UAN: 111-331-331 04 February, 2012 | Rabi-ul-Awal 11, 1433

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Meezan Providence Certificate

Designed to cater to your Provident, Pension and Gratuity funds

Meezan Providence Certificate is a long-term investment certificate specially designed to cater to the needs of corporate and business concerns for purposes of investing their Provident, Pension and Gratuity Funds.  

 

Meezan Providence Certificate is an ideal investment for Individuals, Sole-Proprietorships, Partnerships and Limited Companies.

 

Meezan Providence Certificate works on the principle of Mudarabah under which the customer is an Investor (Rab-ul-Maal), and the Bank is the Manager (Mudarib) of the funds deposited by the customer. The Bank allocates the funds received from the customers to a Deposit pool. Funds in the pool are invested under Islamic modes of finance that include but are not restricted to Murabaha, Sukuk and Ijarah.

Enjoy a range of valuable features including:

 

  • A 100% halal investment in strict compliance with Shariah
  • High Returns
  • Long-term security ensured
  • Minimum investment amount: PKR 1,000,000
  • Available tenures of 2, 3, 5 and 7 years
  • Pre-mature withdrawal options available

 

 

Investing is simple and easy, as all you need is:

 

  • To have a registered or unregistered Employee Provident/Gratuity/Pension Fund.
  • Have operations based in Pakistan.

 

We at Meezan Bank, as prescribed by Islamic Shariah, seek to guarantee equal access to all qualified applicants, while ensuring that the qualification process is bias-free.

 

 

Profit sharing & Distribution Method

 

The Bank calculates the profit of the deposit pool every month. Gross income of the deposit pool is shared between the Bank (Mudarib) and customers (Rab-ul-Maal) on the basis of a predetermined profit-sharing ratio announced at the beginning of the month. The profit is distributed amongst the Account holders on the basis of predetermined weightages, announced at the beginning of the month. In case of a loss, as per the rules of Mudarabah, the Rab-ul-Maal shall bear the loss in the ratio of their investment.

 

 

Profit Sharing Ratio

  • Bank will share 50% of Gross Income as Mudarib
  • Depositor will share 50% of Gross Income as Rab-ul-Maal

 

Weightages for the Month of October 2011

 

Account Categories
Profit Distribution Periods/
Tier groups
Weightage Assigned
Meezan Providence - 2 years
6 Monthly
1.23
Meezan Providence - 2 years
Maturity
1.44
Meezan Providence - 3 years
Maturity
1.44
Meezan Providence - 5 years
Maturity
1.69
Meezan Providence - 7 years
Maturity
1.70

 

Consolidated Weightages

Profit Rates for the month of August 2011

Period
 
Profit Rates at maturity (% per annum)
 
Two Year (6 Monthly)
-

 Two Year

-

Three Year
-
Five Year
-
Seven Year
-

 

 

 Historical Profit Rates

Shariah Fatwa 

Premature Encashment of a Certificate(s)



In case of Premature Encashment of a certificate(s), profit will be paid with respect to the applicable product category rate mentioned below.

 

Early Redemption Schedule for the Meezan Providence Certificate (Effective: December 23, 2010)
S No.
Tenure
Rates Applicable on Premature Encashment within
    Within 1 Month 1-6 Months 6-12 Months 1-2 Years 3-4 Years 4-5 Years 5-6 Years 6-7 Years 7 Years
1. 2 Yr - 6 Monthly No Profit Saving Account Rate 3 Months COII 6 Months COII          
2. 2 Yr - Maturity No Profit Saving Account Rate 3 Months COII 6 Months COII          
3. 3 Yr - Maturity No Profit Saving Account Rate 3 Months COII 6 Months COII 1 Year Monthly COII 2 Year Monthly COIICOII    
4. 5 Yr - Maturity No Profit Saving Account Rate 3 Months COII 6 Months COII 1 Year Monthly COII 2 Year Monthly COII 3 Year Monthly COII    
5. 7 Yr - Maturity No Profit Saving Account Rate 3 Months COII 6 Months COII 1 Year Monthly COII 2 Year Monthly COII 3 Year Monthly COII 5 Year Monthly COII 5 Year Quarterly COII

 

 

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