Meezan Bank Explained

Meezan Bank
Type:Public
Traded As:
KSE 100 component
KSE 30 component
Location:Karachi-75700, Pakistan
Num Locations:1,004
Num Locations Year:2023
Products:Loans, debit cards, savings, consumer banking, business Banking, premium Banking
Industry:Islamic banking
Revenue: [1]
Revenue Year:2023
Income Year:2023
Net Income Year:2023
Assets Year:2023
Equity Year:2023
Num Employees:17,186
Num Employees Year:2023
Subsid:Meezan Exchange Company (100%)
Al Meezan Investment Management (65%)

Meezan Bank Limited (Urdu: {{nastaliq| میزان بینک) is a Pakistani Islamic bank which is based in Karachi, Sindh.[2] It is the largest Islamic bank and the largest bank based on market capitalization in Pakistan.[3]

History

Meezan Bank was founded as an Islamic investment bank in 1997 by Noor Financial, Pak Kuwait Investment Company, and Islamic Development Bank.[4] It was then known as Al-Meezan Investment Bank.[5]

In 2000, Meezan Bank was listed on the Karachi Stock Exchange.[6]

In 2002, Meezan Bank acquired Pakistan operations of Société Générale.[7] In its early years from 2002, Meezan Bank faced challenges gaining acceptance in Pakistan due to the unfamiliarity with Islamic banking and its stricter loan scrutiny.[8] To overcome this, Meezan attracted deposits from religious Muslims and shifted focus to provide loans to SMEs, including those that previously avoided traditional banking for religious reasons, allowing it to serve an underserved segment.[8]

In 2013, Noor Financial tried to sell its entire stake of 49.1 percent, valued at $190 million, to a British Virgin Island-based company named Vision Financial Holdings, but it was blocked by the State Bank of Pakistan.[9] [10]

In May 2014, Meezan Bank agreed to acquire Pakistani operations of HSBC Bank Middle East which included 10 local branches and access to 75 multinational corporate clients.[11] [12] [13] A year later, Meezan Bank acquired Pakistan operations of HSBC Oman consisting of a single branch.[14] [15]

In March 2019, Noor Financial sold 34.3 million Meezan Bank shares to institutional investors for $20.92 million.[16] Previously, Noor Financial divested its stake multiple times in 2018.[17] [18]

Shareholding pattern

Bibliography

Notes and References

  1. Web site: Meezan Bank Annual Report 2023. meezanbank.com. 26 March 2024.
  2. Web site: The rise and rise of Islamic banking in Pakistan. www.thebanker.com.
  3. Web site: Meezan Bank set to benefit from the government’s expansion of Islamic debt issuance. Profit. Report. June 1, 2020. Profit by Pakistan Today.
  4. https://www.bloomberg.com/news/articles/2017-05-24/kuwait-s-noor-said-to-weigh-stake-sale-of-pakistan-s-meezan-bank
  5. Web site: Every Pakistani bank wants to dethrone Meezan Bank in Islamic banking. Who can succeed?. Farooq. Tirmizi. September 23, 2019. Profit by Pakistan Today.
  6. Web site: 2019-10-25 . Meezan Bank announces Rs10.94bn profit for 9 months . 2024-06-05 . Brecorder . en.
  7. News: Meezan Bank acquires SG operations . Dawn . May 2, 2002.
  8. Web site: The dominance of the Big Five banks is about to be broken. Farooq. Tirmizi. October 11, 2020. Profit by Pakistan Today.
  9. Web site: Divestment: Majority shareholder in Meezan Bank to sell stake. December 18, 2013. The Express Tribune.
  10. Web site: Pakistan c.bank blocks sale of Meezan Bank stake, Kuwait's Noor says | Reuters.
  11. https://www.bloomberg.com/news/articles/2014-11-24/meezan-bank-sees-extra-profit-from-hsbc-pakistan-acquisition
  12. News: Meezan Bank to acquire HSBC Pakistan . Business Recorder . May 10, 2014.
  13. News: Meezan Bank signs deal to acquire HSBC Pakistan . The News International . May 10, 2014.
  14. News: Meezan acquires HSBC Oman's operations . The Express Tribune . November 7, 2015.
  15. News: Meezan Bank acquires HSBC Oman . The News International . November 7, 2015.
  16. Web site: Noor Investment sells 34.3m shares in Meezan Bank. Shahid. Iqbal. March 15, 2019. DAWN.COM.
  17. Web site: Noor Financial sells 2.49 percent stake in Meezan Bank to foreign investors. Mohammad. Farooq. May 25, 2018. Profit by Pakistan Today.
  18. https://www.spglobal.com/marketintelligence/en/news-insights/trending/nHz9kdmUkSTUQqMQpVwihg2
  19. Web site: Iqbal . Shahid . 2019-03-15 . Noor Investment sells 34.3m shares in Meezan Bank . 2024-05-15 . DAWN.COM . en.
  20. https://www.bloomberg.com/news/articles/2022-04-30/kuwait-seeks-to-invest-750-million-in-pakistan-projects
  21. Web site: Islamic Bank Corporate Profile About Us Meezan Bank. 2020-06-07. www.meezanbank.com.

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