Internship Report of an Islamic Bank

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INTRODUCTION WHAT IS BANK? A bank is a financial institution, which deals with money and credit. It accepts deposits from individuals, firm and companies at a lower rate of interest and gives at a higher rate of interest to those who need them. The difference between the terms at which it borrows and those at which it lends from the source of it profit. A bank, thus, is a profit earning institution. HISTORY OF ISLAMIC BANKING IN PAKISTAN 1947 The inception of Pakistan as the first Islamic Republic created in the name of Islam. 949 The Objectives Resolution was adopted by the first Constituent Assembly based on the ideology of a sovereign Islamic state. This was the first step in the conception towards Pakistan’s Constitution. 1956 The first Constitution defined Islam as State Religion and all laws to be according to the injunction of the Quran and Sunnah. 1962 The establishment of Council of Islamic Ideology (CII) was followed by the conception of the second constitution of Pakistan. 1973 The third constitution of Pakistan was passed allowing comprehensive legislation on Islamic principles and establishment of Federal Shariat Court. 1980 CII presents report on the elimination of Interest genuinely considered to be the first major comprehensive work in the world undertaken on Islamic banking and finance. In this period President Zia ul Haq imposed profit and loss sharing accounts as a compulsion instead of interest bearing accounts, he also started deduction of Zakat from bank accounts in Islamic prospect. 985 Commercial banks transformed their nomenclature stating all Rupee saving accounts as interest-free. However, foreign currency deposits in Pakistan and on lending of foreign loans continued as before. 1991 Procedure adopted by banks in 1985 was declared unIslamic by the Federal Shariat Court (FSC). The Government and some banks/DFIs made appeals to the Shariat Appellate Bench (SAB) of the Supreme Court of Pakistan. In 1991 thsese two new Islamic banks started their operations in Pakistan. – ALBARAKA ISLAMIC BANK. & 2- AL FAISAL ISLAMIC BANK. INTRODUCTION TO MEEZAN BANK LTD MEEZAN was established as an Islamic Investment Bank in 1997 as “AL MEEZAN INVESTMENT BANK LTD”. After the successful completion and great struggle First Islamic Commercial Bank’s license was awarded to Al Meezan Investment Bank in year 2002, to start the commercial banking facilities they bought the local operations of “Socite General” (French Bank) 03 branches and started the commercial Islamic banking in the country. Meezan Bank stands today at a noteworthy point along the evolution of Islamic Banking in Pakistan. The banking sector is showing a significant paradigm shift away from traditional means of business and is catering to an increasingly astute and demanding financial consumer who is also becoming keenly aware of Islamic Banking. Meezan Bank bears the critical responsibility of leading the way forward in establishing a stable and dynamic Islamic Banking system replete with dynamic and cutting-edge products and services. The Bank has made fundamental and significant progress forward, and in doing so has established a strong and credible management team comprised of experienced professionals,

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