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The ITSC does this by working with the Information Technology department to establish overall priorities and provide general direction for IT initiatives by identifying and sponsoring projects that support the Bank's business plan. It also assists the Bank's senior management, including IT Head, in effectively utilizing IT resources to meet the business and operational needs of the Bank, as well as in resolving conflicts in demand for IT services and resources.

The Board of Directors and its subcommittees are competent and experienced, representing diversified educational and vocational backgrounds which are invaluable in determining the overall direction of the organization. The Board of Directors is keen to ensure that it reviews the effectiveness of its performance periodically.

To that end, all individual Board members answer a comprehensive questionnaire focused on evaluating, from various angles, whether the Board has discharged its duties diligently and with foresight. A committee of Directors is designated to collate individual responses and present them to the Board for deliberation and discussion.

This process also ensures that the Board is constantly growing intellectually and the responsibility of steering the Bank to new heights of success is discharged effectively and efficiently. Roles and Responsibilities of the Chairman The Chairman of the Board of Directors ensures that the organization keeps true to its long-term vision. Responsible for leadership of the Board, the Chairman ensures that the Board plays an effective role in fulfilling all its responsibilities.

Ensure that dissent of directors, if any, is properly recorded in the minutes. Ensure that minutes truly reflect what transpired during the meeting. Ensure that the Board discharges its role effectively and swiftly in line with regulatory requirements.

Ensure that the Board subcommittees perform their designated functions with due diligence. Ensure execution of the strategy developed by the Board. Ensure that the Bank maintains its business position and brand image as the leading Islamic Bank of the country. Efficiently allocate and manage organizational resources and budgets to ensure achievement of short- and mid-term objectives that contribute to the attainment of the long-term strategic goals.

Establish a system of checks and controls to supplement the fast-paced growth of the Bank. Foster a culture of professionalism and high ethical standards within the Bank. Facilitate an organizational culture of development of innovative products and services to service the growing needs of a diverse range of customers. Role of Shariah Supervisory Board The Shariah Supervisory Board SSB is entrusted with the duty of directing, reviewing and supervising the activities of the Bank in order to ensure that they are in compliance with the rules and principles of Shariah.

Ensure Shariah-compliance of all aspects of the Bank by virtue of having unhindered access to all books of accounts, records and documents. Guide and direct the Bank through rigorous deliberation on issues placed before the Shariah Supervisory Board. Monitor the Shariah-compliance of the Bank through Shariah Audit and Shariah-compliance reviews and prescribe appropriate enforcements whenever needed.

The Directors had attended a Directors Certification program as required under Code of Corporate Governance that the Bank had arranged in Accordingly, the Bank is in compliance with respect to training requirements of its Directors. The mechanism put in place allows for such matters to be reported electronically, in writing or over the phone.

Similarly, a general complaints form for reporting and resolution of business-related complaints sends registered issues to relevant departments. A dedicated email address complaints meezanbank. Independent Directors and their Independence The Board has 03 three Independent Directors and they meet the criteria of independence under Code of Corporate Governance. Meezan Bank's management is cognizant of the fact that the economy and the banking industry are in a state of flux and regularly conducts SWOT analysis of the organization to capitalize on its strengths and work on its weaknesses in view of the opportunities available in its environment and the threats that it needs to overcome.

Pursuing opportunities requires taking risks, which most are often reluctant to do so, because of the fear of the potential negative consequences. This equally applies to the banking business which by its very nature is risky coupled with enhanced opportunities over the period of time. Banks are exposed to commercial and financial risks including credit, concentration, liquidity, market, rate of return and equity investment risks. Moreover, Meezan Bank being the premier Islamic Bank has to manage an important risk namely Shariah non-compliance risk that is only unique to Islamic banking.

Key Sources of Uncertainity Rapidly changing environment brings with it number of uncertainties. The decrease in foreign exchange reserves, modest growth in the inflation rate, volatility in global oil prices, widening trade deficit, pressure on exchange rate flexibility along with rising external deficit, low level of fiscal discipline, delaying privatization process, dwindling performance of stock exchange market and increase in power sector receivables will have their bearings on economy including banking sector of the country.

No change in discount rate that remained on the lowest side has its implications on profitability of banking sector as a whole. An upward increase in the interest rate scenario will ease the pressure on performance of banks. However, improved security condition, energy supply and infrastructure investments have their positive impacts.

This is reflected in the private sector credit take-off and improved recoveries of non-performing financing. Enhanced realization for financial inclusion in the form of branchless and digital banking, need for efficient alternate distribution channels with increasing types of facilities and security features, inadequate focus on small and medium financing, search for new channels to upscale fee based income and outreach of fintechs in embracing wide range of activities put pressure on banking sector to think and act out of the box.

Several opportunities can be created under CPEC which include infrastructure project financing and share of Pakistani banks in those projects. In the context of Islamic banks, deployment of excess liquidity leads to uncertainty as there seems no offering of fresh Government of Pakistan Sukuks. Meezan Bank continued to explore opportunities to achieve its strategic objectives while ensuring proper risk mitigates and controls in place.

Under the overall supervision of the Board of Directors and Shariah Supervisory Board, various business units of the Bank continued to explore new business opportunities in close coordination with Risk Management, Compliance, PDSC,Information Technology and Operations departments, keeping in mind the risk appetite of the Bank.

New business opportunities are supported through state of the art data centre, successful implementation of new version of core banking system, broad spectrum of alternate distribution channels with enhanced security environment, increased focus on personalized banking and high standards of service quality. While searching for new business opportunities and improving its internal processes, the Bank is fully cognizant of strategic, Shariah non-compliance, regulatory and reputational risks as well as risks arising from people, processes, systems and external events.

Risk management in banking has been transformed over the past decade, largely in response to regulations that emerged from the global financial crisis, technological innovations and cyber crimes. Risk management and other control functions being the second line of defence are responsible for assisting business lines for designing and implementing adequate controls to manage risks.

The Bank vigorously improves upon its risk policies, procedural manuals, systems, tools and techniques, management information systems and human resources capacity. The Bank has enhanced its collaboration with solution providers for strengthening its control profile.

Risk management tools help the Bank in identification, assessment, reporting and management of both conventional risks and risks peculiar to Meezan Bank. Further, these tools are subject to continual development and refinement. Risk Management strategies for various risk types and business continuity plan and IT disaster recovery arrangements are also in place to mitigate actual and potential risks.

Resources are diversified to medium to high risky areas while minor risks are typically managed through transfer and outsourcing strategy. The Bank manages all its critical operations on its own. The Bank defines its risk appetite at the level of risk it is prepared to take while pursuing its business strategy recognizing a range of possible outcomes as business plans are implemented.

The Bank emphasizes on diversified risk assessment tools and techniques and risk mitigates to better deal with the opportunities that it comes across. Integrated efforts help the Bank in significantly expanding its deposit base, financing portfolio and branch network without exposing itself to unwarranted risks.

In Meezan Bank the business continuity is managed at strategic, tactical and operational level. It involves documented plans and effective decision making, coordinated efforts and operational continuity. The Bank has in place a comprehensive business continuity framework with clear set of governance structure, business continuity and information technology disaster recovery plans, clearly defined roles and responsibilities of individuals and teams for disaster response, recovery, resumption and restoration of activities to a pre-defined level of operation following disruption.

The BCM program is in line with the guidelines issued by the regulator and industry standards and is subject to periodic reviews. It sets out the agreed arrangements for bringing disaster events under control and ensures availability of necessary resources for maintaining critical business functions.

Having a BCM framework in place helps the Bank to ensure safety of human resources, protection of critical assets and resumption of mission critical activities from alternate processing site s in case the primary site s are not accessible or available.

In Meezan Bank, the first priority is always is to ensure the safety of human life in case of any disaster. Detailed business continuity including information disaster recovery plans have been established with the approval of the Board of Directors. The Bank has also established Alternate Processing Sites at three different locations within Karachi with the overall objective to ensure resumption of Mission Critical Activities MCAs in case of disaster.

IT disaster recovery is managed from Islamabad. During the year, the Bank continued testing the effectiveness of business continuity arrangements through periodic drills, performance of critical operations from alternate sites, information technology disaster management activities as well as evacuation exercises.

Branch evacuation procedures have been further refined and emergency response teams have been streamlined. The Bank conducted evacuation drills for its entire branch network that enables the Bank to test the resilience against unforeseen hazardous eventualities. Outcomes of drills are documented and necessary improvements are an on-going process.

This strengthens the confidence of stakeholders regarding the availability of products and services under stress scenarios and embeds business continuity within the organizational culture of the Bank. Meezan Rupee Current Account This is a checking account that works on the basis of 'Qard' and provides the convenience of conducting day-to-day transactions.

There is no restriction on withdrawals or number of transactions and there is no deduction of service charges if the balance maintained is low. Meezan Kids Club Account Meezan Kids Club Account is introduced for children under the age of 12 years to cultivate the habit of saving in the early years.

The account can be opened from Rs onwards. The profit is paid on monthly basis. VISA Debit card fee is waived for the first year. Exciting gifts are given to Kids Club members on account opening. Profit is calculated on daily balance and credited into the account on a monthly basis.

Minimum investment required for opening an account is Rs and there is no deduction of service charges if the balance maintained is low. Meezan Teens Club Account Meezan Teens Club Account is Pakistan's first teens account designed to cater the requirements of the age group of 12 to 18 years. Teens Club account can be opened from Rs 1, Exciting account opening gifts await the Teens Club members.

Meezan Bachat Account Meezan Bachat Account is targeted towards individuals including housewives, retired and salaried customers who desire a high profit rate. The minimum investment required for opening an account is Rs 50, Profit is calculated with a higher weightage for account balance up to Rs 25 million. There is no restriction on withdrawals or numbers of transactions and there is no deduction of service charges if the balance maintained is low. Meezan Kafalah is a savings plan through which customers can save for their future plans such as education or wedding of their child, going for Hajj, planning for old age etc.

Meezan Kafalah is a Shariah-compliant alternative to bancassurance with easy exit option at any time. An individual can start his plan with monthly contribution as low as Rs 2, only. The Bank also provides maximum Takaful coverage of upto Rs 15 million. Plans are available from 3 to 15 years. Karobari Munafa Account Meezan Bank's Karobari Munafa Account is a savings account where profit is calculated on daily balance and credited into the account on a monthly basis.

The minimum investment required for opening an account is Rs 1 million. Customers have multiple Travel Asaan payment options allowing them to decide when and how they want to pay off the plan. Hajj Scheme as announced by the Government of Pakistan. There is no deduction of service charges if the balance is low. Certificates of Islamic Investment Certificates of Islamic Investment are Term Deposit certificates for investment periods ranging from 3 months to 5 years with profit payment on monthly, quarterly and maturity basis.

Minimum investment required is Rs 50, for profit payment option of quarterly and at maturity. To receive monthly profit payment, a minimum investment of Rs , is required. There is no limit on maximum investment. Pre-mature withdrawal can be made as per the approved schedule. Meezan Asaan Current Account Meezan Asaan Current Account provides swift and hassle-free account opening process, since there is no requirement of submitting any proof of income document for opening this account.

Meezan Asaan Account Holder can withdraw maximum Rs , from his account, during the month and can maintain a maximum credit balance of Rs , It is ideal for those individuals and organizations that need a regular stream of monthly income. Minimum investment required is Rs , for regular customers, while for widows and senior citizens the minimum investment is Rs 50, Meezan Asaan Savings Account Meezan Asaan Savings Account provides swift and hassle-free account opening process, since there is no requirement of submitting any proof of income document for opening this account.

Meezan Asaan Account Holder can withdraw maximum Rs , from his account, during the month and can maintain a maximum credit balance of Rs. Meezan Payroll Card Meezan Payroll Card enables companies to manage payments salary, pension, staff reimbursements and bonus in a cost effective, secure and efficient manner.

Monthly Mudarabah Certificate The Monthly Mudarabah Certificate is a short-term deposit product for an investment period of one month only. Profit is paid on maturity with re-investment option available on a continuous basis. Minimum investment required is Rs , Takaful Coverage In line with its customer focused strategy, Meezan Bank is offering Takaful coverage to individuals and sole propertiership account holders in case of accidental death or permanent disability.

Customers maintaining an average monthly balance of Rs 10, and above, are entitled to a Takaful cover of upto maximum Rs 1 million. In addition, ATM cash withdrawal Takaful Coverage, on the amount withdrawn from any ATM, is offered to all the account holders, in case money is snatched within the radius of 1. This facility provides great convenience for depositing and withdrawing cash, making pay orders and availing numerous other banking services.

Fee waivers on selected banking services. The Internet Banking facility offers a suite of features such as account statement views, payment of utility bills with QuickPay service, funds transfer facility, cheque status inquiry, complaint logging, chequebook requisition, pay order request and stop payment marking. Customers can also invest and redeem funds from Al-Meezan Mutual Funds.

Fonepay Meezan Bank has partnered with Mastercard and Fonepay to launch the latest award winning innovation in payments based on QR technology. Meezan Bank customers can now simply scan the QR image displayed at shops to make the payment at over 50, merchants in Pakistan. Meezan Bank customers also get email alerts of their transactions which is particularly helpful for customers traveling abroad. Corporate SMS Alert service has also been launched to meet the needs of corporate clients.

Moreover, EMV Chip ensures advanced security available to counter skimming frauds. The debit card comes packed with benefits for the frequent traveller offering free access to airport lounges across the Middle East, coupled with a wide array of exclusive offers and discounts within Pakistan and worldwide. SMS Banking Meezan SMS Banking is an interactive service that allows our customers to access their account on demand anytime, anywhere from their mobile phone.

This includes financing to logistics, transportation, distribution and oil marketing companies etc. The facility ranges from small truck, vans, coasters, buses to heavy trucks, truck chassis, prime movers etc. This product also provides customized financing plans for specific SME and Corporate customers. Meezan Consumer Ease Durable Goods Meezan Consumer Ease — Durable Goods Financing is first ever Shariah-compliant limit based financing facility, which allows customers to purchase laptops, generators and various consumer durable items such as LED TVs, air conditioners, washing machines, mobile phones etc.

The Consumer Ease products are based on Shariah concept of Musawamah, which is a general and regular kind of sale. Rental payments start after one month delivery of vehicle to the customer. The Bank also provides Takaful cover of the car. Under this facility the Bank purchases the bike and rents it out to the customer for a period of 1 to 3 years, agreed at the time of the contract.

Rental payments start after delivery of vehicle to the customer. The facility includes full comprehensive Takaful cover as well. Easy Home Based on the principle of Diminishing Musharakah, Easy Home is a Shariah-compliant home financing facility, in which a customer can buy or build a house, renovate an existing house or replace the conventional house loan with Easy Home facility. With flexible financing tailored to support the customer's need, Meezan Easy Home provides one of the best home financing options in the country with a hassle-free process and a quick turn-around time.

Following is a list of the generic products that are used to offer financing solutions: Murabaha Meezan Bank offers a convenient and easy to use solution for financing raw material and inventory requirements of the customer through Islamic mode of Murabaha. Murabaha is a sale transaction where the seller discloses the cost and profit to the buyer at the time of execution of sale. Murabaha is a short term Islamic facility for meeting asset based working capital requirement of customers where instead of providing a loan, Meezan Bank sells the required asset to the customer on spot or deferred basis.

Musawamah Musawamah is a bargain sale in which the Bank does not disclose the cost and profit to the customer. Istisna Meezan Bank offers an Istisna based solution to finance complete working capital requirements of its customers. Istisna is a type of sale transaction where the buyer places an order with the seller to manufacture certain asset and the sale is completed upon delivery of the asset to the buyer.

Under this facility, Meezan Bank provides funds to customers for manufacturing certain assets for the Bank and then, upon delivery, sells the assets in the market. Upon delivery, Bank sells the goods in the market. Tijarah This is a working capital solution especially for those customers who sell their inventory on credit and require funds for operations during the credit period. World Bank Working Paper No. AHMR, 1 2 , Faas Eds. Motivation to remit: Evidence, from Botswana. Journal of Political Economy, 93, C, Awoyemi T.

Journal of Development and Agricultural Economics, 4 7 , An analysis of the determinants of remittances and effect of remittance on expenditure behaviour and child welfare in the households of Nepal. The folk culture of Yucatan. Chicago Press.

Oxford Development Studies, 28, — Selecting appropriate methodological framework for time series data analysis. The Journal of Finance and Data Science, 4 2 , 71 — Journal of Economics and Behavioral Studies, 11 4 J , The Costs and Returns of Human Migration.

Journal of Political Economy, 70 5 , 80— Economic Development and Cultural Change, 31, — Migration and Remittances: Recent Developments and Outlook. Migration and Development Brief; No.

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