Meezan Bank, Pakistan’s first and largest Islamic Bank, has signed a PKR 2 billion Sukuk Financing facility with Sui Southern Gas Company (SSGC). The signing ceremony was held at the SSGC House on May 31, 2007. Meezan Bank and Standard Chartered Bank are lead advisors and arrangers to SSGC for the Sukuk issue to finance its ongoing major capital expenditure programs. This is another notable achievement of Meezan Bank as pioneer in the spreading of Islamic Banking as a complete business solution in Pakistan.
Sui Southern Gas Company (SSGC) is Pakistans leading integrated gas Company. The company is engaged in the business of transmission and distribution of natural gas besides construction of high pressure transmission and low pressure distribution systems. The Company has an authorized capital of Rs. 10 billion of which Rs 6.7 billion is issued and fully paid up. The Government owns the majority of the shares which is presently over 70%.
Meezan Bank was issued the first Islamic commercial banking license by the State bank of Pakistan in 2002. Societe Generale’, 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.
Meezan Bank has a strong balance sheet with excellent profitability, including a capital adequacy ratio that has placed the Bank at the top of the industry, a long-term entity rating of A+, and a short-term entity rating of A1. Its shareholders are leading financial institutions including Pakistan Kuwait Investment Company (Pvt) Ltd., Shamil Bank of Bahrain, the Islamic Development Bank and Noor Financial Investment Company.
In the past five years, Meezan Bank has grown from being a small niche player operating with only 6 branches at the end of 2002 to a Bank now with 64 online branches.
In an effort to furnish its customers with an utmost level of satisfaction and promote the benefits of Riba-free banking to every corner of Pakistan, Meezan Bank will continue to strive in providing a range of Shariah compliant products and the best facilities for banking convenience. PR
Mr. Bajwa is expected to take up his position as the Bank’s President with effect from the date the State Bank of Pakistan gives approval for his appointment. Until such time, Mr. Ali Munir, Senior Executive Vice President would look after the affairs of the Bank.