Allied Bank Limited () is the fifth largest

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...

and is a subsidiary of Ibrahim Group. Allied Bank with its registered office in

Lahore Lahore ( ; pnb, ; ur, ) is the second most populous city in Pakistan after Karachi and 26th most populous city in the world, with a population of over 13 million. It is the capital of the province of Punjab where it is the largest city ...

is one of the largest banks within the country with over 1400+ branches and ATMs. It was the first Muslim bank established in Pakistan before independence (1942) with the name of Australasia Bank. It was renamed to Allied Bank of Pakistan, from Australasia Bank Limited in 1974, and Sarhad Bank Ltd, Lahore Commercial Bank Ltd and Pak Bank Ltd were also merged in it.

History

ABL is the first Muslim Bank established on territory that later on became Pakistan. It was established on 3 December 1942, as Australasia Bank at Lahore with capital of 0.12 million by Kashmiri silk trader Khawaja Bashir Baksh.

2005-to-date

In December 2014, the

Government of Pakistan The Government of Pakistan ( ur, , translit=hakúmat-e pákistán) abbreviated as GoP, is a federal government established by the Constitution of Pakistan as a constituted governing authority of the four provinces, two autonomous territorie ...

sold-off its remaining 11.5 percent stake in ABL for PKR 14.4 billion. The deal was sealed-off at a

strike price In finance, the strike price (or exercise price) of an option is a fixed price at which the owner of the option can buy (in the case of a call), or sell (in the case of a put), the underlying security or commodity. The strike price may be set ...

of Rs. 110 per share for the remaining 131.3 million shares of the government.

Credit rating

Long Term Credit Rating of Allied Bank Ltd is 30 June 2020, maintained at AAA riple Aand Short-Term Credit Rating of the bank is maintained at A1+ one plusby Pakistan Credit Rating Agency (PACRA).

Islamic banking

In September 2018, ABL opened its Shariah-complian
Aitebar Islamic Banking
service through its 117 dedicated Islamic banking branches network across 53 major cities of Pakistan.

Awards and recognition

* Islamic Finance Excellence Award to Allied bank Limited by the

Government of Punjab, Pakistan The Government of the Punjab ( ur, ), is the provincial government of the Pakistani province of Punjab. It is based in Lahore, the provincial capital. Its powers and structure are set out in the provisions of the Constitution, in which 41 dis ...

in 2017

FinCEN

Allied Bank was named in FinCEN leak, published by Buzzfeed News and the

International Consortium of Investigative Journalists The International Consortium of Investigative Journalists, Inc. (ICIJ), is an independent global network of 280 investigative journalists and over 140 media organizations spanning more than 100 countries. It is based in Washington, D.C. with ...

(ICIJ). It had twelve suspicious transactions flagged in the years 2011 and 2012.

References

{{DEFAULTSORT:Allied Bank Limited Banks established in 1942 Banks of Pakistan 1942 establishments in India Pakistani brands Companies listed on the Pakistan Stock Exchange Companies based in Lahore Formerly government-owned companies of Pakistan