
Retired individuals.

MEEZAN LABBAIK ACCOUNT:

A Holy Journey with Comfort & Convenience
If you are an individual saver and want to save money aside for your partner, kids,
parents, or other loved ones, Meezan Labbaik Saving Asaan is the perfect deposit
option for you. You can benefit from this specific Mudarabah-based Deposit account
(available in plans ranging from six months to twenty years) for Umrah and Hajj, which
entitles you to profit on the money you deposit as well. This gives customers an
increased incentive to save for Umrah and Hajj through Meezan Labbaik Saving Asaan.
Anyone can start a Meezan Labbaik Savings Asaan account.
MEEZAN KIDS CLUB ACCOUNT:
It’s Never too Early to Save!
Are you still not 12 years old? Then Meezan Bank has something very special for you; a
chance of having your own Mudarabah-based Meezan Kids Club Account. You can now
put all your pocket money, Eidi and all your other cash in this account, where it will be
safe and invested in line with Islamic principles.When you get this account opened, you
will get to learn a lot more about managing your savings. We will also make sure you
have fun while learning to save the right way.
MEEZAN TEENS CLUB ACCOUNT:
You will be the Investor (Rab-ul-Maal) and the Bank will be the Manager (Mudarib) in
the Mudarabah-based Meezan Teens Club Account. The Bank will use your cash to
provide consumers Islamic finance.Meezan Bank is a committed socially responsible
organization, and in recognition of this duty, the Teens Club Account seeks to give
adolescents a venue where their developing brains can learn in a modern but Islamic
manner. The Teens Club Account offers a combination of enjoyable learning with a
priority on developing moral character and core values.
SENIOR CITIZEN ACCOUNT:
A Savings Account with Halal Profit
Meezan Senior Citizen Account provides greater Shariah-compliant returns on deposits
to Pakistani citizens 60 years of age and older, widows, and those with disabilities.
The account is intended for people who are ready to invest their retirement benefits,
pension income, and savings in order to earn greater returns. A contract based on the
Mudarabah may be used to open it, giving account holders simple access to their funds.
Only Pak Rupee is available for accounts.
ELIGIBILITY CRITERIA
Pakistani nationals can open Meezan Senior Citizen Account as per the following criteria:

● Senior Citizens of age 60 years and above

● Widows (irrespective of age)
● Differently-abled persons (irrespective of age)

Note: Non-Resident Pakistanis (NRPs) may also open this account, however, NRP Rules shall apply a

An individual can open only one account (1 account per CNIC either singly or jointly).

MEEZAN ASAAN ACCOUNTS

Banking at its Simplest

Meezan bank offers 2 types of Assan accounts.
ASAAN CURRENT ACCOUNT:

For clients with limited income documentation

Free of riba The Meezan Asaan Current Account is yet another addition to the bank's
services. Meezan Asaan Account allows consumers who have little evidence of their
income source access to banking goods and services. A valid CNIC, SNIC, passport,
Pakistan Origin Card (POC), Alien Registration Card (ARC) issued by the National
Aliens Registration Authority (NARA), pension book, and National Identity Card for
Overseas Pakistanis (NICOP) are required to register an account.
Meezan Asaan Current Accounts are exclusively available to residents of Pakistani
nationalities.
ASAAN SAVING ACCOUNT:
For clients with limited income documentation
Another addition to Meezan Bank's products is the Riba-free Meezan Asaan Savings
Account. Meezan Asaan Account allows consumers who have little evidence of their
income source access to banking goods and services. A valid CNIC, SNIC, passport,
Pakistan Origin Card (POC), Alien Registration Card (ARC) issued by the National
Aliens/Registration Authority (NARA), pension book, and National Identity Card for
Overseas Pakistanis (NICOP) are required to register an account.
(Meezan Asaan Savings Accounts are exclusively available to residents of Pakistani
nationality.)
REQUIREMENT AND PROCESS OF ACCOUNT OPENING:
SERVICES OFFERED BY MEEZAN BANK
Meezan Bank provides a limited number of services, including corporate banking,
investment banking, commercial banking, and SME banking.
CORPORATE BANKING:Meezan Bank provides a wide range of Shariah-compliant
financing options to meet the needs of a large number of corporate clients, including
public sector organizations and multinationals, for working capital financing, import and
export refinancing, commodity operations financing, long-term financing, documentary
credit requirements, and project-based financing.
The Treasury, Financial Institutions, Transaction Banking, Investment Banking, and
Consumer Banking divisions collaborate closely with the Corporate Banking relationship
teams to deliver better and newly developed relevant products that satisfy the business
demands of the Bank's corporate clients.following are few parts of corporate fiancinng:
CASH MANAGEMENT :Consistent and Secure Channels
The Bank has established a distinct division to capitalize on its expanding nationwide
branch network and varied product offering.
Transaction banking services includes : Customized Payments & Collections by Meezan
eBiz+
Customers may manage their banking relationships online using Meezan eBiz+, which
also lowers operational load by outsourcing the processing of collections and payments.
Meezan eBiz+ LITE: A Secure and Practical Payment Method
A new version of Meezan Bank's online internet banking portal designed for small
businesses, Meezan eBiz+ LITE is a payments solution and is available under the eBiz+
online banking portal.
eBiz Meezan
Keep Your Business Banking Current
While taking into mind the security of the data sent over this channel, Meezan eBiz
enables its clients to access online account statements quickly through the internet.
BANK ACCOUNTS:Accounts for Deposit Used for Business Transactions
The widest selection of Riba-free Deposit Accounts for Business Banking is provided by
Meezan Bank. Open one of our specialized business accounts or choose for our basic
Rupee Current account for businesses.
TERM DEPOSITS: TRULY HALAL RETURNS
Meezan Bank provides a complete range of short term and long term deposit
certificates with the flexibility of monthly, quarterly, semi-annual and annual
returns.There are few certificates on the basis of term deposits i.e. monthly Mudarabah
certificate, meezan Amdaan certificate etc .
TREASURY:Treasury operations that are guided by Islam
Meezan Bank is aware of the need for effective money management as well as the
need to attract consumers with attractive pricing and a wide range of goods. To this aim,
the Treasury offers complete solutions to both, combining devoted salesmanship,
careful trading, and effective fund administration to guarantee Shariah compliance.

The financed book of the bank is principally managed by the Treasury. The ALM desk is
quite busy, trading both local and foreign currency sukuks and carrying out placements
and deposit transactions in the market using a variety of Islamic modes, including
Musharaka, Wakala, Bai Muajjal, and Modaraba, among others.
CORPORATE PAYROLL:Cost-effective and really practical
Corporates may pay employees (salaries, pensions, staff reimbursements, and
bonuses) using Meezan Payroll Card in a way that is simple, less risky, and more
expensive. As the payment is placed onto the m-Wallet for immediate access to money,
the solution allows faster receipt of salary.

Business m-Wallet
Under this new solution, a business m-Wallet account (L3 Account) will be issued to the
Corporate along with a core banking account.

Individual m-Wallet
An Individual m-Wallet Account (L2 Account) will be issued to the Salaried Individuals
along with an ATM Card to operate their m-Wallet Account

MEEZAN PAYROLL PARTENER

Meezan Payroll Associate
An Exclusive Employee Banking Solution in Digital Format
The Meezan Bank is proud to launch Meezan Payroll Partner, a full-service payroll
administration system that provides features such as payroll disbursement, pension
disbursal, employee reimbursement, bonus processing, and much more. The eBiz+ web
platform for corporate payments and collections powers the complete product line.

Customers that use Meezan Payroll Partner may complete all of their everyday banking
and payroll needs in one location, offering a one-stop banking solution.
ROSHAN DIGITAL ACCOUNT(RDA)
Simplified Online Digital Account Opening for Overseas Pakistanis
Convenient & Riba-free
Meezan Bank is pleased to provide Meezan Roshan Digital Account to all Non-Resident
Pakistanis (NRPs) residing across the world for the convenience of those who live
outside of Pakistan. Meezan Roshan Digital Account allows Pakistanis living abroad to
create a bank account digitally or online without traveling to a branch and allows
account holders to transfer funds into the account.
Key Features
● Open a Current or Savings Account in PKR or Foreign Currencies (USD / GBP /

EUR)

● Invest in Meezan Bank’s Term Deposit products

● Account can be funded through foreign remittances only

● Allows you to send money to your own account outside Pakistan without any

approval from the Bank or State Bank of Pakistan

● Access to a range of Wealth Management and Takaful products

● Pay utility bills and fees and conduct other fund transfers in Pakistan through

PKR and FCY accounts using Internet Banking facility. Note: These pertain to

local payments within Pakistan only

● Invest in Shariah-compliant shares and Sukuk listed on Pakistan Stock Exchange

(PSX) by opening your account in Central Depository Company (CDC). To invest

Click Here Now

● Invest in Shariah-compliant scheme of Islamic Naya Pakistan Certificate (INPC).

To invest Click Here Now

● Invest in Shariah-compliant Mutual Funds with Al Meezan Investments. To invest

Click Here Now

● Account will be opened within 48 hours subject to completion of all

documentation and formalities

 ● No local deposits are allowed except profit/proceeds from investments allowed

by State Bank of Pakistan into Meezan Roshan Digital Account

● Issuance of debit card and cheque book. To apply Click Here Now

● Free debit card for customers who have remitted in their PKR Meezan Roshan

Digital Account. Applicable on first-time issuance only.

ELIGIBILITY CRITERIA

● Individual Non-Resident Pakistani Nationals (NRPs) having CNIC/SNIC/NICOP

● Non-Resident Individuals / Foreign Nationals having Pakistan Origin Card (POC)

REQUIRED DOCUMENTS

● Scanned Copy of your CNIC/NICOP/POC

● Scanned Copy of Passport’s first 2 pages (Pakistani and/or foreign country)

● Photograph (Live Photo)

● Signed & Scanned Signature Specimen Card (SSC):

○ Click here for guidelines to provide the SSC on plain paper

○ Click here to download and print the pre-defined SSC

● Proof of NRP Status (scanned copy of POC, visa, entry/exit stamps etc.)

● Proof of profession (Job Certificate, Employee Card, Iqama, Retirement Letter,

Business Registration Document, etc.)

● Source of Income (Salary Slip, Account Statement, Tax Statement, Rental

Agreement, Pension Book, etc.)

● Please click here for indicative list of documents to assess the 'Proof of

Profession and Source of Income / Fund'

Note: "Please upload documents in Urdu, English or Arabic languages only. In case of
any other language, please upload certified translation from an online verifiable and
authentic source."
Meezan Roshan Digital Account can be opened in PKR & FCY currencies (USD, EUR &
GBP).Both account types (current/savings) are offered in Meezan Roshan Digital
Account.
Customers who submit an online Account Opening Form (AOF) will hear from Meezan
Bank within 48 hours if there is any additional information that the Bank may need. The
Bank will send them a welcome email as confirmation of their account opening once the
account has been activated. The account may then be used by them.
MEEZAN BANK ‘PURE DIGITAL BANKING’

Meezan Mobile Banking App

At Your Fingertips, All Your Banking Needs Meezan Mobile App, which is brimming with
useful features, gives you safe, mobile access to your accounts and includes strong,
user-friendly management tools.
The Meezan Mobile Banking App was created with the belief that banking should be
easy, quick, and convenient.
Meezan digital banking is one of the safest as Meezan Mobile Banking App provides a
safe and secure way to make payments, because: No information is stored on your
mobile phone which means that your Username and Password are never exposed even
if your mobile phone is lost or stolen. All transactions are secured with Advanced
Encryption Methodologies including two-factor authentication.
Key Features:

● View account balance & transaction details

● Pay bills and manage payees
● Transfer funds between Meezan Bank accounts
● Transfer funds between Meezan Bank accounts and 1Link member accounts
● Block or unblock debit cards
● Find nearby Meezan Bank branches and ATMs
● Look out for discounts and new promotions
● Qibla locator
● Products inquiry

ELIGIBILITY: Any active Meezan Account Holder* can use Meezan Mobile App/Internet
Banking. This app is free to use.

FUNDS TRANSFER LIMIT ON MEEZAN BANKING

Daily Funds Transfer limit is as follows:

● Own Account (MBL to MBL)
- You can transfer funds between the same title of accounts upto Rs. 5 million per
day.
● Funds Transfer to other Meezan Bank accounts (3PFT)
- You can transfer funds up to Rs. 2 million per day to your registered third party
beneficiary accounts within Meezan Bank.
● Funds Transfer to other Bank accounts (IBFT)
- You can transfer funds upto Rs. 1 million per day to your registered
beneficiaries accounts of other bank(s).