Meezan Bank and Central Depository Company join hands to provide Shares Custody Services to Meezan Customers
Meezan Bank – Pakistan’s leading Islamic bank 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. Mr. Zia Ul Hasan, Group Head Operations-Meezan Bank, Mr. Shariq Naseem, Head of Product Development & Marketing-CDC and Mr. Ayub Baig, Manager, Capital Market-Meezan Bank were also present at the occasion 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.