Meezan Bank

Meezan Bank (Urdu: میزان بینک) is Pakistan's first Islamic bank, which began its operations in 2002 after obtaining the inaugural Islamic commercial banking license from the State Bank of Pakistan. The bank is based in Karachi, Pakistan, with its headquarters located at Meezan House. It boasts an extensive network of over 890 branches.

Meezan Bank Private Limited
TypePublic Limited
PSX: MEBL
IndustryIslamic banking
Founded27 January 1997 (1997-01-27)
HeadquartersKarachi, Pakistan
Number of locations
900 (2021)
Key people
Riyadh S.A.A. Edrees (Chairman)

Irfan Siddiqui (President and CEO)

Muhammad Taqi Usmani
ProductsLoans, debit cards, savings, consumer banking, business Banking, premium Banking
RevenueIncrease Rs. 47.9 billion (US$170 million)[1] (2021)
Increase Rs. 28.5 billion (US$99 million)[1] (2021)
Total assetsIncrease Rs. 1.9 trillion (US$6.6 billion)[1] (2021)
Number of employees
11,500+
ParentNoor Financial Investment Company (35.25%)

Pak Kuwait Investment Company (30.00%)

Islamic Development Bank (9.32%)
SubsidiariesAl Meezan Investments
Websitewww.meezanbank.com

The bank has a market share of 35% in the Islamic banking industry of the country.

History

The bank started as an Islamic investment bank in 1997 and was then known as Al-Meezan Investment Bank.[2]

In 2002, Meezan Bank acquired Pakistan operations of Société Générale.[3]

In 2014, Meezan Bank signed an agreement with HSBC Bank Middle East to acquire HSBC's Pakistan operations consisting of 10 branches.[4][5]

In 2015, Meezan Bank acquired Pakistan operations of HSBC Oman consisting of a single branch.[6][7]

Shareholding structure
  • Noor Financial Investment Company (35.25 percent)
  • Pak Kuwait Investment Company (30.00 percent)
  • Islamic Development Bank (9.32 percent)[8]

References
  1. "Archived copy". Retrieved 2022-03-21.
  2. Tirmizi, Farooq (September 23, 2019). "Every Pakistani bank wants to dethrone Meezan Bank in Islamic banking. Who can succeed?". Profit by Pakistan Today.
  3. "Meezan Bank acquires SG operations". Dawn. May 2, 2002.
  4. "Meezan Bank to acquire HSBC Pakistan". Business Recorder. May 10, 2014.
  5. "Meezan Bank signs deal to acquire HSBC Pakistan". The News International. May 10, 2014.
  6. "Meezan acquires HSBC Oman's operations". The Express Tribune. November 7, 2015.
  7. "Meezan Bank acquires HSBC Oman". The News International. November 7, 2015.
  8. "Islamic Bank | Corporate Profile | About Us | Meezan Bank". www.meezanbank.com. Retrieved 2020-06-07.

Bibliography


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