Meezan Bank records 8pc growth in profit

KARACHI (PR): Meezan Bank Ltd has recorded 8% growth in its profit-after-tax for the nine months ended Sept 30, 2013. The profit increased to Rs. 2,877m, as compared to Rs. 2,663 million earned in the corresponding period last year. During the same period, Earnings per share (EPS) increased to Rs. 2.87 from Rs 2.66, on enhanced share capital of Rs. 10 billion.

The financial statements of the Bank for the nine months ended September 30, 2013 were approved by BoD of Meezan Bank in its meeting held in Karachi on October 30, 2013. The meeting was presided by H E Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. The Vice Chairman of the Board, Mr. Abdullateef A. Al-Asfour also attended the meeting.

The Bank achieved growth in all business segments and consolidated its position as the leading Islamic bank in Pakistan. Total assets of the Bank crossed the Rs. 300 billion mark to close at Rs. 314 billion while deposits grew by 16%, closing at Rs. 268 billion. With 333 branches across 96 cities of the country, the Bank has progressively grown to become the 8th largest bank in Pakistan in terms of the branch network. 

The Bank provides a comprehensive range of Islamic banking products and services through its branch network, supported by a countrywide network of over 250 ATMs, Visa debit cards, a 24/7 Call Center and internet banking facility.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan, has upgraded the Bank’s long-term entity rating to AA (Double A) from AA- (Double A minus) and short term rating at A1+ (A One Plus) with stable outlook. The short term rating of A1+ is the highest standard in short term rating. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Bank with AA credit rating in the Islamic banking industry of Pakistan.

Meezan Bank has also been consistently recognized as the best Islamic bank in Pakistan by numerous local and international institutions including Asiamoney magazine – Hong Kong, Islamic Finance News - Malaysia, Global Finance magazine, New York and Asset AAA - Hong Kong, which is a testimony of the Bank’s commitment to excellence.

Fomma Trust gets gift from artist Jamil Naqsh

LAHORE (PR): The Fomma Trust has been offered a gift of 106 “Calligraphic Paintings” by the renowned Pakistani artist Jamil Naqsh - currently living in London.

These will form part of a “Permanent Collection” of donated works of art which the Fomma Trust is planning to set up early in the New Year. The paintings will be initially housed at the Fomma Trust’s Art History & Documentation Centre (AHDC) premises in the Race Course Grounds, next to the Shapes Gymnasium on Adam Road.

An exhibition of selected works from the proposed “Permanent Collection” will be on display from time to time at the Fomma-DHA Art Centre (FDAC) in Zamzama Park.

The generous gift has been warmly welcomed - and gratefully accepted - by the Trustees of the Fomma Trust at a special Board meeting last month. The paintings are currently being scanned for reproduction in full colour in a special volume to be published in a limited edition. Each copy will be numbered and available only by prior pre-publication booking. The sale proceeds will be ploughed back into a special Endowment Fund which will be utilized to meet the maintenance and upkeep of the proposed Permanent Collection.

Festival of Arts & Literature

LAHORE (PR): Khayaal-Creative Network has chosen Lahore, Pakistan’s city of thriving culture, as the location for their upcoming ‘Festival of Arts & Literature.’ The festival is bringing together a variety of speakers from the fields of literature, art, music, dance, architecture, journalism, film, television and theatre to demonstrate how progressive and dynamic Pakistan is as a nation.  The ‘Festival of Arts & Literature 2013’ shall be held on 2ndand 3rd November 2013 at Alhamra from 10am to 8pm on each day. On the first day, 2nd Nov, there will be an inaugural session from 10am-11am in Hall 1 with Syed Babar Ali giving the keynote speech to open the event. Sessions shall be from 10am to 6pm, with live performances in theatre/music from 6.30pm to 8pm each night.

Khayaal-Creative Network is an organization set up by four talented women, namely Ayesha Husain, Zainab Qureshi, Amna Omar and NuriaRafique-Iqbal, who for the longest time, had a collective vision of promoting the arts and literature in Pakistan by holding events that celebrate Pakistani talent and promote open discussion and debate..The ‘Festival of Arts & Literature’ does just that, and aims to differentiate itself from other literary and performing arts festivals by bringing together the best of two worlds, arts and literature, under one roof. The festival brings an exciting combination of leading Pakistanis, making a name for themselves in the world of arts and literature.