Meezan Bank (original) (raw)

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Pakistani Islamic bank based in Karachi

Meezan Bank
Headquarters of Meezan Bank in Karachi
Company type Public
Traded as PSX: MEBL KSE 100 component KSE 30 component
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 Increase Rs. 250.46 billion (US$870 million)[1] (2023)
Operating income Increase Rs. 172.06 billion (US$600 million)[1] (2023)
Net income Increase Rs. 86.02 billion (US$300 million)[1] (2023)
Total assets Increase Rs. 3.01 trillion (US$10 billion)[1] (2023)
Total equity Increase Rs. 188.46 billion (US$650 million)[1] (2023)
Owner Noor Financial Investment (35.22%)Pakistan Kuwait Investment Company (29.97%)Islamic Development Bank (9.31%)
Number of employees 17,186[1] (2023)
Subsidiaries Meezan Exchange Company (100%) Al Meezan Investment Management (65%)
Website meezanbank.com

Meezan Bank Limited (Urdu pronunciation: [mi.ˈzaːn bɛŋk] mee-ZAHN-BANK) is a Pakistani Islamic bank headquartered in Karachi.[2] It is the largest Islamic bank and the largest bank based on market capitalization in Pakistan.[3]

Meezan Bank was founded as an Islamic investment bank in 1997 by Noor Financial, Pak Kuwait Investment Company, and Islamic Development Bank.[4] It was then known as Al-Meezan Investment Bank.[5]

In 2000, Meezan Bank was listed on the Karachi Stock Exchange.[6]

In 2002, Meezan Bank acquired Pakistan operations of Société Générale.[7] In its early years from 2002, Meezan Bank faced challenges gaining acceptance in Pakistan due to the unfamiliarity with Islamic banking and its stricter loan scrutiny.[8] To overcome this, Meezan attracted deposits from religious Muslims and shifted focus to provide loans to SMEs, including those that previously avoided traditional banking for religious reasons, allowing it to serve an underserved segment.[8]

In 2013, Noor Financial tried to sell its entire stake of 49.1 percent, valued at $190 million, to a British Virgin Island-based company named Vision Financial Holdings, but it was blocked by the State Bank of Pakistan.[9][10]

In May 2014, Meezan Bank agreed to acquire Pakistani operations of HSBC Bank Middle East which included 10 local branches and access to 75 multinational corporate clients.[11][12][13] A year later, Meezan Bank acquired Pakistan operations of HSBC Oman consisting of a single branch.[14][15]

In March 2019, Noor Financial sold 34.3 million Meezan Bank shares to institutional investors for $20.92 million.[16] Previously, Noor Financial divested its stake multiple times in 2018.[17][18]

  1. ^ a b c d e f g "Meezan Bank Annual Report 2023" (PDF). meezanbank.com. Retrieved 26 March 2024.
  2. ^ Everington, John (30 October 2023). "The rise and rise of Islamic banking in Pakistan". The Banker.
  3. ^ Report, Profit (June 1, 2020). "Meezan Bank set to benefit from the government's expansion of Islamic debt issuance". Profit by Pakistan Today.
  4. ^ "Noor Weighs Sale of Stake in Pakistan's Meezan Bank". Bloomberg. 24 May 2017.
  5. ^ Tirmizi, Farooq (September 23, 2019). "Every Pakistani bank wants to dethrone Meezan Bank in Islamic banking. Who can succeed?". Profit by Pakistan Today.
  6. ^ "Meezan Bank announces Rs10.94bn profit for 9 months". Brecorder. 2019-10-25. Retrieved 2024-06-05.
  7. ^ "Meezan Bank acquires SG operations". Dawn. May 2, 2002.
  8. ^ a b Tirmizi, Farooq (October 11, 2020). "The dominance of the Big Five banks is about to be broken". Profit by Pakistan Today.
  9. ^ "Divestment: Majority shareholder in Meezan Bank to sell stake". The Express Tribune. December 18, 2013.
  10. ^ "Pakistan c.bank blocks sale of Meezan Bank stake, Kuwait's Noor says | Reuters". Reuters.
  11. ^ "Meezan Bank Sees Extra Profit from HSBC Pakistan Acquisition". Bloomberg. 24 November 2014.
  12. ^ "Meezan Bank to acquire HSBC Pakistan". Business Recorder. May 10, 2014.
  13. ^ "Meezan Bank signs deal to acquire HSBC Pakistan". The News International. May 10, 2014.
  14. ^ "Meezan acquires HSBC Oman's operations". The Express Tribune. November 7, 2015.
  15. ^ "Meezan Bank acquires HSBC Oman". The News International. November 7, 2015.
  16. ^ Iqbal, Shahid (March 15, 2019). "Noor Investment sells 34.3m shares in Meezan Bank". DAWN.COM.
  17. ^ Farooq, Mohammad (May 25, 2018). "Noor Financial sells 2.49 percent stake in Meezan Bank to foreign investors". Profit by Pakistan Today.
  18. ^ "Kuwait's Noor Financial sells 1.35% stake in Pakistan's Meezan Bank".
  19. ^ Iqbal, Shahid (2019-03-15). "Noor Investment sells 34.3m shares in Meezan Bank". DAWN.COM. Retrieved 2024-05-15.
  20. ^ "Kuwait Seeks to Invest $750 Million in Pakistan Projects". Bloomberg. 30 April 2022.
  21. ^ "Islamic Bank | Corporate Profile | About Us | Meezan Bank". www.meezanbank.com. Retrieved 2020-06-07.