Meezan Bank and Energy N Automation sign agreement to Improve Uptime and Reduce the Bank’s carbon footprint

Meezan Bank and Energy N Automation - ENA sign agreement to Improve Uptime and Reduce the Bank’s carbon footprint 

Karachi:  Meezan Bank, Pakistan’s leading Islamic bank has recently signed a supply agreement for green energy & power solution with Energy N Automation (Pvt) Ltd (ENA), a company of Jaffer Business Systems. Under this agreement, ENA will provide power backup to Meezan Bank’s branches countrywide, aiming to reduce Carbon footprint by more than 23,000 tons per year from the environment. The agreement serves as an incentive to reduce both energy consumption as well as Carbon emissions at the branch level, furthering the Bank’s commitment to play a role in combatting climate change.

ENA will provide support and services for the most reliable and innovative super capacitor battery module Power Solution to over 820 branches of Meezan Bank countrywide, thereby contributing to a greener world by reducing Carbon footprint and fuel consumption.

The agreement was signed by Mr. Riaz Ahmed – Executive Vice President, Meezan Bank and Mr. Veqar Islam, Chief Executive and Director of Jaffer Business Systems. 

Speaking at the occasion, Mr. Riaz Ahmed said, “The supply agreement with ENA is a milestone in the conversion of our power supply to more innovative and sustainable sources. We are pleased to have found a trusted technology partner in ENA to cater to our power demand, through which we can also support our customers with uninterrupted services as well as reduce our carbon footprint.”

“At JBS and its companies, we believe in innovation, integrity and excellence to provide our customers with superior services. We continuously strive for significant impact on the lives of people and societies that we serve in. We are serving a large number of customers through our professionally managed country-wide services infrastructure. Meezan Bank is one of our valued customers and we at ENA and JBS will leave no stone unturned to provide the Bank with unmatched service.” Mr. Veqar Islam - CEO, JBS spoke at the occasion.

Mr. Amir Salman - CEO ENA added “With the adoption of super capacitor battery module, Meezan Bank will not only significantly improve its uptime, but will also contribute to a greener world by reducing its Carbon footprint and fuel consumption through lesser reliance on fossil fuels to power its branches. We have introduced an innovative Kilowatts Labs SIRIUS Energy Storage Module which is the world’s first super-capacitor based energy storage system that provides a plug-and-play replacement for chemical batteries. This will allow Meezan Bank to improve the efficiency of its electronics while also enjoy undisrupted power supply.

Meezan Bank is leading Islamic bank of Pakistan and also one of the largest banks nationwide in terms of branch network as well as deposits. With a network of over 820 branches in more than 248 cities, it has the largest Islamic banking network in Pakistan. 

Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions including its recognition as the ‘Best Bank – 2020’ by Pakistan Banking Awards – the most prestigious award in the country’s financial sector and by Islamic Finance News - Malaysia, Global Finance magazine - New York, Asset AAA - Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, Employers Federation of Pakistan and CFA Association - Pakistan. 

VIS Credit Rating Company Limited (Formerly JCR-VIS Credit Rating Company Limited) has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.