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 has over 1000 branches.

Meezan Bank Private Limited

Company type	Public Limited
Traded as	PSX: MEBL
Industry	Islamic banking
Founded	27 January 1997; 27 years ago (1997-01-27)
Headquarters	Karachi-75700, Pakistan
Number of locations	1,004^[1] (2023)
Key people	Riyadh S. A. A. Edrees (Chairman) Irfan Siddiqui (CEO)
Products	Loans, debit cards, savings, consumer banking, business Banking, premium Banking
Revenue	Rs. 250.46 billion (US$870 million)^[1] (2023)
Operating income	Rs. 172.06 billion (US$600 million)^[1] (2023)
Net income	Rs. 86.02 billion (US$300 million)^[1] (2023)
Total assets	Rs. 3.01 trillion (US$10 billion)^[1] (2023)
Total equity	Rs. 188.46 billion (US$650 million)^[1] (2023)
Number of employees	17,186^[1] (2023)
Parent	Noor Financial Investment Company (35.22%) Pakistan Kuwait Investment Company (29.97%) Islamic Development Bank (9.31%)
Subsidiaries	Al Meezan Investments
Website	www.meezanbank.com

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. "Meezan Bank Annual Report 2023" (PDF). meezanbank.com. Retrieved 26 March 2024.
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

• Gul Rashid, Amber; Usmani, Obaid; Ejaz, Lalarukh; Faraz, Hasan (2017-01-01). "Meezan Bank: category leader in Islamic banking". Emerald Emerging Markets Case Studies. 7 (4): 1–23. doi:10.1108/EEMCS-11-2016-0213. ISSN 2045-0621.

•  Banks portal