Meezan Bank and Central Depository Company join hands to provide Shares Custody Services to Meezan Customers
Meezan Bank Pakistan’s leading Islamic bank and the Best Bank in Pakistan, has recently joined hands with Central Depository Company (CDC) – the sole securities depository in the country, to launch Shares Custody Services for its customers. Mr. Ariful Islam, Deputy CEO, Meezan Bank and Mr. Badiuddin Akber, Chief Executive Officer, CDC signed the Memorandum of Understanding (MoU) at Meezan Bank’s Head Office, Karachi. Also present at the occasion were Mr. Zia Ul Hasan, Group Head Operations, Meezan Bank, Mr. Shariq Naseem, Head of Product Development & Marketing, CDC, Mr. Ayub Baig, Manager Capital Market, Meezan Bank along with their respective teams.
As per the agreement, Meezan Bank will fulfill the custody needs of its account holders by facilitating the opening of CDC Sub Accounts and by providing safe custody services to its customers.
Meezan Bank’s Shares Custody Services will not only help in electronic subscription of shares through its eIPO facility but will also offer safekeeping of securities. The launch of Shares Custody Services aims to enhance outreach of CDC’s facilities. The service will facilitate customers in getting their custodial needs handled through their nearest Meezan Bank Branch and will be made available to all Meezan Bank account holders in more than 150 cities and 600 branches across Pakistan.
Commenting on this occasion, the Deputy CEO of Meezan Bank, Mr. Ariful Islam said: “Meezan Bank is focused on providing innovative value-added services to customers leveraging on state-of-the-art technology. The unavailability of CDC custody account opening services in small cities and remote areas necessitates the need for fast account opening. Meezan Bank’s Shares Custody Services will address this need by allowing customers to maintain a formal CDC Custody Account as well as shares and securities with the Bank.”
Also commenting on this occasion, CEO CDC, Mr. Badiuddin Akber added, “One of CDC’s strategic objectives is to continually increase its outreach to remote areas through collaboration with leading institutions. This is in line with the international best practice of providing depository services through banks. Our collaboration will provide access to the Pakistan Capital Market to millions of Pakistanis through the wide branch network of Meezan Bank. This is indeed a great step towards CDC’s endeavors to help increase the investor base of the stock market.”