Meezan Bank (Urdu میزان بینک) is the first and largest Islamic commercial Bank of Pakistan. The Bank is headquartered in Meezan House - Karachi, Pakistan. It has a network of over 550 branches in more than 140 cities of Pakistan. It commenced operations in 2002 when State Bank of Pakistan issued first-ever license for Islamic commercial banking. The Bank has a market share of 35% in Islamic banking industry of the country.
JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, has rated the Bank’s short term rating at A1+ (A-One Plus), the highest standard in short term rating, and the long-term entity rating at AA (Double A) with “Stable” outlook, making it the only Islamic bank with AA credit rating in the Islamic banking industry of Pakistan.
The Bank offers wide range of Shariah-compliant banking products and services to its customers, both retail and business. Besides traditional banking channels, the Bank offers various Alternate Distribution Channels including Internet Banking, ATM Banking, Visa & MasterCard debit card, SMS Banking, SMS Alerts, Mobile Banking Application and Utility Bills Payment through ATM and Internet Banking.
1991: Procedure adopted by banks in 1985 was declared un-Islamic by the Federal Shariat Court (FSC). The Government and some banks/DFIs made appeals to the Shariat Appellate Bench (SAB) of the Supreme Court of Pakistan.1997: Al-Meezan Investment Bank is established with a mandate to pursue Islamic Banking. Mr. Irfan Siddiqui appointed as first and founding Chief Executive Officer.1999: The Shariat Appellate Bench of the Supreme Court of Pakistan rejects the appeals and directs all laws on interest banking to cease. The government sets up a high level commission, task forces and committees to institute and promote Islamic banking on parallel basis with conventional system.2001: The Shariah Supervisory Board is established at Al-Meezan Investment Bank led by Justice (Retd.) Muhammad Taqi Usmani as Chairman. State Bank of Pakistan sets criteria for establishment of Islamic commercial banks in private sector and subsidiaries and stand-alone branches by existing commercial banks to conduct Islamic banking in the country.2002: Meezan Bank acquires the Pakistan operations of Societe Generale and concurrently Al Meezan Investment Bank converts itself into a full-fledged Islamic commercial bank. The first Islamic banking license is issued to the Bank and it is renamed Meezan Bank.2003: Meezan Bank establishes itself as the pioneer of Islamic Banking in Pakistan and quickly establishes branches in all major cities of the country. A wide range of products are developed and launched. Al Meezan Investment Management Limited (AMIM), the asset management arm of Meezan Bank, introduces Meezan Islamic Fund (MIF), the country’s first open-end Islamic Mutual Fund.2004: The State Bank establishes a dedicated Islamic Banking Department (IBD) by merging the Islamic Economics Division of the Research Department with the Islamic Banking Division of the Banking Policy Department. A Shariah Board has been appointed to regulate and approve guidelines for the emerging Islamic Banking industry. The Government of Pakistan awards the mandate for debut of international Sukuk (Bond) offering for USD 500 million. The offering is a success and establishes a benchmark for Pakistan. Meezan Bank acts as the Shariah Structuring Advisor for this transaction.2006: 62 branches in 21 cities2007: Bank’s branch network reached the milestone number of 100 branches. The Bank introduced Istisna' financing to cater to the working capital needs of customers.2008: Meezan Bank introduced Tijarah financing to allow customers to raise funds for financing of stocks of finished goods.2009: The branch network reached 201 branches (including sub-branches) in 54 cities nationwide.2010: The Bank developed Meezan Business Plus, a Mudaraba-based account that offers an array of free services for businesses, Meezan Euro Savings Account and Meezan Pound Savings Account. Bank’s branch network reached 222 branches in 63 cities across Pakistan.2011: The inauguration of the new Head office in Karachi. During the year, 53 branches were opened to reach a landmark of 275 branches in 83 cities across Pakistan.2013: Over 350 branches in over 100 citiesOn 18 October 2014, the Bank acquired the HSBC Pakistan operations. After conversion of the business and branches of HSBC Pakistan to Meezan Bank; the HSBC Pakistan Accounts and Term Deposit Receipts (TDRs) converted to Meezan Bank accounts and Certificates of Islamic Investments (COIIs).
Noor Financial Investment Company, Kuwait 49.11%Pakistan Kuwait Investment Company (Pvt.) Limited 30.00%Islamic Development Bank, Jeddah 9.32%Other ShareHolders 11.57%Total Assets: PKR 531,850 MillionDeposits and other accounts: PKR 471,821 MillionFinancings: PKR 2017,569 MillionShare Capital: PKR 10.027 MillionShareholders' Equity: PKR 25,557 MillionNo. of branches: 551No. of cities of operation: 146No. of Staff: 8,581
