Meezan Bank ( ur, ) is the first Islamic bank in Pakistan and commenced operations in 2002, after being issued the first-ever Islamic commercial banking licence by the State Bank of Pakistan. The Bank is headquartered at Meezan House in
Karachi
Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former c ...
, Pakistan. It has a network of over 890 branches.
The bank has a market share of 35% in the Islamic banking industry of the country.
History
The bank started as an Islamic investment bank in 1997 and was then known as Al-Meezan Investment Bank.
In 2002, Meezan Bank acquired Pakistan operations of
Société Générale
Société Générale S.A. (), colloquially known in English as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense.
Société Générale ...
.
In 2014, Meezan Bank signed an agreement with
HSBC Bank Middle East
HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East.
History
The Imperial Bank of Persia (Persian: بانک شاهنشاهی ایران; Bank-e Šâhanšâhi-ye Irân) was a British ban ...
to acquire HSBC's Pakistan operations consisting of 10 branches.
In 2015, Meezan Bank acquired Pakistan operations of
HSBC Oman consisting of a single branch.
Shareholding structure
*Noor Financial Investment Company (35.25 percent)
*Pak Kuwait Investment Company (30.00 percent)
*
Islamic Development Bank
The Islamic Development Bank ( ar, البنك الإسلامي للتنمية, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi ...
(9.32 percent)
References
Bibliography
*
External links
Official website of Meezan Bank
Pakistani companies established in 1997
Banks established in 1997
Companies based in Karachi
Companies listed on the Pakistan Stock Exchange
Islamic banks of Pakistan
Pakistani subsidiaries of foreign companies
Kuwait–Pakistan relations
{{Pakistan-stub