Annual Reports Mezaan

EVOLUTION

Annual Report 2012

Meezan Bank Annual Report 2012

Evolution means gradual development and improvement

- from a simple to a more refined form. Evolution makes us develop, improve and enhance our efficiency. Banking too is no more than an evolution in the field of commerce - of developing better and better ways to facilitate economic activity and trade. According to Imam Ghazali, the renowned Jurist and philosopher of Islamic history, transactions of trade and exchange are inevitable between humans.There must therefore be a measure on the basis of which value of the goods being exchanged can be determined - and money has been created by Allah to serve as that measure. The growth in the number of exchange transactions between individuals as well as institutions is the driving force behind evolution in the methods, channels and processes used for trade. The history of commerce starts with barter - the direct exchange of commodities, including grains and livestock, amongst people; barter evolved into the creation of money to serve as a measure of value for the goods being exchanged. The challenges posed in the carrying and exchange of money and gold coinage evolved into the development of paper currency, which was then simplified by the creation of the Saqq by Muslims - the first types of cheques which laid the foundation for the development of the modern banking systems. The success of evolution is measured though improvement - Islamic banking aligns the functionality of trade and commerce with the guidance provided by Allah , and in doing so, delivers the most refined form of banking, focusing on the promotion of real trade and economic activity and moving away from interest (Riba) and speculation. Through the Annual Report 2012, we invite you to join us on a journey through time as we revisit this evolution; from exchanging physical livestock to doing electronic banking, and share the experience of our growth.

Meezan Bank Annual Report 2012...