Karachi(Cliff News)Meezan Bank, Pakistan’s first and largest Islamic Bank has entered into a strategic cooperation alliance with Pak China Investment Company Limited (PCICL) for promotion of bilateral trade and investment between Pakistan and China. Mr. Ariful Islam, Deputy CEO of Meezan Bank and Mr. Li Peng, Managing Director of Pak China Investment Company Ltd. jointly signed the MoU on October 3, 2016 at a ceremony held in Islamabad.As per the agreement, Meezan Bank and PCICL shall strive to facilitate businesses of both the countries in undertaking strategic projects, particularly those covering China Pakistan Economic Corridor (CPEC). Meezan Bank and PCICL shall collaborate in various areas of bilateral cooperation, where PCICL will benefit from Meezan’s commercial banking operations and extensive branch network of over 550 branches, corporate & investment banking, trade, commercial/ SME financing, treasury operations etc. Whereas PCICL with a strong presence in China through its parent organization China Development Bank (CBD); holds a strong industry standing and will introduce Chinese investors/corporations to Meezan Bank in order to mutually explore business avenues for greater cooperation and benefit via CPEC projects.During their addresses at the ceremony, Mr. Ariful Islam and Mr. Li Peng both highlighted the importance of this strategic alliance, which will not only provide multiple and significant business opportunities to Meezan Bank and Pak China Investment Company Ltd., but will also play a pivotal role in further strengthening the relations between the two countries by providing diverse array of Individual, SME, Commercial, Corporate, China Advisory & Investment services etcMeezan Bank is the 8th largest bank in Pakistan. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 550 branches supported by a countrywide network of over 500 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 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.
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.