Meezan Bank & Fayasl Bank Product Comparison Offer to Customers

Vs

MEEZAN BANK & FAYASL BANK PRODUCT COMPARISON OFFER TO CUSTOMERS

Submitted By: Muhammad Muavia Khan [SP09-MBA-081]

Rahmat ullah [SP09-MBA-114]

Danish [SP09-MBA-027]

Syad Azam Shah [SP09-MBA-135]

Submitted To: Dr. Waheed Akhtar

Subject: Islamic Finance

Submission Date: 13/05/2010

Department of Management Sciences

VS MEEZAN BANK & FAYASL BANK PRODUCT COMPARISON OFFER TO CUSTOMERS

COMSATs Institute of Information Technology, Lahore, Pakistan.

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MEEZAN BANK & FAYASL BANK PRODUCT COMPARISON, OFFER TO CUSTOMERS


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ACKNOWLEDGEMENT

We are heartily thankful to our supervisor, Mr. Dr. Waheed Akhtar, whose encouragement,

guidance and support from the initial to the final level enabled me to develop an understanding

of the subject. Lastly, we offer our regards and blessings to all of those who supported us in any

respect during the completion of the project.


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Executive Summary

We have done this research task assigned by our course coordinator Dr. Waheed Akhter on the topic “Product comparison of Islamic Bank & Conventional Bank”. We hereby compared the Meezan Bank’s (Islamic) products offered to customers with Faysal Bank’s (Conventional) products. We prepared this assigned work by focusing on the current, saving & consumer finance products of both entities.

Meezan bank is the leading Islamic bank in Pakistan. It is the awarded bank of Pakistan in Islamic banking. It is a totally sharia-based organization. It offers paramount Riba Free Islamic products to the customers that can draw a customer’s interest in Islamic operations. Returns (Profits) from Meezan Bank’s investment pools are distributed among the all depositors according to the nature (Type) of product. There is no exploitation of customer; all products are of balanced nature.

Faysal Bank is a conventional bank. It runs its operations according to materialism as a conventional bank operates. It offer number of packages to attract customers; moreover it also cop-up different sectors of the economy like agriculture and corporate financing. All the products offered by Faysal Bank are of competitive nature with the product of other conventional banks. All the offered products are interest based.

It was concluded that there are several differences in operations of Islamic banking and commercial banking. Recommendations for both banks are given last. So that they improve their functions and products according to customers’ need. Moreover, the demands for Islamic products are increasing with the passage of time.


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TABLE OF CONTENTS

Introduction……………………………………………………………….…………….. 07

What is Bank?..................................................................................................................... 07

History of banking in Pakistan:……………………………………….………………… 07

Banking In Pakistan:…………………………………………….………………………. 07

History and Background of Faysal Bank:……………………………………………… 07

History and Background of Meezan Bank:……………………………….……………. 08

Competitive Products Offered by Both Banks:………………………….…………….. 10

Current Account Products:………………………………...…….……………... 11

Saving Account Products:……………………………….…...….………………. 12

Consumer Finance Products:………………………………….………………... 17

Referance:……………………………………………………………………………...… 26

PREAMBLE

What is Bank?


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In Simple words we can say that bank is a pipeline through which money moves into and

out of circulation. Bank accepts deposits and repays cash to its customers on demand. The bank

borrows money at a lesser rate of interest and lends it to the borrower at a higher rate.

History of banking in Pakistan:

At the time of independence, there were 487 offices of scheduled banks in the territories

now constituting Pakistan. Following the announcement of independence plan in June 1947, the

Hindus residing in the territories now comprising Pakistan started transferring their registered

offices in Pakistan, transferred them to India in order to bring a collapse of the new state. By

30th June 1948, the number of offices of scheduled banks in Pakistan declined from 487 to only

195.

Banking In Pakistan:

Pakistan has indeed unique banking history commencing as were from scratch at the time

of Pakistan of this subcontinent. However it soon comes over its extra ordinary banking

problems and by grace of Allah we have a stable banking sector.

History and Background of Faysal Bank:

Faysal Bank started operations in Pakistan in 1987, first as a branch set-up of Faysal

Islamic Bank of Bahrain and then in 1995 as a locally incorporate Pakistani bank under the

present name of Faysal Bank Limited. On January 1, 2002, Al Faysal Investment Bank Limited,

another group entity in Pakistan, merged into Faysal Bank Limited which resulted in a larger,

stronger and much more versatile institution. In fact it has the highest share capital amongst

private banks in Pakistan and is amongst the largest in terms of equity. Faysal Bank Limited is a

full service banking institution offering consumer, corporate and investment banking facilities to

its customers.

Vision


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“Excellence in all that we do.”

Mission Statement:

“Achieve leadership in providing financial services in chosen markets through

innovation.”

History and Background of Meezan Bank:

Meezan bank is a premier Islamic bank and publicly listed company first incorporated on

January 27, 1997. It started operations as an investment bank in August of the same year. In

January, 2002 in an historic initiative, Meezan Bank was granted the nation's first full-fledged

commercial banking license dedicated to Islamic Banking, by the State Bank of Pakistan.

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.

Vision

Establish Islamic banking as banking of first choice to facilitate the implementation of an

equitable economic system, providing a strong foundation for establishing a fair and just society

for mankind.

Mission

To be a premier Islamic bank, offering a one-stop shop for innovative value added

products and services to our customers within the bounds of Shariah, while optimizing the


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stakeholders value through an organizational culture based on learning, fairness, respect for

individual enterprise and performance.

Objectives

To develop a committed service culture which ensures the consistent delivery of our

products and services within the highest quality service parameters, promoting Islamic values

and ensuring recognition and a quality banking experience to our customers.


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Meezan Bank Products Faysal Bank ProductsThere is a list of products offered by Meezan

Bank to their customer.

Current Account:

Riba Free - Current Account

Saving Account:

Riba Free - Rupee Saving Account

Riba Free - Dollar Saving Account

Meezan Bachat Account

Meezan Business Plus Account

Karobari Munafa Account

Labbaik Saving Aasaan

There is a list of products offered by Faysal

Bank to their customer.

Current Account:

Faysal Sahulat

Saving Account:

Faysal Savings Account

FCY Saving Plus

Faysal Mahfooz Sarmaya

Faysal Premium

Faysal Moavin

Faysal Market Link

Rozana Munafa Plus Account


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Consumer Financing:

Car Ijarah - Islamic Auto Finance

Easy Home – Islamic Housing finance

Consumer Financing:

Faysal Car Finance

Faysal Home Finance

Faysal Personal Finance

Faysal Khushaal Kisan Scheme

CURRENT ACCOUNT:

In this type of account the client is allowed to deposit or withdraw money as he likes. He

may, thus, deposit or withdraw several times in a day as he likes. Usually the bank allows

this and charges service charges are deducted by the bank from current deposit account. It gives

advantage for paying debts by the convenient and safe means of sending Cheques through the

post thus avoiding the trouble and loss.

Current Account (Riba Free):

This bank account that is ideal for

businesses and individuals looking for Shariah

compliant banking and ease of access. With a

minimum amount of only Rs.10,000 this

product offers you a range of benefits

including personalized checking facility, no

restrictions on the number of transactions,

free Call Centre facilities, free balance

Faysal Sahulat:

Faysal Sahulat is a transactional

account specially designed for individuals and

business customers who seek instant access to

their funds at any FBL branch in Pakistan.

Account can be opened with an initial deposit

of Rs. 5,000.


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certificates, priority banking and much more.

KeyFeatures of Meezan current A/c Products:

Free access to account through online banking at all Meezan Bank branches countrywide.

Unlimited transaction facilities.

On maintaining a monthly average balance of Rs. 1000,000 or more following additional facilities are provided, free of cost:

Cheque Book

Pay orders

Visa ATM/Debit Card

KeyFeatures of Faysal Current A/c Products:

Free access to account through online banking at all Faysal Bank branches countrywide.

Unlimited transaction facilities.

On maintaining a monthly average balance of Rs. 500,000 or more following additional facilities are provided, free of cost:

Cheque Book

Pay orders

Visa ATM/Debit Card

Outcomes & Recommendation:

Both banks offered the current account product with about same features but the

minimum deposit limits vary. Meezan bank limits is higher than Faysal bank. And the limit for

additional is higher than Faysal bank. Both bank have to set the lowest limits of deposit so that

the persons with low salary and wages can access it.


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SAVING ACCOUNT:

An account used to deposit money at a bank or credit union and earn Interest / Profit on

the account over time. Money can be added or removed from the account by visiting the bank.

Usually you can add or withdraw funds at any time; there is no cost to do so. Banks may require

a minimum to open or maintain the account. This type of account is often the easiest account for

children to open. Because of its simplicity, it is the first account for many people and is used by

all ages.

Rupee saving Account (Riba Free):

With a minimum of only PKR 10,000

The Rupee Saving Account can be opened

under Musharakah Agreement. The profit

earned is calculated every month. And if the

client maintains a monthly balance of PKR

10,000 the client is eligible for the profits that

will be disbursed every month.

Meezan Bachat Account (Riba-Free):

Meezan Bachat Account is a unique

saving account that provides high monthly

returns with the flexibility to withdraw savings

if needed. Account Holders receive profit even

if their balance falls below Rs. 25,000/- in any

month. Profit is credited to their account every

month and is calculated with reference to the

minimum balance maintained in the account

during the preceding month. The Riba-Free

Faysal Savings Account:

Faysal Savings is specially designed to

cater to the need of those who like to earn on

their hard earned savings. This account

provides convenience for the account holders.

Account can be opened with an initial deposit

of Rs. 10,000/. Profit is calculated on monthly

minimum balance. Profit is paid on six

monthly bases

Rozana Munafa Plus:

Rozana Munafa Plus is a savings account

in which profit (Interest) is calculated on day

end balance, and is disbursed on a monthly

basis. The customer gets benefited because it

provides customer with the option of a high

value monthly profit (Interest) account.

Account opening and minimum balance

requirement of Rs. 100,000 for individual

customers and Rs. 500,000 for corporate


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Meezan Bachat Account works under the

principles of Mudarabah. Maximum balance

limit for getting highest profit rate is Rs.

1,000,000/-

Meezan Business Plus:

Meezan Business Plus is a Mudarabah-based

account that allows customers to conduct their

banking transactions while availing a wide

range of free services and therefore provides

the ideal blend of convenience & flexibility

that you deserve in Islamic banking. Minimum

investment required to open an account is Rs.

100,000/- There is no restriction on

withdrawals or numbers of transactions

Meezan Business Plus Account can be opened

by Individuals, Sole Proprietorships,

Partnerships, Limited Companies.

Karobari Munafa Account(Riba Free):

Karobari Munafa is a high profit

savings account specifically tailored for large

Corporate or GoP (Govt. Of Pakistan)

controlled entities. It allows customers to earn

higher returns on surplus cash balances. It has

no preset transaction limits and comes with a

variety of free packaged benefits. Profit will be

calculated on a Daily Product Basis Minimum

customers.

Faysal Premium:

Faysal Premium is a savings account

specially designed for high value deposits with

attractive profit rates. Account can be opened

with an initial deposit of Rs. 5 million. Profit is

calculated on daily balance basis. Profit is paid

on monthly basis. Access to account through

on-line banking at all Faysal Bank branches

across Pakistan.

Faysal Moavin Savings Account:

Faysal Moavin is a Savings account

made for genuine individual savers. Faysal

Moavin offers the perfect combination of

savings account matched with the flexibility of

a current account. Account can be opened

with an initial deposit of Rs. 20,000. No

restriction on the number of transactions.

Profit is calculated on daily balance basis and


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balance requirement for account opening is Rs.

1 Million. No restriction on deposits and

withdrawals.

Dollar saving Account (Riba Free):

With a minimum of only $100 you can

open a Dollar Saving Account in Meezan

bank under a Mudarabah Arrangement. That

is strictly in conformity with the principles of

Islamic Shariah. The return earned on the

Mudarabah Pool is calculated every month and

the profit ratio for all investors is declared at

the beginning of the month.

The Karobari Munafa Account:

The Karobari Munafa Account works

under the principles of Mudarabah and is

strictly in conformity with the rules of Islamic

Shariah. Profit calculation and all banking

transactions are in strict adherence to the

Islamic Shariah, monitored by our Shariah

Advisor and the Shariah Supervisory Board

Labbaik Saving Aasaan:

Labbaik Saving Aasaan is ideal for

paid on monthly basis. Tiered profit structure

providing an incentive to save more. This

means, as the deposit amount increases, the

profit also increases.

Faysal Mahfooz Sarmaya:

To provide convenience and value to

customers with foreign currency related needs,

Faysal Bank's Mahfooz Sarmaya foreign

currency account offers attractive features.

Account can be opened in three major

international currencies: US Dollars, Pound

Sterling and Euro. Minimum balance for

opening Mahfooz Sarmaya is 1000 units of the

currency in which the account is opened.

FCY Saving Plus:

FCY Saving Plus is a new foreign currency

savings account with attractive profit rates

where customers get their profit on a monthly

basis. Account can be opened in US Dollars,

Pound Sterling and Euro currency. Minimum

balance for opening FCY Saving Plus is 500

units of the currency in which the account is

opened. Profit is calculated on monthly

average balance. Profit is disbursed on

monthly basis. No FCY cash deposit charges.


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customers if they are a small saver and wish to

save for their spouse, children, parents etc. They

can take benefit from this special Mudarabah

based Deposit account (available from 6 months to

20 year plans) for Umrah & Hajj where you will

also be entitled for profit on the deposited amount

thus providing you a bigger incentive to save for

Umrah/Hajj through Labbaik Saving Aasaan.

On maintaining the monthly average balance

equivalent to USD 50k or above, the following

additional facilities are provided. Borrowing in

PKR up to 90% of FCY. Preferential rates on

consumer finance.

KeyFeatures of Meezan Saving A/c Products:

Halal & High Competitive returns Profit payment on monthly basis open

for individuals only.

Waiver of application fee for Car Ijarah & Easy Home for accounts with minimum balance of Rs. 500,000

Free bank balance certificates

Visa Debit Card.

Free facilities: cheque books and pay orders

Saving Account opened under Musharakah Agreement.

KeyFeatures of Faysal Saving A/c Products:

Access to account through on-line banking at all Faysal Bank branches across Pakistan.

Profit payment on monthly basis open for individuals only.

Free online banking.

Priority Banking

Free facilities: cheque books and pay orders


Both banks are offering the numbers of products in saving account categories because

large number of customers is interested in opening saving account. Because a specific return is

given on the deposit. Meezan bank give the return from their profit and is Halal according to

Shariah Meezan Saving Account opened under Musharakah Agreement while the Faysal bank

give the return from their interest based profit which is totally haram in Shariah point of view.


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http://www.meezanbank.com/../islamicCarFinancing.aspx





So, Faysal bank should launch Islamic product because they are operating in Islamic country.


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CUSTOMER FINANCE:

The division of retail banking that deals with lending money to consumers. This includes a wide

variety of loans, including credit cards, mortgage loans, and auto loans, and can also be used to

refer to loans taken out at either the prime rate or the sub prime rate.


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Islamic Car Financing:

Car Ijarah is Pakistan's first

"Interest Free" car-financing based on

Islamic financing mode of Ijarah or

Islamic leasing. This product is ideal for

interest averse individuals, looking for a car

financing that provides the convenience of a

well designed product while avoiding an

interest based transaction. Car Ijarah totally

Halal auto finance facility that is very

affordable, with quick processing and minimal

documentation. Car financing that is very

competitively priced, hassle-free, and totally

Halal.

As Ijarah is basically is the transfer of

usufruct of a fixed asset to another person for

an agreed period, at an agreed consideration.

Under car Ijarah agreement the car will be

given to the customer for the period agreed on

the time of contract. In car Ijarah the asset

remains in the ownership and risk of bank and

the customers only pay the rentals for use

of the asset: just like house rent. The

product has grown all over the country with a

portfolio of Rs 291 million as of 31st

December with non-performing contracts.

Faysal Car Finance:

Faysal Car Finance is the most flexible product

designed to meet customer needs. Car

Financing for locally manufactured new and

used cars and imported cars. Car Financing up

to five years. Down payment only 20% of the

car value plus Minimum documentation

charges. Fast processing. Option to

prematurely terminate the facility.

Eligibility:

Now you can swiftly, easily and cost

effectively owns a car if you are:

A Pakistani National holding the New Computerized Identity Card (NADRA)

Minimum 20 years of age at the time of financing.

A Businessman or Self-Employed with a minimum of one year experience in the same business and profession.

A Salaried person with at least two years employment history.

Limitations:

Faysal bank not leases cars to judges, lawyers, army, and police.

Mostly prefer the salaried persons rather than landlord.


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Features:

No application fee Ease of acquiring any new locally

assembled car

No upfront Insurance Payment

Low Monthly Rent

No advance Rental

Available in tenures of 3, 4 and 5 years

Minimum security deposit as low as 20%

Easy Home Finance:

Easy Home is Pakistan’s first totally

Shariah-compliant Home Finance facility. One

that is comprehensive, affordable, and totally

hassle-free. For at Meezan Bank, They are

committed to meeting their customers’ needs,

in a truly Shariah-compliant manner coupled

with dedicated service excellence.

Easy Home: Islamic Housing Finance. The

nation’s 1st Islamic Housing Facility. It is a

very comprehensive product based on the

Diminishing Musharakah Mode that provides

the market a long awaited totally Shariah-

Complaint mortgage facility that allows home

Insurance Company ADAM G and EFU

Insurance 5%

Lease term 3, 4 and 5 years

Internal rate of return 18.5%

Down payment 20% of asset value

Soft ware use Symbol and Lims

Debt burden should less than 33%

Faysal Housing Finance:

Faysal Housing Finance gives their

customers so much more than great financing

rates. They help their customers all the way to

make their next move in an easy and timely

manner. Whether they want to build a new

home or are in a hurry to move into a ready

built house or just want to renovate their

existing home or even transfer their existing

expensive mortgage finance balance, They

offer the following Housing Finance Package.

A Pakistani Resident and National holding the

New Computerized Identity Card (NADRA) or

Non-Resident Pakistani holding a NICOP.

Buy a Home


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purchase, building, renovation, and even

replacement of an existing mortgage. They

offer the following Housing Finance Packages.

Easy Buyer

Easy Builder

Easy Renovate

Easy Replacement

Meezan Personal Finance:

Meezan Bank is not dealing in personal

fiancé at this time for salaried person and non-

salaried persons.

Build a House

Home Renovation

Balance Transfer Facility

Eligibility:

Aged between 25 to 60 years if you are a salaried person and of 65 years if you are in business.

In continuous employment for 3 years and at least 1 year with the existing employer.

In business with at least 3 years of business or professional experience

Earning a net monthly income of Rs.30, 000/- or more [spouse’s income can also be combined with yours].

Faysal Personal Finance:

Personal loan is unsecured for bank

because no security is pledged in this situation.

Only take 6 security Cheques. Range is from 1

lack to 5 lack .It is only for salaried and

business persons. This department is much

sensitive because recovery of loan is difficult.

The target of this department is 1.5 million if

they fulfill this target than employees get

salary + bonus. In personal loan two types of

loan are included

Secured loan


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Meezan Agri-Finance:

Meezan Bank is not dealing in Agri-

fiancé at this time for farmers, for developing

or productive purposes in agricultural sector.

Un-secured loan

The range of unsecured loan is from one lack

to 5 lack .In this loan no security is pledged so

unsecured. Mark-up is also high. Mark –up

varies according to situation.

While in secured loan security is necessary

and loan limit is above to 5 lacks.

Faysal Khushaal Kisan Scheme:

Faysal Bank offers specialized products

for the agricultural sector. Its branches located

in agricultural areas of Pakistan are all

equipped to help the local farmers improve

their yield and methods of farming by offering

timely and affordable modes of financing to

suit their needs.

Faysal Bank provide two types of Agri. Loan

Developing loan Production loan

Developing loan:

Developing loan is for long term for the

purpose of development of land, for example

loan for tractors, treasures and machinery use

in land for the purpose of development of land.

Developing loan further classified into


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Form Loan Non- Form loan

Form loan is for forms for example tractor and

machines use in fields. While Non-form loan is

for dairy, poultry form, fishing, and shading

and for buying animals.

Production Loan:

Production loan is issued for the inputs of

fields. For example for seeds, fertilizers and

labors etc. It also has two types

Form Loan

Non- Form Loan

Form loan is used fro the inputs used in fields

for example seeds, fertilizers, water expenses

etc .While Non-form loan is used for the feed

of animals for example Oil cakes ,green food

etc Mark-up is 18.5%, 14.5% is charged by

KIBER and remaining 4% is charged by FBL.

The 4% markup can be changed by FBL

according to its requirements but KIBER

markup remains same for all banks. As a

security bank accept the land, gold, heavy and

valuable machinery and tractor etc The down

payment of tube well is 10% For Dairy and

Poultry form is 20%. For seeds, fertilizers etc

is no down payment.


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Features:

High financing amounts. Maximum financing against property

value.

Flexibility to make partial prepayments.

Minimal processing charges.

Very affordable and competitive monthly payment plan with a regularly reducing rental amount.

Features:

Flexible repayment options Option to partially or fully terminate

the facility.

Financing tenor up to 20 years!!!

Fast processing.

Minimum processing charges

Enhancement option available

Financing available up to 80% of the market value of the property.


Both banks are operating in consumer finance products but the mode of financing varies.

Meezan bank is fallowing the Shariah laws while the Faysal bank is fallowing the conventional

banking. In Faysal bank financing is totally interest based while the Meezan bank financing is

totally rental based. Meezan bank is providing just “Car Ijarah Finance” and Easy Home

Finance” while the Faysal Bank offering the Car financing, Home financing, Personal & Agri

Loan facility. Faysal Bank should convert their conventional financing into Islamic financing

because the Islamic financing is the ideal financing technique. In which both parties avoided

from interest as well as transect happily. There is no exploitation of parties/ persons involved in

financing contract. Meezan bank can be got the more market share by offering the personal and

Agri loan with Islamic mode of financing.


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Basic Difference between conventional and Islamic banking

Conventional Banking Islamic Banking The functions and operating modes of

conventional banks are based on fully manmade principles.

The functions and operating modes of Islamic banks are based on the principles of Islamic Shariah.

The investor is assured of a predetermined rate of interest.

In contrast, it promotes risk sharing between provider of capital (investor) and the user of funds (entrepreneur).

It aims at maximizing profit without any restriction.

It also aims at maximizing profit but subject to Shariah restrictions.

It does not deal with Zakat. In the modern Islamic banking system, it has become one of the service-oriented functions of the Islamic banks to be a Zakat Collection Centre and they also pay out their Zakat.

Lending money and getting it back with compounding interest is the fundamental function of the conventional banks.

Participation in partnership business is the fundamental function of the Islamic banks. So we have to understand our customer’s business very well.

It can charge additional money (penalty and compounded interest) in case of defaulters.

The Islamic banks have no provision to charge any extra money from the defaulters. Only small amount of compensation and these proceeds is given to charity. Rebates are give for early settlement at the Bank’s discretion.

Very often it results in the bank’s own interest becoming prominent. It makes no effort to ensure growth with equity.

It gives due importance to the public interest. Its ultimate aim is to ensure growth with equity.

For interest-based commercial banks, borrowing from the money market is

For the Islamic banks, it must be based on a Shariah approved underlying


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relatively easier. transaction.

Since income from the advances is fixed, it gives little importance to developing expertise in project appraisal and evaluations.

Since it shares profit and loss, the Islamic banks pay greater attention to developing project appraisal and evaluations.

The conventional banks give greater emphasis on credit-worthiness of the clients.

The Islamic banks, on the other hand, give greater emphasis on the viability of the projects.

The status of a conventional bank, in relation to its clients, is that of creditor and debtors.

The status of Islamic bank in relation to its clients is that of partners, investors and trader, buyer and seller.

Conclusion:After a complete analysis of both banks we conclude that both banks are doing well in

their respective fields. Moreover, Faysal Bank also have Islamic banking unit but still it has to

improve enough to represent Pakistan over the world in Islamic banking.

Meezan bank should also enhance its market share nationally and internationally by

launching awareness programs for society to create better understanding regarding Islamic

banking.


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Reference:

1. Official web sites of Meezan Bank.

i. www.meezanbank.com.pk

ii. www.almeezan.com.pk

2. Official web site of Faysal Bank

i. www.faysalbank.com

3. Others:

i. http://mohdhafez.wordpress.com/

ii. www.wikipedia.com

iii. www.answers.com


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