Meezan Bank

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Meezan Bank
Company type
Public
PSX: MEBL
KSE 100 component
KSE 30 component
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HeadquartersKarachi-75700, Pakistan
Number of locations
1,051[1] (2024)
Key people
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  • Riyadh S. A. A. Edrees (chairman)
  • Dr. Syed Amir Ali (CEO)
ProductsLoans, debit cards, savings, consumer banking, business Banking, premium Banking
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Total equityIncrease Template:Pakistani Rupee246.98 billion (US$Template:Rnd million)[2] (2024)
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  • Noor Financial Investment (35.22%)
  • Pakistan Kuwait Investment Company (29.97%)
  • Islamic Development Bank (9.31%)
Number of employees
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SubsidiariesMeezan Exchange Company (100%)
Al Meezan Investment Management (65%)
Websitemeezanbank.com

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Meezan Bank Limited (Script error: No such module "IPA". Script error: No such module "Respell".) is a Pakistani Islamic bank headquartered in Karachi.[3] It is the largest Islamic bank and the largest bank based on market capitalization in Pakistan.[4][5]

History

Meezan Bank was founded as an Islamic investment bank in 1997 by Noor Financial, Pak Kuwait Investment Company, and Islamic Development Bank.[6] It was then known as Al-Meezan Investment Bank.[7]

In 2000, Meezan Bank was listed on the Karachi Stock Exchange.[8]

In 2002, Meezan Bank acquired Pakistan operations of Société Générale.[9] 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.[10] 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.[10]

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.[11][12]

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.[13][14] A year later, Meezan Bank acquired Pakistan operations of HSBC Oman consisting of a single branch.[15][16]

In March 2019, Noor Financial sold 34.3 million Meezan Bank shares to institutional investors for $20.92 million.[17] Previously, Noor Financial divested its stake multiple times in 2018.[18][19]

Profit

Meezan Bank Limited reported its consolidated interim financial results for the quarter ended March 31, 2025, showing a profit of Rs22.42 billion, reflecting a 10.61% year-on-year (YoY) decline from Rs25.08bn in the same period last year.[20]

Core Banking System

Meezan Bank, the largest Islamic Bank in Pakistan, has upgraded its core banking system, Temenos’ T24, to release 16.[21]

Shareholding pattern

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."Meezan Bank Annual Report 2023" (PDF). meezanbank.com. Retrieved 26 March 2024.
  2. ^ a b c d e f Page Module:Citation/CS1/styles.css has no content."Meezan Bank Annual Report 2024" (PDF). meezanbank.com. Retrieved 6 October 2025.
  3. ^ Page Module:Citation/CS1/styles.css has no content.Everington, John (2023-10-30). "The rise and rise of Islamic banking in Pakistan". The Banker. Retrieved 2025-09-25.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Meezan Bank set to benefit from the government's expansion of Islamic debt issuance". Profit by Pakistan Today. 2020-01-06. Retrieved 2025-09-25.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Jilani, Humza (October 27, 2024). "Meezan Bank's soaring shares herald rise of Islamic finance in Pakistan". Financial Times.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Nair, Dinesh (2017-05-24). "Noor Weighs Sale of Stake in Pakistan's Meezan Bank". Bloomberg L.P. Archived from the original on 2018-08-16. Retrieved 2025-09-25.
  7. ^ Page Module:Citation/CS1/styles.css has no content.Tirmizi, Farooq (2019-09-23). "Every Pakistani bank wants to dethrone Meezan Bank in Islamic banking. Who can succeed?". Profit by Pakistan Today. Retrieved 2025-09-25.
  8. ^ Page Module:Citation/CS1/styles.css has no content."Meezan Bank announces Rs10.94bn profit for 9 months". Business Recorder. 2019-10-25. Retrieved 2024-06-05.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Meezan Bank acquires SG operations". Dawn. 2002-05-02. Retrieved 2025-09-25.
  10. ^ a b Page Module:Citation/CS1/styles.css has no content.Tirmizi, Farooq (October 11, 2020). "The dominance of the Big Five banks is about to be broken". Profit by Pakistan Today.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Alam, Kazim (2013-12-18). "Divestment: Majority shareholder in Meezan Bank to sell stake". The Express Tribune. Retrieved 2025-09-25.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Pakistan c.bank blocks sale of Meezan Bank stake, Kuwait's Noor says". Reuters. 2014-03-17. Retrieved 2025-09-25.
  13. ^ Page Module:Citation/CS1/styles.css has no content."Meezan Bank to acquire HSBC Pakistan – Business Recorder". Business Recorder. 2014-05-10. Retrieved 2025-09-25.
  14. ^ Page Module:Citation/CS1/styles.css has no content."Meezan Bank signs deal to acquire HSBC Pakistan". The News International. 2014-05-10. Retrieved 2025-09-25.
  15. ^ Page Module:Citation/CS1/styles.css has no content."Meezan acquires HSBC Oman's operations". The Express Tribune. 2015-11-06. Retrieved 2025-09-25.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Meezan Bank acquires HSBC Oman". The News International. 2015-11-07. Retrieved 2025-09-25.
  17. ^ Page Module:Citation/CS1/styles.css has no content.Iqbal, Shahid (2019-03-15). "Noor Investment sells 34.3m shares in Meezan Bank". Dawn. Retrieved 2025-09-25.
  18. ^ Page Module:Citation/CS1/styles.css has no content.Farooq, Mohammad (2019-05-25). "Noor Financial sells 2.49 percent stake in Meezan Bank to foreign investors". Profit by Pakistan Today. Retrieved 2025-09-25.
  19. ^ Page Module:Citation/CS1/styles.css has no content."Kuwait's Noor Financial sells 1.35% stake in Pakistan's Meezan Bank".
  20. ^ Page Module:Citation/CS1/styles.css has no content."Meezan Bank reports nearly Rs22bn profit, decline of 11% YoY". Mettis Global Link. 2025-04-21. Retrieved 2025-04-29.
  21. ^ Page Module:Citation/CS1/styles.css has no content.Andreasyan, Tanya (2017-10-18). "Meezan Bank in core banking system upgrade with NDC and Temenos". Fintech Futures. Retrieved 2025-09-25.
  22. ^ Page Module:Citation/CS1/styles.css has no content.Iqbal, Shahid (2019-03-15). "Noor Investment sells 34.3m shares in Meezan Bank". DAWN.COM. Retrieved 2024-05-15.
  23. ^ Page Module:Citation/CS1/styles.css has no content.Mangi, Faseeh (2022-04-30). "Kuwait Seeks to Invest $750 Million in Pakistan Projects". Bloomberg L.P. Archived from the original on 2022-07-03. Retrieved 2025-09-25.
  24. ^ Page Module:Citation/CS1/styles.css has no content."Islamic Bank | Corporate Profile | About Us | Meezan Bank". Meezan Bank. Retrieved 2025-09-25.

Bibliography

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