Internship Report of an Islamic Bank(Meezan Bank) in Pakistan

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. 1949 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.†¦show more content†¦Abdul Sattar Abu Ghuddah ââ€" ª Sheikh Essam M. Ishaq ââ€" ª Dr. Muhammad Imran Ashraf Usmani - Shariah Advisor Board of Directors ââ€" ª H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa (Chairman) (Undersecretary, Ministry of Finance National Economy,Kingdom of Bahrain) ââ€" ª Naser Abdul Mohsen Al-Marri (Vice Chairman) ââ€" ª Irfan Siddiqui (President Chief Executive Officer) ââ€" ª Istaqbal Mehdi ââ€" ª Mohammed Abdul-Rehman Hussain ââ€" ª Nawid Ahsan ââ€" ª Ariful Islam (Chief Operating Officer) ââ€" ª Rana Ahmed Humayun ââ€" ª Mohammed Azzaroog Rajab ââ€" ª Ahmed Abdul Rahim Mohamed ACHIEVEMENTS CREDIT RATING: Meezan Bank has reaffirmed its entity ratings at A+ for medium to long-term and A1+ for short-term. This rating was made by JCR-VIS Credit Rating Company, which has also set Meezan Bank’s outlook on medium to long-term rating as â€Å"Stable†. The rating is yet another milestone achievement in the Bank’s endeavor to be the Bank. Meezan Bank’s ratings are based on its shareholding with world-renowned financial institutions, pioneering role in the industry, strong management initiatives in continuously introducing various range of Islamic products. The Credit Rating agency JCR-VIS has expressed commendation to Meezan Bank management’s ability to deploy funds in core banking assets, which reflected healthy growth trends last year. FIRST LADIES BANKING IN PAKISTAN: The Bank is the first in the country toShow MoreRelatedInternship Report on Mcb20087 Words   |  81 Pagesin the organizational environment which is dramatically different from the educational environment. That two months period called â€Å"Internship Period†, if spent properly and sincerely, enables the students to be more confident, more knowledgeable, more responsible and, above all, more committed to its work in the  practical field. I have also been assigned to do internship of six weeks period in MCB Allama Iqbal Town Branch Lahore. It has enabled me to understand the practical scenario and sharpen our