Meezan Bank offers Housing Finance facility to BASF Employees

December 23rd, 2009

Pakistan’s first and largest Islamic bank, Meezan Bank Limited (MBL) has offered Islamic Housing Finance facility to the employees of BASF Pakistan.

Under the arrangement, MBL will provide Shariah compliant housing finance facility to the employees of BASF Pakistan. As the nation’s first Islamic Housing Finance facility, Meezan Bank’s Easy Home has successfully entering into its 7th year.  Being the pioneer of Islamic Housing Finance in Pakistan, the Easy Home product has been refined as such to enable all the segments of society to have easier access to the facility.

The ceremony of signing the agreement between Meezan Bank and BASF was held at BASF on Monday 21st December 2009.  Mr. Arif ul Islam, Chief Operating Officer of Meezan Bank and Dr. Imran Ashraf Usmani, Shariah Advisor of MBL attended the ceremony as Chief Guests.

Speaking on the occasion, Mr. Arif ul Islam said that this deal with BASF is in continuation of the Meezan bank’s efforts to provide Shariah compliant services to the employees of corporate sector in Pakistan. Meezan Bank provides special offers comprising of an array of benefits and value added services to the employees of MNCs and blue chip companies in Pakistan.

Dr. Imran Usmani, Shariah Advisor Meezan Bank, explained the Shariah principles on the basis of which the product has been developed and outlined the key structural features. He said that the structure was very simple and benefited the customers since it offered a number of flexibilities. He noted with satisfaction that this product is now accepted by all Shariah scholars and offered by other Islamic Banks as well. He further added that Meezan Bank continues its critical responsibility of leading the way forward in establishing a real, stable and dynamic Islamic Banking System in Pakistan.

Meezan Bank has currently 178 branches across 44 cities. This growth in branch network is the fastest in the Banking history of Pakistan. The investment in the branch network is driven by the Bank’s vision to “Establish Islamic Banking as Banking of First Choice” so as to enable it to reach each and every citizen of Pakistan.