July 8th, 2008
Meezan Bank Limited, Pakistan’s premier Islamic Bank has entered into an agreement with HSBC Bank USA to utilize their new Automated Murabaha Service. As one of the largest dollar clearers in the world and a leading provider of Islamic finance, HSBC offers Islamic Financial Institutions globally an opportunity to earn Shariah sensitive returns on excess liquidity in an automated manner.The agreement allows Meezan Bank Limited to automatically sweep excess liquidity and earn competitive profits on commodity trades without having to transfer cash manually, all in a Shariah compliant manner. Meezan Bank is the first Islamic Bank from Pakistan to enter into this agreement. The automation process will allow the client to experience sufficient daily liquidity, elimination of manual transfers and trades, a reduction in workflow as well as allocation of resources for more strategic activities. The agreement was signed by Mr. Paul Edgar (HSBC) & Mr. Arif Ul Islam (Meezan Bank).
Seated from left to right are: Mr. John L Scott (Regional Head PCM FI, HSBC), Mr. Paul Edgar (HSBC Regional Head of Global Transaction Banking, HSBC), Mr. Arif Ul Islam (COO Meezan Bank), Mr. Abdullah Ahmed (EVP- Treasury and FI, Meezan Bank). Back row: Mr. Sohail Naseem (RM PCM FI, HSBC), Mr. Kashif Rauf (RM PCM FI, HSBC), Mr. Salman Khan (VP FI, Meezan Bank), Mr. Usman J Khan (Head of CMB & GB, HSBC) and Ms. Nadira Saeed (Head of CIB, HSBC).