Introduction:

Meezan Bank (Urdu ) is the first and largest Islamic commercial Bank
of Pakistan. The Bank is headquartered in Meezan House - Karachi, Pakistan.
It has a network of over 550 branches in more than 125 cities of Pakistan. It
commenced operations in 2002 when State Bank of Pakistan issued first-ever
license for Islamic commercial banking. The Bank has a market share of 35%
in Islamic banking industry of the country.
JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating
Agency, has rated the Banks short term rating at A1+ (A-One Plus), the
highest standard in short term rating, and the long-term entity rating at AA
(Double A) with Stable outlook, making it the only Islamic bank with AA
credit rating in the Islamic banking industry of Pakistan.
History:
1947
The inception of Pakistan as the first Islamic Republic created in the name of
Islam.
1980
CII presents report on the elimination of Interest genuinely considered to be the
first major comprehensive work in the world undertaken on Islamic banking and
finance.
1985
Commercial banks transformed their nomenclature stating all Rupee Saving
Accounts as interest-free. However, foreign currency deposits in Pakistan and
foreign loans continued as before.
1991
Procedure adopted by banks in 1985 was declared un-Islamic by the Federal
Shariat Court (FSC). The Government and some banks/DFIs made appeals to the
Shariat Appellate Bench (SAB) of the Supreme Court of Pakistan.
1997
Al-Meezan Investment Bank is established with a mandate to pursue Islamic
Banking. Mr. Irfan Siddiqui appointed as first and founding Chief Executive
Officer.
1999
The Shariat Appellate Bench of the Supreme Court of Pakistan rejects the
appeals and directs all laws on interest banking to cease. The government sets
up a high level commission, task forces and committees to institute and

promote Islamic banking on parallel basis with conventional system.

2001
The Shariah Supervisory Board is established at Al-Meezan Investment Bank led
by Justice (Retd.) Muhammad Taqi Usmani as chairman. State Bank of Pakistan
sets criteria for establishment of Islamic commercial banks in private sector and
subsidiaries and stand-alone branches by existing commercial banks to conduct
Islamic banking in the country.
2002
Meezan Bank acquires the Pakistan operations of Societe Generale and
concurrently Al Meezan Investment Bank converts itself into a full fledged
Islamic commercial bank. The first Islamic banking license is issued to the Bank
and it is renamed Meezan Bank. President General Pervez Musharraf
inaugurates the new Islamic Commercial Bank at a formal ceremony in Karachi.
2003
Meezan Bank establishes itself as the pioneer of Islamic Banking in Pakistan and
quickly establishes branches in all major cities of the country. A wide range of
products are developed and launched consolidating the Banks position as the
premier Islamic Bank of the country Al Meezan Investment Management Limited
(AMIM), the asset management arm of Meezan Bank, introduces Meezan Islamic
Fund (MIF), the countrys first open-end Islamic Mutual Fund.
2004
The State Bank establishes a dedicated Islamic Banking Department (IBD) by
merging the Islamic Economics Division of the Research Department with the
Islamic Banking Division of the Banking Policy Department. A Shariah Board has
been appointed to regulate and approve guidelines for the emerging Islamic
Banking industry. The Government of Pakistan awards the mandate for debut of
international Sukuk (Bond) offering for USD 500 million. The offering is a success
and establishes a benchmark for Pakistan. Meezan Bank acts as the Shariah
Structuring Advisor for this historic transaction.
2005
Meezan Bank becomes the first customer of Islamic Insurance (Takaful) by
signing the first Memorandum of Understanding MoU with Pak-Kuwait Takaful
Company Limited (PKTCL). The signing of this MoU has ushered Pakistan into a
new era of Islamic Insurance (Takaful).
2006
A number of new dedicated Islamic Banks, namely Bank Islami and Dubai
Islamic Bank, commence operations in Pakistan.Meezan continues its leadership

position in the industry by more than doubling it branch network to a total of 62

branches in 21 cities, clearly establishing itself as the largest Islamic Bank of the
country. Meezan Bank, becomes the first Islamic bank to introduce 8 am to 8 pm
banking at selected branches in Karachi.
2007
Meezan Bank's branch network reached the milestone number of 100 branches
(including sub-branches) in 31 cities nationwide.

Car Ijarah portfolio reached Rs. 4.1 billion and the Easy Home portfolio stood at
Rs. 3.1 billion.
The Bank introduced Istisna' financing to cater to the working capital needs of
customers.
Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance
News of REDmoney Group, Malaysia.Deposit base of the Bank grew to over Rs.
54 billion and the Bank earned profit after tax of Rs. 963 million. Trade
Financebusiness reached Rs. 70 billion.
2008

Meezan Bank introduced Tijarah financing to allow customers to raise funds for
financing of stocks of finished goods.
Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance
News of RED money Group, Malaysia and 'Best Islamic Financial Institution in
Pakistan' by Global Finance Magazine, New York. Branch network grew to 166
branches (including sub-branches) in 40 cities nationwide. Deposit base grew to
Rs. 70 billion and the total financing portfolio amounted to Rs. 39 billion.
2009
2009 was a watershed year for Meezan Bank. The branch network reached 201
branches (including sub-branches) in 54 cities nationwide; deposit base crossed
Rs. 100 billion; profit/return earned on financing and investment activities
exceeded Rs. 10 billion and the Bank handled more than Rs. 100 billion of
import/export business.
Being a socially responsible bank, Meezan Bank launched Meezan Labbaik,
a Hajj and Umrah product - the primary objective being the desire to facilitate
Muslims in performing their holy duty. Meezan Visa Debit Card was also

launched during the year which is accepted at over 30 million outlets worldwide
and allows customers to withdraw funds from their account from more than 1.4
million ATMs worldwide and can also be used for shopping, dining, traveling, fuel
and cash needs.
Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance
News of RED money Group, Malaysia; 'Best Islamic Financial Institution in
Pakistan' by Global Finance Magazine, New York; 'Best Islamic Bank in Pakistan'
for 2009 by ASIA MONEY Magazine, Hong Kong and 'Islamic Bank of the Year' for
2009 by CFA Association of Pakistan.
Corporate assets, including corporate Sukuk stood at over Rs. 40 billion.
Corporate highlights of 2009 included Tijarah financing with PSO, Istisna
financing with PARCO and Murabaha financing with Punjab Food Department.
The Bank started implementing its new core banking application - T-24. T-24 is a
core banking software which includes banking best practices based on Temenos'
implementations in over 600 financial institutions and 120 countries across
Retail, Corporate, Private Wealth, Islamic and Micro finance and Community
Banking sectors.
2010
Meezan Bank developed a number of new deposit products to cater to the
unique needs of different market segments. Among the products launched
during this year were Meezan Business Plus, a Mudaraba-based account that
offers an array of free services for businesses, Meezan Euro Savings Account
and Meezan Pound Savings Account.
Meezan Bank's Car Ijarah completed its 9th year and stood at Rs. 4.2 billion with
over 8,000 active vehicles. Meezan Bank stood among the top three autofinance providers in the country.
Al Meezan Investment Management launched Meezan Sovereign Fund - an openend fund; the eighth fund under its management, including two closed-end
funds, five open-end funds and one voluntary pension scheme. The Bank
developed a financing product based on the concept of 'Wakalah', to encourage
the development of financing partnerships between Islamic banks and
Microfinance banks.
During the year, 38 Islamic banking awareness seminars were held in 23 cities
across Pakistan and were attended by more than 4,400 participants
representing customers, general public and professionals.
Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance
News of RED money Group, Malaysia and 'Best Islamic Financial Institution in

Pakistan' by Global Finance Magazine, New York.

Meezan Bank's branch network reached 222 branches in 63 cities across
Pakistan and it became the 11th largest bank in Pakistan in terms of branch
network.
The Bank demonstrated robust business growth in 2010, closing the year with a
deposit figure of Rs. 131 billion and Import/Export business of Rs. 143 billion.
2011
The inauguration of the new Head office in Karachi symbolizes Meezan Bank's
established position amongst the leading banks and the largest Islamic Bank in
Pakistan. During the year, 53 branches were opened to reach a landmark of 275
branches in 83 cities across Pakistan. Meezan Bank was awarded the Best
Islamic Bank in Pakistan for 2011 by Islamic Finance News of REDmoney Group,
Malaysia.
The bank expanded its portfolio of consumer financing products with the launch
of Meezan Laptop Ease in first quarter of 2011 which is the first of its kind in
Pakistan.
The Bank added another First in Pakistans Islamic Banking Industry by
becoming the Advisor and Lead Arranger for the first ever short-term Sukuk for
Kot Addu Power Company Limited.
During the year 27 Islamic Banking Seminars and over 110 Customer
Appreciation Days (115) were held to educate customers and the general public
and Islamic banking.
2012
Meezan Bank reached 10 years of Riba-free banking with 310 branches in 90
cities. The Bank launched Visa Platinum Debit Card for its customers.
The Bank also started Premium Banking Services and opened Premium Banking
Centers throughout the country.
Another important achievement was the launch of Meezan Kids and Teens Club
Account for the children and teenagers who want to save money for their future.
2013
Meezan Bank became the 8th largest bank in Pakistan in terms of branch
network with 350 branches in 100 cities.
Total deposits of the Bank reached Rs. 280 billion.
The Government of Pakistan nominated Mr. Irfan Siddiqui, the President of
Meezan Bank and Dr. Imran Usmani, Shariah Advisor of Meezan Bank as

members of Steering Committee for the Promotion of Islamic Banking.

The Bank also made an agreement with Ethical Finance Limited for establishing
first Islamic commercial bank in Republic of Mauritius.
2014
Meezan Bank reached a branch network of 428 branches in 117 cities. The Bank
acquired Pakistan operations of HSBC.
Total deposits reached Rs. 380 billion.
Meezan Bank launched MasterCard Titanium debit card, Mobile Banking
Application, Meezan Kafalah (Takaful), EBiz - Corporate Internet Banking and
Meezan Roshni- Generator financing.
Shareholding Structure:

Noor Financial Investment Company, Kuwait 59.11%

Pakistan Kuwait Investment Company (Pvt.) Limited 80.00%
Islamic Development Bank, Jeddah 90.32%