Mirchu.Com

Meezan Bank, Pakistan’s first and largest Islamic bank has been awarded ‘Best Islamic Bank in Pakistan’ for 2011 by Asia Money magazine, Hong Kong.

This award was presented after conducting an extensive research and analysis over the past 12 months of Islamic financial institutions in the main markets of Asia and the Gulf States. Meezan Bank was awarded the ‘Best Islamic Bank’ in Pakistan for its commitment to quality, customer satisfaction, innovation and reliability.

The award brings to light a highly successful and record-breaking year for Meezan Bank. The Bank demonstrated robust business growth in 2011, closing the year with a deposit figure of over Rs. 170 billion. With a branch network of 275 branches in 83 cities across Pakistan, Meezan Bank is not only the first and largest Islamic bank in Pakistan but is also Pakistan’s 9th largest bank in terms of branch network.

The Bank’s strategy to continue expanding its branch network is driven by its vision to “Establish Islamic banking as banking of first choice” by making Islamic banking facilities available to each and every citizen of Pakistan.

The Branchless Banking network in Pakistan expanded by 16 percent in the second quarter (October- December 2011) of current fiscal year 2011-12 to reach 22,512 agents covering entire length and breadth of the country, reported by the State Bank’s Branchless Banking.

According to SBP, number of Branchless Banking accounts increased by 40 percent to 929,184 in October- December, 2011 period as compared to the previous quarter. The total Branchless Banking deposits jumped by 169 percent to Rs 503 million in the quarter under review as compared to previous quarter, it said, adding that the number of Branchless Banking transactions during the second quarter surged by 30 percent to 20.6 million while the value of transactions showed a growth of 35 percent to reach Rs. 79,410 million.

The average size of branchless banking transaction was Rs 3,855 while the average number of daily transactions was 228,855. This shows that mobile phone technology and agent-based banking are helping access to financial services by the hitherto unbanked poor, the report said, adding that by the end of December 2011, more than 929,000 customers have been registered as m-wallet users.

SBP further said that innovative branchless banking models have been penetrating in all areas of payments such as utility bills, Government-to-Persons (G2P), Persons-to-Persons (P2P) payments while scaling up other services relating to deposits and loans.

Bills payment and top-ups remained the dominating activity in the quarter under review with 53 percent share in total numbers, followed by fund transfers and deposits with share of 39 percent and 8 percent respectively, it said and added that the P2P payments remained the most popular mechanism with 74pc share in the total funds transfer.

Initial high concentration in P2P transactions suggests that the industry needs to develop a viable value-proposition for registration and activation of mobile accounts, it added.

Pakistan Telecommunication Company Limited (PTCL) has inked a Managed Services Network Agreement with Habib Bank Limited (HBL) to provide networking for the leading bank’s 1400 branches across Pakistan.

The telecom giant’s latest initiative in the business and enterprise sector will make possible deployment of primary and backup data connectivity, Information Technology equipment, support and maintenance in every single HBL branch to provide seamless services for the bank.

“PTCL’s customer focused strategy coupled with its comprehensive network infrastructure is the only choice for enterprises to avail one-window ICT solution," said PTCL Senior Executive Vice President Business Development, Hamid Farooq, on the occasion of agreement signing held at PTCL CTH Building, Karachi. "As the nation’s largest integrated telecommunication services provider, it is our duty and obligation to provide services of international standards to public sector, as well as financial, educational and enterprise markets.”

“The strategic partnership and synergy between PTCL and HBL is an ideal combination to achieve our goal to deliver exceptional client experiences through improved operational efficiency with the inclusion of next generation applications and expansion of online banking by virtue of PTCL’s huge and resilient infrastructure," said HBL Chief Information Officer, Mudassir Khan on the occasion.

Mr. Khan further stated that HBL’s technological partnership with PTCL will enable the bank to focus on its core business functions resulting in supreme customer services. 
PTCL will be responsible for all of HBL’s network and connectivity related affairs.

Recently launched Business Express has announced to offer free Wi-Fi service to its passengers, following an agreement with PTCL, reported Daily Times citing Pak Business Train Chief Operating Officer (COO) Ejaz Ahmad.

However, report said, in some area passengers might face disruption in service due to in-availability of coverage in far flung areas of Punjab and Sindh.

Mr. Ejaz Ahmad, COO for Pakistan Business Train said that no company was was ready to offer uninterrupted Internet services inside the train, while PTCL promised us best Internet facilities and coverage.

Though we are yet to receive service reviews but it appears that Internet service during the journey will remain bumpy, due to coverage constraints.

It merits mentioning here that Business Express is offering one way ticket of Rs. 5,000 or two way ticket of Rs. 9,000 for Lahore-Karachi route. Online ticket reservation facility is also being offered – though payment has to be made at railway station with-in 24 hours of reservations; cash on delivery can be availed with additional charges.

Fare includes following free services: