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Meezan Bank & AKD Investment Management Limited Signs a Technical Services and Support Agreement

June 27th, 2008

Meezan Bank Limited (MBL) and AKD Investment Management Limited (AKDIML) entered into a mutual agreement under which MBL will provide technical services & support for Shari’ah Compliant Mutual Funds to AKDIML.

President & Chief Executive Officer of Meezan Bank Limited, Mr. Irfan Siddiqui and Chief Executive Officer of AKD Investment Management Limited, Mr. Faisal Bengali signed the agreement. Under this agreement, MBL will act as a Technical Consultant; providing documentation, research & training, and financial structuring advisory services related to Shari’ah Compliant product conceptualization, development and structuring, to AKDIML.

 Meezan Bank has a large product menu offering a complete range of Islamic banking products and services. All branches are ‘on-line’ and are supported by state of the art 24/7 Banking services to all its customers, which includes 94 ATM’s, Internet Banking 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 Pakistan.

AKD Investment Management Limited is one of the leading Asset management Company of Pakistan with total assets under management of over PKR 9.5 billion. It has already launched three open-ended and one close-ended mutual fund and now plans to launch a series of Islamic Mutual Funds. AKD Investment Management Limited also enjoys a rating of AM3+ by JCR-VIS.