Meezan Bank

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Meezan Bank
Company typePublic
PSX: MEBL
KSE 100 component
KSE 30 component
IndustryIslamic banking
Founded27 January 1997; 29 years ago (1997-01-27)
HeadquartersKarachi-75700, Pakistan
Number of locations
1,051[1] (2024)
Key people
ProductsLoans, debit cards, savings, consumer banking, business Banking, premium Banking
RevenueIncrease Rs. 315.91 billion (US$1.1 billion)[2] (2024)
Increase Rs. 222.08 billion (US$770 million)[2] (2024)
Increase Rs. 101.50 billion (US$350 million)[2] (2024)
Total assetsIncrease Rs. 3.90 trillion (US$14 billion)[2] (2024)
Total equityIncrease Rs. 246.98 billion (US$860 million)[2] (2024)
Owner
  • Noor Financial Investment (35.22%)
  • Pakistan Kuwait Investment Company (29.97%)
  • Islamic Development Bank (9.31%)
Number of employees
18,653[2] (2024)
SubsidiariesMeezan Exchange Company (100%)
Al Meezan Investment Management (65%)
Websitemeezanbank.com

Meezan Bank Limited (Urdu pronunciation: [mi.ˈzaːn bɛŋk] mee-ZAHN-BANK) 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

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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

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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

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

Shareholding pattern

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References

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Bibliography

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  • Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).

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