Karachi: Meezan Bank, Pakistan’s first and largest Islamic bank and Institute of Business Management (IoBM), Karachi recently signed a Memorandum of Understanding to facilitate capacity building in the country’s Small and Medium Enterprises (SME) sector. The MoU highlights a collaborative framework forlaunching specialized MBA Program in ‘SME Banking and Entrepreneurship’. On hand to officiate the signing ceremony were Mr. Talib S. Karim – President, IoBM as well as Mr. Irfan Siddiqui – Founding President and CEO, Meezan Bank, who were also accompanied by Mr. Imran Ahmad – Additional Director, State Bank of Pakistan.
Meezan Bank’s recent association with the International Finance Corporation (IFC) for provision ofadvisory and technical services for SME business vertical has been further extended to engage thecountry’s academia. The specialized MBA Programs are therefore being designed to meet requirements of both young entrepreneurs and SME bankers in the country. This collaboration will allow structuring of a program that covers challenges of SME industry such as cash flow lending, program lending, tradefinancing, value chain financing and SME advisory.
Speaking at the occasion, Mr. Irfan Siddiqui said, “Meezan Bank’s collaboration with IoBM has thepotential to assist and support SMEs in building their capacity and capabilities. We are hopeful that the finished product will not just benefit Meezan Bank but the entire Islamic banking industry by assistingthe development of skilled resources in Pakistan.”
Meezan Bank is the 7th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail bankingnetwork of more than 600branches supported by a countrywide network of over 590 ATMs, Visa and MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation ofAccountants, Islamic Finance Forum of South Asian Awards, Pakistan Banking Awards – Dawn and IBPPakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan hasreaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.
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