Student Name: Saeed ur Rehman, Muhammad Nazir, Ibn e ali naqvi 1-Bank Banks are the financial institution that lend and borrow money from public and investa the borrowed money in heavy returning projects and receive the interest on money which he lend to investor or needy people who receive money from banks. 2-History of banking History of banks is very old as 1800 BC. In know history first of all babelyon and Roman People introduce banking techniques, But in that time banking was very simple as people put their valuable thing like coin and gold to goldsmiths for safeguarding. They took gold from people and issues a receipt to asset owners and that goldsmith were bind to pay back on demand. Banking again revised in 12 & 13th century from the italian town of florence. While in 16th century German family named fugger and augsburg was the very famous bankers. People keep their precious goods, gold and coins before these bankers for safety purpose and get the receipt (promissory note).They also received the loan by these bankers and pay the interest over his original borrowing . Along businessman and common people, Government also takes loan to fulfill their expenditure which cannot meet by tese low level lenders. To respond the befittingly to this situation, group of financier come together and make the first bank “Bank of England” and for the first time give the loan to government of 1.2 million pounds, which were the massive loan in that days and receive the 8 % interest over financing. The bank of England was founded in 1694 3-Banking in Pakistan State bank of Pakistan was first bank of pakistan and it is central bank of Pakistan. It is founded by Quid e Azam Muhammad Ali Jinnah in 1948. It becomes government owned bank. State bank issued the national currency of the country. It set the rules and regulation for next upcoming banks with the passage of time many commercial and industrial banks are opened e.g Habib bank, Muslim commercial bank etc. 4-Introduction of Meezan Bank Meezan bank is the first Islamic bank of Pakistan, which paid up capital, is more than 10 billion. It is the first initiator of Islamic banking. To facilitate those people who have religious mind and who believe in Islamic way of banking Meezan bank is founded in 1997 and it operate along 276 branches in 83 cities. The motive of meezan bank is “The premier Islamic banking” It serves across country with 8500 employees. It is registered in stock Exchange of Pakistan and it is traded with the name of MEBL. 5-Meezan Bank services to customers Internet Banking: Meezan bank provides the following facilities Funds transfer Bill payment Account management Account service Mutual fund Request fund Mobile Banking: Meezan bank providing mobile banking app for its customer By using mobile banking customer can: Check the last eight transactions Bills payment Transfer amount within Meezan bank Detail of bank transaction Temporally activate and deactivate the debit card QR Payment Facilities: Meeezan bank provides its customer facility to made payment by using QR code payment facility. In case of cashless, customer can pay the bill by scanning QR code via phonepay app directly from his Meezan bank account. SMS Alerts: Meezan bank aware its customer for the transaction taken place on his account. It informs the customer if his/her account debited or credited and even if his/her cheque get bounce. Debit Card: Meezan bank offers three types of debit card to its customers Visa Debit card Titanium Master card Platinum Master card Platinum master card provides the access to its customers worldwide 2.1 millions compatible ATMs machines. ATMs: Bank made cash availability to its customer in different cities across the country. More over its Debit card is also accessible over than 8000 1 link and MNET ATM machines. By ATM machines customer can transfer funds without any charges within the meezan networks. Meezan bank account holder can also transfer fund to other banks having 1-link members accounts. 6 Minor: A minor is a person who did not attain the age of 18. And in case of land property after age of 21 he or she will become adult. Contract with the minor is void. But a minor can open his account with his guardian or parents. 7.Who can open the account of minor: A natural guardian on behalf of guardian. A legal guardian in the name of minor. A natural guardian in joint account with minor. Documents: Following documents needs to be furnished.
Proof of minor date of birth
Form B. Specimen signature of guardian. Minor specimen signature in case he/she is 10 years old. Form: The typical account opening from can be filled up to open a minor account. Details like the minors name, address, guardian details and signature must be furnished. 8.State Bank of Pakistan Rules for Minor account: Eligibility to open account: A minor can open his/her account jointly with consent of his parents a minor with the age of above than 10 years, account can be opened on his own name if he can make his own signature. 9.Can minor operate this account: This account will be operated jointly with parents or guardian and minor. Checkbook facility: Checkbook will be issued to minor or guardian /parents if minor makes the sign uniformly. E-Banking: Both have a per day transaction limit of RS 5000.One can make the bill payment, interbank transfer and may get the demand draft. 10.How minor withdraw Amounts: Minor withdraw amounts through cheques, debit card. THE END