BEST ISLAMIC FINANCIAL INSTITUTIONS IN PAKISTAN (GLOBAL FINANCE 2008): Meezan Bank

Meezan Bank Limited a publicly listed company was incorporated on January 27, 1997 and started operations as an investment bank in August that year. In January, 2002 in an historic initiative, Meezan Bank was granted the nations first full-fledged commercial banking license as a dedicated Islamic Bank, by the State Bank of Pakistan.

Meezan Bank, has now clearly established itself as the largest Islamic Bank in Pakistan with a large network of branches in all major cities of the country. The banking sector is showing a significant paradigm shift away from traditional means of business, and is catering to an increasingly astute and demanding financial consumer who is also becoming keenly aware of Islamic Banking. Meezan Bank bears the critical responsibility of leading the way forward in establishing a stable and dynamic Islamic Banking system replete with dynamic and cutting-edge products and services.

During the first five years of its operation as an Islamic commercial bank (from 2002 to 2007), offering universal banking services to customers, Meezan Bank has been one of the fastest growing banks in the history of the banking sector. Average growth in deposits has been 60% per annum during this period while the branch network grew from 4 to 100. The bank has established a strong and credible management team comprised of experienced professionals, that have achieved a strong balance sheet with excellent operating profitabilitya and strong ratios, that places the Bank at the top of the industry. The Bank has been assigned a long-term entity rating of A+ and a short-term entity rating of A-1.

The Banks main shareholders are leading financial institutions of the Region namely, Noor Financial Investment Company, Kuwait, a leading investment banking entity based in Kuwait; Pak-Kuwait Investment Company, a AAA rated financial entity in the country; the Islamic Development Bank of Jeddah, and Shamil Bank of Bahrain. A leading Islamic Bank in Bahrain. The established position, reputation, strength and stability, of these institutions add significant value to the Bank through Board representation and applied synergies.

The Bank has an internationally renowned, very high caliber and pro-active Shariah Supervisory Board Chaired by Justice (Retd.) Maulana Muhammad Taqi Usmani, an internationally renowned figure in the field of Shariah, particularly Islamic Finance. He holds the position of Deputy Chairman at the Islamic Fiqh Academy, Jeddah and in his long and illustrious career has also served as a Judge in the Shariat Appellate Bench, Supreme Court of Pakistan. The Board also includes Sheikh Essam M. Ishaq (Bahrain), Dr. Abdul Sattar Abu Ghuddah (Saudi Arabia) and Dr. Imran Usmani who is also the resident Shariah advisor of the Bank. Dr. Imran is assisted by a team of professionals (otherwise referred to as the Product Development and who strictly monitors the regular transactions of the Bank.

At Meezan Bank, we strive to find commonalties with the conventional banking system with absolutely no compromise on Shariah rulings. The bank has developed an extraordinary research and development capability by combining investment bankers, commercial bankers, Shariah scholars and legal experts to develop innovative, viable, and competitive value propositions that not only meet the requirements of today’s complex financial world, but do so with the world-class service excellence which our customers demand, all within the bounds of Shariah.

Meezan Bank has built a strong Information Technology and customer knowledge-based focus that continues to use state of the art technology and systems. The Bank’s Corporate and Investment Banking business unit is geared towards nurturing and developing a long-term relationship with clients by understanding their unique financing requirements and by providing Shariah compliant financing solutions through corporate banking and structured finance.

By implementing robust and aggressive strategic and tactical initiatives on the side of consumer banking, Meezan Bank aims to fulfill its prime target of providing customers accessibility and convenience, within an atmosphere and culture of dedicated service and recognition of their needs. The Bank has a rapidly growing branch network across all major cities nation-wide.

At Meezan Bank, we believe in adding value to our customers’ lives and businesses, through dynamic and competitive products and services that fulfill their needs while conforming completely to the dictates of Shariah. At the same time, we endeavor to deliver competitive risk adjusted returns to our stakeholders.