We invite you to invest in Pakistani Markets through Al Meezan Investments. You can simply read through the information given below to find out the steps you need to take to open an account with Al Meezan.
We request you to go through the following details to help you understand the process and open an account.
Ways to Invest
Investment in units can be made anytime. Investors can open their own Special Convertible Rupee Account (SCRA) in Pakistan or they could remit directly into the account of funds under our management.
Investment through SCRAs:
State Bank of Pakistan allows Banks to open SCRAs to facilitate investment from foreign countries into the listed securities in Pakistan. Foreign Currency may be remitted anytime in these accounts and can also be repatriated as and when required. The Bank converts FCY at the time of remittance and repatriation.
SCRA opening requirements of Meezan Bank Limited
- Request to Open a SCRA (Part of account opening form Annexure-A)
- Bank account opening form & signature card duly completed (Annexure-A)
- Account debit & credit instructions (Annexure-D)
- Power of Attorney (Notarized in Pakistan)
- Copy of CNIC/ passport (page 1, 2. and valid Resident or Work visa copy)
- Employment certificate/ Service card (in case of salaried person) OR Proof of self- employment
Investment by persons not maintaining SCRAs:
Investors who do not wish to open an account with a Bank in Pakistan may also invest by sending foreign Currency directly into the following account:
|Account title||Account Number||IBAN number|
|CDC Trustee – Meezan Funds||01010100632040||PK73MEZN0001010100632040|
|Title of account:||CDC – Trustee Meezan Funds|
|Bank:||Meezan Bank Limited|
|Branch Address:||Ground floor at 37-A, Lalazar Area, Off M.T. Khan Road, Karachi|
|Branch Manager:||Mr. Imran Phone: +92 (21) 35636252|
|Operations Manager||Mr. Noor Hassan Phone: +92 (21) 35636253|
MBL NOSTRO Accounts
- JP Morgan Chase Bank, N. A. New York US;
- Standard Chartered Bank, New York
- Mashriq Bank
- Habib American Bank
Charges are deducted by the Sender Bank and the Sender’s correspondent Bank. (for instance, in one case client remitted USD 50,500 and Sender Bank charged USD 30 and Sender’s correspondent bank charged USD 20)
Preferably, the client’s bank should directly send to one of the Banks where MBL maintains a NOSTRO account (listed above), and in such cases the client will only be charged by Sender’s correspondent Bank.
First Time Investment:
For first time investment scanned copies of the following documents are to be provided along with the remittance at email@example.com:
- Account opening form (duly filled);
- Investment application form;
- Copy of Passport/ National Identity Card for Overseas Pakistanis;
- Copy of job proof.
- Duly complete FATCA (Foreign Account Tax Compliance Act) form.
- Form W-9 for US citizens only
For every subsequent investment only investment application form is to be provided along with the investment.
You can approach your bank to remit amount of investment in foreign currency as per the details provided. The following steps will be carried out in Pakistan;
- The Banker of the Fund will convert the amount in PKR at the prevailing interbank exchange rate and credit the amount in the aforementioned account;
- On receipt of the amount Al Meezan will issue units.
- Al Meezan will carry out a process of registration of the investment so made in the Funds under our management which will help in repatriation.
Process flow for Investments
Invested amount can be redeemed on request, and it will be remitted at the requested IBAN number through Telegraphic Transfer. SCRA accounts allow the investor to receive the proceeds in Pakistan, which can be repatriated anytime in Foreign Currency. Whereas remittance of non SCRA account holders is directly done to the IBAN accounts of the investors.
For any queries or assistance please write to us at firstname.lastname@example.org .