by Syed Haq Nawaz Ahmed
As a Meezan Bank customer we can see the bank’s Profit after Taxation has incredibly increased by 105.6% in 2012(3,391million) as compare to 2011(1,649 million) but Meezan Bank is still paying profits to its account holders with decreased rates; for example 11 months average profit rate for PKR saving is decreased from 5% to 4.99% in Mar 12, for ‘Meezan Bachat Account’ 1million slab profit rate is decreased from 7.87% to 7.82% in Mar 12.
We also know that as per contract between customer and Meezan bank; “The customer enters into a relationship based on Mudarabah with Meezan Bank”.
Under this relationship, the customer is an Investor (Rab-ul-Maal) and the Bank is the Manager (Mudarib) of the funds deposited by the customers”. This mean bank would be eligible to have its funds management fee (and a little administrative fee etcetera) and customer (Investor/Rab-ul-Maal) should be benefited most not the Bank (Funds Manager/Mudarib), if the returns on bank’s asset are high.
Meezan Bank is totally doing Opposite of it.
If Meezan Bank (unlike other / conventional banks) would share due and rightful profits with its customers then it will promote Islamic banking, as more prospective customers will join Islamic Banking circle and overall economy of country will grow, which I believe is core objective of Bank’s Vision and Mission.
Therefore it is requested to Meezan Bank’s management and Shariah Advisory Board to look into this matter urgently and take necessary actions in the benefit of Meezan Bank customers to provide them due profit with the adjustment of previous period.
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