2009 was a watershed year for Meezan Bank. The branch network reached 201 branches (including sub-branches) in 54 cities nationwide; deposit base crossed Rs. 100 billion; profit/return earned on financing and investment activities exceeded Rs. 10 billion and the Bank handled more than Rs. 100 billion of import/export business.
Being a socially responsible bank, Meezan Bank launched Meezan Labbaik, a Hajj and Umrah product - the primary objective being the desire to facilitate Muslims in performing their holy duty. Meezan Visa Debit Card was also launched during the year which is accepted at over 30 million outlets worldwide and allows customers to withdraw funds from their account from more than 1.4 million ATMs worldwide and can also be used for shopping, dining, traveling, fuel and cash needs.
Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance News of REDmoney Group, Malaysia; 'Best Islamic Financial Institution in Pakistan' by Global Finance Magazine, New York; 'Best Islamic Bank in Pakistan' for 2009 by ASIA MONEY Magazine, Hong Kong and 'Islamic Bank of the Year' for 2009 by CFA Association of Pakistan.
Corporate assets, including corporate Sukuk stood at over Rs. 40 billion. Corporate highlights of 2009 included Tijarah financing with PSO, Istisna financing with PARCO and Murabaha financing with Punjab Food Department.
The Bank started implementing its new core banking application - T-24. T-24 is a core banking software which includes banking best practices based on Temenos' implementations in over 600 financial institutions and 120 countries across Retail, Corporate, Private Wealth, Islamic and Micro finance and Community Banking sectors.
Meezan Bank developed a number of new deposit products to cater to the unique needs of different market segments.Among the products launched during this year were 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.
Meezan Bank's Car Ijarah completed its 9th year and stood at Rs. 4.2 billion with over 8,000 active vehicles. Meezan Bank stood among the top three auto-finance providers in the country.
Al Meezan Investment Management launched Meezan Sovereign Fund - an open-end fund; the eighth fund under its management, including two closed-end funds, five open-end funds and one voluntary pension scheme. The Bank developed a financing product based on the concept of 'Wakalah', to encourage the development of financing partnerships between Islamic banks and Microfinance banks.
During the year, 38 Islamic banking awareness seminars were held in 23 cities across Pakistan and were attended by more than 4,400 participants representing customers, general public and professionals.
Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance News of REDmoney Group, Malaysia and 'Best Islamic Financial Institution in Pakistan' by Global Finance Magazine, New York.
Meezan Bank's branch network reached 222 branches in 63 cities across Pakistan and it became the 11th largest bank in Pakistan in terms of branch network.
The Bank demonstrated robust business growth in 2010, closing the year with a deposit figure of Rs. 131 billion and Import/Export business of Rs. 143 billion.
The inauguration of the new Head office in Karachi symbolizes Meezan Bank's established position amongst the leading banks and the largest Islamic Bank in Pakistan. During the year, 53 branches were opened to reach a landmark of 275 branches in 83 cities across Pakistan. Meezan Bank was awarded the ‘Best Islamic Bank in Pakistan for 2011’ by Islamic Finance News of REDmoney Group, Malaysia.
The bank expanded its portfolio of consumer financing products with the launch of Meezan Laptop Ease in first quarter of 2011 which is the first of its kind in Pakistan.
The Bank added another “First” in Pakistan’s Islamic Banking Industry by becoming the Advisor and Lead Arranger for the first ever short-term Sukuk for Kot Addu Power Company Limited.
During the year 27 Islamic Banking Seminars and over 110 Customer Appreciation Days (115) were held to educate customers and the general public and Islamic banking.