Meezan Bank Limited, a publically listed company, is the first and largest Islamic Bank in Pakistan and one of the fastest growing banks in the history of the banking sector of the Country. It commenced operations in 2002 when State Bank of Pakistan issued first-ever license for Islamic commercial banking. 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.
Having the largest branch network and product range, Meezan Bank bears the critical responsibility of leading the way forward in establishing a stable and dynamic Islamic banking system replete with dynamic and cutting-edge products and services. Meezan Bank aims to fulfil its prime objective of providing customers accessibility and convenience, within an atmosphere and culture of dedicated service and recognition of their needs.
Meezan Bank has developed an extraordinary research and development capability by combining investment bankers, commercial bankers, Shariah scholars and legal experts to develop innovative, viable, and competitive value propositions that not only meet the requirements of today’s complex financial world, but do so with world-class service excellence which our customers demand; all within the bounds of Shariah.
By implementing robust and aggressive strategic and tactical initiatives on the side of consumer banking, Meezan Bank aims to fulfill its prime objective of providing customers accessibility and convenience, within an atmosphere and culture of dedicated service and recognition of their needs.
Since its inception as an Islamic commercial bank in 2002, Meezan Bank has been one of the fastest growing banks in the history of the country’s banking sector. The Bank’s deposits grew at an average rate of 46% p.a. from December 2002 to December 2012 while its branch network grew from 6 branches in 2002 to 433 branches in May 2015, an average growth rate of 48% p.a. The Bank has established a strong and credible management team comprising of experienced professionals that has achieved a strong balance sheet with excellent operating profitability and strong ratios. The JCR-VIS Credit Rating Company Limited has upgraded the Bank’s long-term entity rating to AA (Double A) from AA- (Double A minus) and short term rating at A1+ (A One Plus) with stable outlook. The short term rating of A1+ is the highest standard in short term rating. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.
Shareholders & Shariah Board
The Bank’s main shareholders are leading financial institutions of the Region namely, Noor Financial Investment Company, Pak-Kuwait Investment Company, and the Islamic Development Bank of Jeddah. The established position, reputation, strength and stability, of these institutions add significant value to the Bank through Board representation and applied synergies.
The Bank has an internationally renowned Shariah Supervisory Board Chaired by Justice (Retd.) Maulana Muhammad Taqi Usmani, an internationally renowned figure in the field of Shariah, particularly Islamic Finance. He holds the position of Deputy Chairman at the Islamic Fiqh Academy, Jeddah and in his long and illustrious career has also served as a Judge in the Shariat Appellate Bench, Supreme Court of Pakistan. The Board also includes Sheikh Essam M. Ishaq (Bahrain), Dr. Abdul Sattar Abu Ghuddah (Saudi Arabia) and Dr. Imran Usmani who is also the resident Shariah Advisor of the Bank. Dr. Imran is assisted by a team of professionals who strictly monitor the regular transactions of the Bank and are also responsible for Product Development.
Meezan Bank has a strong technology focus. It has invested heavily in state-of-the-art software applications namely Temenos T-24 and Oracle. It has also recently upgraded its hardware platform and also has a ‘hot’ disaster recovery site in place to cater to any unforeseen eventualities.