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 cap ...
, 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.
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
HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
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 (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
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