Meezan Bank has launched the Meezan Islamic Institution Deposit Account (MIIDA), a unique product tailored exclusively for Islamic Financial Institutions (IFIs).
Meezan Bank is the largest dedicated Islamic Bank in Pakistan and first scheduled bank in the country to have received a license from State Bank of Pakistan to operate as an Islamic commercial bank.
The facility is the first of its kind in Pakistan, whereby Islamic Banks (including dedicated, as well as conventional Islamic windows) now have the opportunity to manage excess liquidity by maintaining a checking account with Meezan Bank specifically designed for this purpose. This provides an immediate and profitable solution to a common present limitation where any excess funds with an IFI essentially remain unutilised.-PR
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