The founder of Pakistan, Quaid-e-Azam Mohammed Ali Jinnah while delivering

speech at the opening

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. ceremony of State Bank
of Pakistan on July 1, 1948, stated:
"We must work our destiny in our own way and present to the world an economic
system based on true Islamic concept of equality of manhood and social justice."

The statement serves as the concept of Islamic banking by the founding father of
the nation that was created in the name of Islam in 1947.

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 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.
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.
2006: 62 branches in 21 cities
2007: Banks branch network reached the milestone number of 100 branches. The
Bank introduced Istisna' financing to cater to the working capital needs of
customers.
2008: Meezan Bank introduced Tijarah financing to allow customers to raise funds
for financing of stocks of finished goods.
2009: The branch network reached 201 branches (including sub-branches) in 54
cities nationwide.
2010: The Bank developed 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. Banks branch network reached 222 branches in 63
cities across Pakistan.
2011: The inauguration of the new Head office in Karachi. During the year, 53
branches were opened to reach a landmark of 275 branches in 83 cities across
Pakistan.
2012: Completed 10 years of operations.
2013: Over 350 branches in over 100 cities
On 18 October 2014, the Bank acquired the HSBC Pakistan operations. After
conversion of the business and branches of HSBC Pakistan to Meezan Bank; the
HSBC Pakistan Accounts and Term Deposit Receipts (TDRs) converted to Meezan
Bank accounts and Certificates of Islamic Investments (COIIs).

Shareholding structure[edit]Noor Financial Investment Company, Kuwait 59.11%

Pakistan Kuwait Investment Company (Pvt.) Limited 80.00%
Islamic Development Bank, Jeddah 90.32%
Statement of financial position as at Dec. 31 2014[edit]Total Assets: PKR 437.406
Billion
Deposits and other accounts: PKR 380.422 Billion

Financings: PKR 175.712 Billion

Share Capital: PKR 10.027 Billion
Shareholders' Equity: PKR 23.262 Billion
No. of branches: 430
No. of cities of operation: 117
No. of Staff: 7,000
[2] [3]

References[edit]1.Jump up ^
http://www.meezanbank.com/docs/annualReport2009.pdf
2.Jump up ^ http://www.meezanbank.com/docs/AnnualReport2013.pdf
3.Jump up ^ http://www.meezanbank.com/financialHighlights.aspx
External links[edit]Meezan Bank Pakistan
Official website of Meezan Bank
Meezan Bank Internet Banking
[show]v t e Banking in Pakistan

Central bank State Bank of Pakistan

Big Four HBL Pakistan MCB Bank Limited National Bank of Pakistan United Bank
Limited Pakistan

Commercial banking Allied Bank Limited Askari Bank Atlas Bank Bank AL Habib
Bank Alfalah Bank of Khyber Bank of Punjab Faysal Bank First Women Bank
Habib Metropolitan Bank Industrial Development Bank JS Bank NIB Bank Sindh
Bank Soneri Bank Summit Bank Zarai Taraqiati Bank Limited

Microfinance banking First Micro Finance Bank Khushhali Bank NRSP Microfinance
Bank Tameer Microfinance Bank Limited

Islamic banking BankIslami Pakistan Burj Bank Dubai Islamic Bank Pakistan
Limited Meezan Bank

Foreign banks Barclays HSBC Bank Middle East Royal Bank of Scotland Standard
Chartered Pakistan

Defunct banks Bank of Credit and Commerce International KASB Bank MyBank
PICIC Commercial Bank Union Bank

See also List of banks in Pakistan Pakistan Remittance Initiative Pakistani bankers
Institute of Bankers Pakistan National Institute of Banking and Finance

Category

[show]v t e KSE-100 companies of Pakistan

Abbott Laboratories Pakistan Adamjee Insurance Agriauto Industries Allied Bank

Limited Allied Rental Modaraba Arif Habib Corporation Limited Askari Bank
Askari General Insurance Co. Ltd. Attock Cement Attock Petroleum Attock
Refinery Azgard Nine Bank Al-Falah Bank Al-Habib Bank of Khyber Bank of
Punjab BankIslami Pakistan Bata Pakistan Cherat Cement Clariant Pakistan
Colgate-Palmolive Pakistan Dawood Hercules Chemicals Limited D.G. Khan
Cement EFU General EFU Life Engro Corporation Engro Foods Fatima Fertilizer
Fauji Cement Fauji Fertilizer Bin Qasim Fauji Fertilizer Company Limited Faysal
Bank Feroze 1888 Mills Ghani Glass Limited GlaxoSmithKline Pakistan Grays of
Cambridge Habib Metropolitan Bank HBL Pakistan Hub Power Company Hum
Network Limited ICI Pakistan IGI Insurance Indus Motors Company International
Industries Limited International Steels Limited Javedan Corporation JDW Sugar
Mills JS Bank JS Group JS Growth Fund Jubilee General Insurance Karachi
Electric Supply Company Kohinoor Energy Kot Addu Power Company Lafarge
Pakistan Lotte Chemical Pakistan Lucky Cement Mari Petroleum Company
Limited MCB Bank Limited Meezan Bank Millat Tractors Murree Brewery
National Bank of Pakistan National Foods Limited National Refinery Nestl
Pakistan Netsol Technologies NIB Bank Nishat Chunian Nishat Chunian Power

Nishat Mills Nishat Power Oil and Gas Development Company Pace (Pakistan)
Packages Ltd. Pak Suzuki Motors Pakistan Cables Pakistan International
Container Terminal Pakistan Oilfields Pakistan Petroleum Pakistan Reinsurance
Pakistan Services Pakistan State Oil Pakistan Telecommunication Company Ltd
Pakistan Tobacco Company PICIC Growth Fund Rafhan Maize Security Papers
Limited Shell Pakistan Shifa International Hospital Siemens Pakistan Soneri
Bank Standard Chartered Pakistan Sui Northern Gas Pipelines Limited Sui
Southern Gas Company Thal Limited TPL Trakker TRG Pakistan Tri-Pack Films
Unilever Pakistan United Bank Limited Pakistan

As of July 2013

Retrieved from "https://en.wikipedia.org/w/index.php?

title=Meezan_Bank&oldid=684076712"
Categories: 1997 establishments in PakistanBanks established in 1997Banks of
PakistanCompanies based in KarachiCompanies listed on the Karachi Stock
ExchangeIslamic banksHidden categories: Articles with a promotional tone from
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reliable references from April 2015All articles lacking reliable references
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