Meezan Bank becomes the first Islamic Bank to facilitate eDividend

Meezan Bank, Pakistan’s first and largest Islamic bank, has now become the first Islamic Bank in the country to comply with Central Depository Company (CDC) Regulations regarding Centralized Cash Dividend Register as issued by the Securities and Exchange Commission of Pakistan (SECP). The Bank is therefore among the first in the country to offer a one window solution for e-Dividend payments for its shareholders covering a full range of electronic services.

The one window solution of e-Dividend payment covers a full range of electronic services and will now allow Meezan Bank’s shareholders safer, efficient, innovative and hassle-free services to view a retrievable record of their cash dividend payments, tax returns and history. Moreover this facility will additionally support the investors for filing their tax returns through the provision of an electronic dividend/zakat and tax deduction report.

Meezan Bank is currently, the only Islamic bank in Pakistan to offer both dividend payments as well an alternate of the physical notice portion of dividend warrant (counter foil) tax certificate issuance to its shareholders electronically allowing them to access a comprehensive record of their dividend payments, tax and Zakat deduction certificates in electronic form. The Bank has previously introduced electronic dividend payment processing in the country for its corporate clients.

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 banking network of more than 600  branches supported by a countrywide network of over 590 ATMs, Visa & 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 of Accountants, Islamic Finance Forum of South Asian Awards, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association - Pakistan. 

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed 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.