January 16th, 2013
Meezan Bank, Pakistan’s first and largest Islamic Bank, has been awarded ‘ Pakistan Deal of the Year ‘ and ‘Musharakah Deal of the Year’ for 2012 by Islamic Finance News of REDmoney Group, Malaysia. The Islamic Finance News (IFN) Awards honor the best in the Islamic financial industry and is one of the most prestigious and recognized awards in the global Islamic financial markets.
‘Sui Southern Gas Company (SSGC) – PKR 2.0 billion Certificates of Leasing (Sukuk)’ advised and arranged by Meezan Bank was highlighted as the ‘ Pakistan Deal of the Year ‘. Meezan Bank developed a unique and tax efficient financing structure for SSGC based on Ijarah.
The ‘Musharakah Deal of the Year’ for the Liberty Mills PKR 500 million Running Musharakah was awarded to Meezan Bank for its first ever transaction of Running Musharakah in the Textile Sector.
IFN has recognized Meezan Bank as the Best Islamic Bank for seven consecutive years (2005-2011) and has been awarded the Best Deal of the Year in 2008, 2009 and 2011.
Meezan Bank, has also been consistently recognized as the Best Islamic Bank in Pakistan by various local and international institutions such as Global Finance magazine (2007-2010), Asia Money (2010) and CFA Association Pakistan (2009, 2011). The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has rated Meezan Bank’s short term rating at A-1+ (A-One Plus), the highest standard in short term rating, and a long-term entity rating at AA- (Double A Minus) with stable outlook which highlights sound performance indicators of the Bank.