New York, April 2016: Meezan Bank has been recently named as ‘Innovator in Islamic Finance 2016’ by Global Finance magazine for accelerating financial inclusion through Meezan UPaisa – World’s first Islamic Branchless Banking. Launched last year, Meezan Upaisa – a collaborated effort by Meezan Bank and Ufone, provides financial solutions to the unbanked population of the country.
This award recognizes the Bank’s critical focus on product and service innovation through technology; particularly the role of Meezan UPaisa in accelerating financial inclusion in Pakistan.
The Innovators 2016 is Global Finance Magazine’s first annual listing of Shariah-compliant financial institutions and service providers that recognizes innovators among both Islamic financial Institutions and technology companies that are helping to improve the infrastructure, banking and financing solutions and product offerings, benefiting both institutions and customers. The selections were made on the basis of contribution to development of transformative products and solutions judged as per OECD’s (Organisation for Economic Co-operation and Development) Oslo Manual of Innovation, identifying four types of innovations, namely: product innovation; process innovation; marketing innovation and organizational innovation. Subjective criteria included key research and the input of experts in evaluating the banks and service providers. The mix of these evaluative factors yields leading banks that focus on boosting shared prosperity among their customers through strategies that include more responsible innovation.
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Global Finance, founded in 1987, has a circulation of 50,050 and readers in 180 countries. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance also targets the 8,000 international portfolio investors responsible for more than 80% of all global assets under professional management.
Its website — GFMag.com — offers analysis and articles that are the heritage of 29 years of experience in international financial markets. Global Finance is headquartered in New York, with offices around the world. Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.