Meezan Bank Announces 70% Interim Cash Dividend for Shareholders

Karachi: Meezan Bank Limited, Pakistan’s leading Islamic bank, has declared a substantial 70% interim cash dividend, amounting to Rs. 7 per share, as confirmed in the board meeting on October 21, 2024. This decision reflects the bank’s robust financial health and commitment to providing value to its shareholders.

The bank has announced a book closure from October 31, 2024, to November 1, 2024, to process this dividend. During this period, share transfers will be recorded up until the close of business on October 30, 2024, to qualify for the dividend entitlement. This brief closure will ensure that the entitlements are appropriately administered and recorded.

According to information available from the Pakistan Stock Exchange (PSX), Meezan Bank has taken necessary measures to comply with the regulatory requirements set forth by the Companies Act of 2017 and PSX Regulation No. 5.5.11. The compliance underscores the bank’s adherence to statutory provisions and its commitment to transparency.

Shareholders are advised to ensure their shares are properly registered and that any tax exemptions or deductions are clearly documented with THK Associates, the bank’s share registrar, by October 30, 2024. This is crucial for those seeking to maximize their returns and minimize tax liabilities under the stipulated guidelines of the Federal Board of Revenue (FBR).

Moreover, in light of the recent amendments to Section 150 of the Income Tax Ordinance 2001 regarding withholding tax rates on dividends, the bank has highlighted the importance of being listed on the FBR’s Active Tax-Payers List (ATL). Failure to do so may result in the deduction of taxes at non-filer rates, which could significantly impact the net dividend received.

Meezan Bank’s announcement is part of its ongoing efforts to enhance shareholder value and maintain its position as a leader in the Islamic banking sector, supporting economic growth and financial inclusion across Pakistan.

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