Meezan Bank, Pakistan’s first and largest Islamic bank, has become the first Islamic Bank in the country’s banking sector to process dividend payments electronically (e-Dividend). The service was provided to the Bank’s corporate clients M/s. Nishat Chunian Power Limited and Nishat (Chunian) Limited and their shareholder’s both Meezan Bank customers as well as customers of the other banks.
e-Dividend payments will provide a more efficient method of cash disbursement as compared to conventional methods, enabling shareholders to get their dividends credited directly into their bank accounts, without any delay. The process shall eliminate the requirement of printing, dispatch, deposit and realization of physical dividend warrants and also facilitate faster processing of investor mandates. The new system will further help resolve the issue of unclaimed dividends caused due to poor logistics in the existing dividend payment mechanism.