Meezan Bank, Pakistan’s best bank and the first and largest Islamic bank, is a publicly listed company with a paid-up capital of Rs. 17.91 billion. It is one of the fastest growing financial institutions in the banking sector of the country. With its Vision of establishing ‘Islamic banking as banking of first choice ...’ – the First Islamic Bank commenced operations in 2002, after being issued the first-ever Islamic commercial banking licence by the State Bank of Pakistan.
The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 900 branches in more than 300 cities of the country. Backed by a state-of-the art T-24 core banking system, the branch network is supported by 24/7 banking services that include over 950 ATMs, VISA and MasterCard Debit cards, a Call Center, Internet Banking, Mobile Application and SMS Banking facility.
The Bank operates strictly under the principles of Islamic Shariah and is well-recognized for its product development capability, Islamic banking research and advisory services. In order to ensure strict Shariah-compliance in all its products and services, the Bank has established a dedicated Product Development and Shariah Compliance department that operates under the supervision of the Bank’s in-house Resident Shariah Board Member and a Shariah Board comprising of internationally renowned Shariah scholars.
" We must work our destiny in our own way and present to the world an economic system based on true Islamic concept of equality of manhood and social justice "
Quaid-e-Azam Mohammed Ali Jinnah
"Al-Meezan Investment Bank is established with a mandate to pursue Islamic Banking. Riba free certificates of investment are launched
Meezan Bank acquires the Pakistan operations of Societe Generale and concurrently Al Meezan Investment Bank converts itself into a full fledged Islamic commercial bank. The first Islamic banking license is issued to the Bank and it is renamed Meezan Bank. President General Pervez Musharraf inaugurates the new Islamic Commercial Bank at a formal ceremony in Karachi.
Car Ijarah, Pakistan’s first Riba-free car financing scheme, is launched
Meezan Bank establishes itself as the pioneer of Islamic Banking in Pakistan and quickly establishes branches in all major cities of the country. A wide range of products are developed and launched consolidating the Bank’s position as the premier Islamic Bank of the country Al Meezan Investment Management Limited (AMIM), the asset management arm of Meezan Bank, introduces Meezan Islamic Fund (MIF), the country’s first open-end Islamic Mutual Fund.
Easy Home, Pakistan’s first Shariah compliant housing finance scheme, is launched
The Government of Pakistan awards the mandate for debut of international Sukuk (Bond) offering for USD 500 million. The offering is a success and establishes a benchmark for Pakistan. Meezan Bank acts as the Shariah Structuring Advisor for this historic transaction.
ATMs and ATM Debit Card launched
Meezan Bank becomes the first customer of Islamic Insurance (Takaful) by signing the first Memorandum of Understanding MoU with Pak-Kuwait Takaful Company Limited (PKTCL). The signing of this MoU has ushered Pakistan into a new era of Islamic Insurance (Takaful).
ATMs and ATM Debit Card launched
Meezan Bank, becomes the first Islamic bank to introduce 8 am to 8 pm banking at selected branches in Karachi.
Internet banking launched
Meezan Bank's branch network reached the milestone number of 100 branches (including sub-branches) in 31 cities nationwide
The Bank introduced Istisna' financing to cater to the working capital needs of customers.
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. Branch network grew to 166 branches (including sub-branches) in 40 cities nationwide. Deposit base grew to Rs. 70 billion and the total financing portfolio amounted to Rs. 39 billion
Dedicated Islamic Banking Centres established in 3 cities.
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 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.
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.
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.
Meezan Bank reached 10 years of Riba-free banking with 310 branches in 90 cities. The Bank also started Premium Banking Services and opened Premium Banking Centers throughout the country.
Official Facebook page crosses 85,000 Likes
Meezan Bank became the 8th largest bank in Pakistan in terms of branch network with 350 branches in 100 cities.
Meezan Bank reaches a branch network of 428 branches in 117 cities. The Bank acquired Pakistan operations of HSBC.
Mobile Banking app launched
Agreement signed with Karandaz Pakistan.
Launch of New Corporate Website
Official Facebook Page crosses 1 Million Fans
Meezan Bank completes 15 years of Riba-free banking with over 600 branches in 159 cities, becoming the 7th largest bank in the country.
The Bank also launched EMV and NFC enabled Debit Cards and served as joint financial advisor to the Ministry of Finance for issuance of GoP Ijarah Sukuk.
Awarded 'Best Bank' for 2018 by Pakistan Banking Awards
Launch of Visa Platinum & Supplementary Debit Cards and launch of new Internet Banking
First Islamic Bank in Pakistan to introduce e-Rights Shares Subscription and e-Dividend Payments & Tax Certificates
Launch of New Meezan Bank Mobile Banking App
Launch of SkimGuard Protection on ATMs of other banks
Awarded 'Best Bank' for 2020 by Pakistan Banking Awards
Awarded 'Best Bank (Large Size Banks Category)' for 2020 by CFA Society of Pakistan
Awarded 'Best Performing Bank, Highest Amount of Deposits in Roshan Digital Account (1st Position)' by State Bank of Pakistan
Awarded 'Top Performance award for disbursements & approvals in Mera Pakistan Mera Ghar (2nd Position)' by State Bank of Pakistan
Credit ratings upgraded to AAA by VIS Credit Rating Company Limited - the highest possible rating in Financial Industry
Launch of Meezan Visa Infinite Debit Card
Launch of Meezan Senior Citizen Account
Awarded 'Best Consumer Bank of the Year' for 2022 by Pakistan Banking Awards
Awarded 'Best Bank (Large Size Banks Category)' for 2021 by CFA Society of Pakistan
Establish Islamic banking as banking of first choice to facilitate the implementation of an equitable economic system, providing a strong foundation for establishing a fair and just society for mankind.
To be a premier Islamic bank, offering a one-stop shop for innovative value-added products and services to our customers within the bounds of Shariah, while optimizing the stakeholders value through an organizational culture based on learning, fairness, respect for individual enterprise and performance.
Shariah-compliance, Integrity, Service Excellence.
Mr. Riyadh S.A.A. Edrees has been a Director of Meezan Bank since October, 2012. In addition to being the Chairman of the Board, he is also Chairman of the Human Resources, Remuneration & Compensation Committee and IFRS 9 Implementation Oversight Committee of the Board and a member of the Information Technology Committee. Mr. Riyadh has also previously served as the Vice Chairman of Meezan Bank’s Board.
Mr. Riyadh S.A.A. Edrees holds a B.Sc. degree in Chemical Engineering from Newcastle Upon Tyne University, U.K., and M.Sc. in Chemical Engineering from Kuwait University. His skills and experience encompass a wide range of industries and various roles which include:
Other Recent Offices held:
Mr. Faisal A.A.A. Al-Nassar has been a Director of Meezan Bank since March, 2015. He is Vice Chairman of the Board and Chairman of the Risk Management Committee as well as a member of the Audit Committee and Information Technology Committee of the Board. Mr. Faisal A. A. A. Al-Nassar has a Bachelor’s degree in Accounting and Finance from Kuwait University and has held many senior management positions in the finance industry including Corporate Affairs Executive Manager at National Industries Group Holding Co., Auditor for government agencies in Kuwait Bureau of Accountancy and Head of Taxation Department, Ministry of Finance, Kuwait.
Other Recent Offices held:
Mr. Bader H.A.M.A. Al-Rabiah has been a Director of Meezan Bank since November, 2015. He is also a member of the Risk Committee of the Board.
Mr. Bader H.A.M.A. Al-Rabiah has a strong academic background in accounting and a focused experience in investments honed over the past 14 years. He was involved in establishing the Real Estate Investment Department at Noor Financial Investment Company and served as the Chairman at Arab Investment, Real Estate and Agricultural Development Group, Egypt.
Other Recent Offices held:
Mr. Saad Ur Rahman Khan joined the Board of Directors of Meezan Bank in August 2023. He is also a member of the Audit Committee, Risk Management Committee and IT Committee of the Board.
Mr. Saad Ur Rahman Khan is a graduate of Institute of Business Administration (IBA), Karachi with an extensive banking career spanning more than 30 years in the area of Retail, Trade, SME, Commercial, Corporate, Investment Banking, Financial Institutions, International Banking and Risk Management.
Having started his professional journey with MCB Bank Limited in 1993, Mr. Khan has since held numerous senior roles in large local and multinational banks including Citibank, National Bank of Pakistan, Habib Bank Limited and Bank Alfalah.
Other Recent Offices held:
Mr. Faisal Fahad Al-Muzaini joined the Board of Directors of Meezan Bank Ltd., as Director in 2021. He is a member of IFRS 9 Implementation Oversight Committee of the Board.
Mr. Al-Muzaini holds a Bachelor’s Degree in Business Administration from Gulf University for Science and Technology and a PLD Harvard Business School Alumni. He has more than 16 years’ experience of working in Investments and Corporate Finance and has held various senior management positions.
Currently he is working as Deputy Head of Debt Management Dept., with Ministry of Finance Debt Management Dept., Kuwait since 2018.
Other Recent Offices held:
Mr. Mohamed Guermazi joined the Board of Directors of Meezan Bank in 2018. He is also a member of the Audit Committee of the Board. He is currently serving as Lead Awqaf Investment Specialist in the Islamic Development Bank (IsDB).
Mr. Guermazi is also serving as the Islamic Development Bank representative on the Board of Irada for Microfinance Co. Ltd., which is part of the Bank of Khartoum Group in Sudan, and on the Board of the Waqf BID Guinée (WBG), a not-for-profit organization to support the development of the education and health sectors in Guinea.
Mr. Guermazi holds a Master’s degree in Engineering from the National School of Bridges and Roads in Paris, France (Ecole Nationale des Ponts et Chaussées - Ponts ParisTech).
Before joining the IsDB in 2010, for over 15 years, he served as Director of Equities, Asset Management, Treasury, and Financial Markets at Banque de Tunisie, one of the most prominent private commercial banks in Tunisia. Besides his operational responsibilities within Banque de Tunisie, he also served as Chairman of the Société de Bourse de Tunisie, a subsidiary of the bank specializing in brokerage in securities, General Manager and Chairman of the Board of Placements de Tunisie, an affiliated investment company, Board Member and Chairman of the Audit Committee of Astrée Insurance company, Board Member of the Tunis Stock Exchange, as well as Board Member of several companies in which Banque de Tunisie holds a participation of reference.
Previously, Mr. Guermazi had also served as Deputy Managing Director of the Investment Loan Department at Banque de Tunisie, Project Officer at the Tunisian Qatari Bank for Investment, and Senior Engineer in charge of the budget and follow-up of the activity of the fertilizer plants at the Tunisian Chemical Group.
Mohammad Abdul Aleem was re-elected as an Independent Director on the Board of Meezan Bank in November, 2021. He is the Chairman of Audit Committee and member of Human Resources Remuneration and Compensation Committee of the Board.
Previously, he had served as Director on Meezan Bank’s Board from October, 2010 till November, 2018. He was Chairman of the Audit Committee as well as the Information Technology Committee of the Board during his last tenure. Besides Meezan Bank, Mr. Aleem currently is also a Director and Chairman, Audit Committee of the Engro Corporation Limited and Pakistan Refinery Limited.
Mr. Abdul Aleem is currently the CEO and Secretary General of Overseas Investors Chambers of Commerce & Industry (OICCI). He has worked in senior positions within both Exxon Chemicals and Engro Corporation, serving in both Singapore and Pakistan. Thereafter, he has worked with British American Tobacco Group UK (BAT) in Pakistan and overseas, where he ultimately served as CEO of BAT Operations in Cambodia, Mauritius, and Indian Ocean territory. Since 2004, he has served in senior positions with large Government-owned organizations in Pakistan. His last assignment was as the Managing Director, Pakistan State Oil Company Ltd.
Mr. Abdul Aleem has in the past been a Director of Dawood Hercules Corporation, Pakistan Tobacco, LUMS, Pakistan Institute of Corporate Governance and Chairman of Faysal Asset Management Company.
As a supporter of leading non-profit organizations in the field of education, Mr. Abdul Aleem is currently Vice Chairman of Professional Education Foundation and Chairman of Intellect School Governing Board.
Mohammad Abdul Aleem is a Fellow Chartered Accountant (Gold Medallist) and a Fellow Member of the Institute of Cost & Management Accountant. He has also attended extensive international management training programs at various institutes including Stanford University.
Ms. Nausheen Ahmad joined the Board of Directors of Meezan Bank in April, 2019. She is also a member of the Human Resources, Remuneration & Compensation Committee of the Board.
She holds an LL.B. from Kings College, London, an LL.M. degree from the University of London and a degree in the Philosophy of Religion from Kings College, London. She was called to the Bar from the Honorable Society of Grays Inn London and is registered as an Advocate of the Sindh High Court. She was also accredited as a mediator and master trainer by the Centre for Effective Dispute Resolution, UK and recently completed a negotiation and conflict resolution course from Harvard Law School.
Having spent over three decades in the corporate sector, Ms. Ahmad brings with her a tremendous amount of experience and expertise in the legal field, as well as proven leadership skills. She began her legal practice with the corporate law firm Surridge and Beecheno. Later, she went on to hold the position of Legal Counsel at Pakistan Petroleum Ltd. and Unilever Pakistan Ltd. She has also served with ICI Pakistan Ltd. and Habib Bank Limited as the Company Secretary and General Counsel.
Ms. Ahmad left inhouse legal practice in mid-2021 to establish a boutique law firm called the Legal and Governance Advisory to provide corporate governance advice and training to businesses. She is an executive trainer and teaches the Directors Certification Training with PICG and IBA. She also conducts diversity and inclusion training and conflict resolution and negotiation skills courses. Ms. Ahmad is part of the visiting faculty at KSBL and IOBM, Karachi.
Other Recent Offices held:
Mr. Yousef Saad AlSaad joined the Board of Directors of Meezan Bank as an Independent Director in November, 2021. He is a member of Risk Management Committee of the Board.
He holds a Bachelor’s in Finance and Financial Institutions from Kuwait University, College of Business Administration. He is also a Certified Credit Management professional from IFS School of Finance, UK
Mr. AlSaad has completed various local and international training courses from institutes including Harvard Kennedy School, SCOR Global P&C, J.P. Morgan and Chase & Co., Wellington Institute and The Blackstone Group.
He brings over fourteen years of investment and finance expertise, having held several key management positions over the span of his career, including prior entrepreneurial experience in various areas.
Mr. Irfan Siddiqui is the founding President and CEO of Meezan Bank. He is also a member of the Information Technology Committee and of IFRS 9 Implementation Oversight Committee of the Board. Having articled with Coopers & Lybrand, London from 1975 - 1979, Mr. Irfan Siddiqui qualified as a Chartered Accountant from the Institute of Chartered Accountants in England and Wales. He has held several senior management positions including Chief Executive Officer at Al Meezan Investment Bank Limited, General Manager at Pakistan Kuwait Investment Company, Chairman, Al Meezan Investment Management Advisor to the Managing Director at Kuwait Investment Authority, Manager Finance and Operation at Abu Dhabi Investment Company and Senior Business Analyst at Exxon Chemical (Pakistan) Ltd.
Other Recent Offices held:
Successful implementation of the Islamic Banking model rests upon absolute adherence to the principles of Islamic Shariah. The foundations of a strong Shariah underpinning at Meezan Bank were laid from the beginning. A world-renowned Shariah Board and a highly qualified and experienced in house Shariah Advisor are fundamental aspects of the Bank's core USP. The primary role of this Board is to maintain and further strengthen this commitment and to ensure strict Shariah-compliance in all areas of the Bank's operations.Members of the Shariah Board of Meezan Bank are Internationally-renowned scholars, serving on the boards of many Islamic banks operating in different countries.
Justice (Retd.) Muhammad Taqi Usmani is a renowned figure in the field of Shariah, particularly in Islamic finance. He currently holds advisory positions in a number of financial institutions practicing Islamic banking and finance. He has vast experience in Islamic Shariah, teaching various subjects on Islam for more than 50 years. He has served as a Judge in the Shariat Appellate Bench, Supreme Court of Pakistan from 1982 to 2002. He is also a permanent member of the International Islamic Fiqh Academy, an organ of OIC based in Jeddah, Saudi Arabia. He has served as the Vice Chairman of the above mentioned Academy for nine years.
He is generally known as one of the leading Shariah scholars active in the field of Islamic finance. For more than a decade he has served as Chairman or Member of Shariah Supervisory Boards of a dozen Islamic banks and financial institutions in various parts of the world. He presently serves as Chairman of the International Shariah Council for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Bahrain. He has held many positions in the higher echelons of the education sector of Pakistan and has participated in numerous commissions set up by the Government of Pakistan in the field of education and economics. Since 1967, he has been the Chief Editor of the monthly Urdu language magazine ‘Albalagh’ and since 1990, he has been Chief Editor of the monthly English-language magazine ‘Albalagh International’. He has also contributed articles to leading Pakistani newspapers on a range of issues. He has authored more than 60 books in Arabic, English and Urdu.
Justice (Retd.) Muhammad Taqi Usmani graduated from Punjab University, Pakistan in 1970 and also holds an LL.B. from Karachi University, Pakistan. Prior to these, he completed the Takhassus course, which is the specialization course of Islamic Fiqh and Fatwa (Islamic Jurisprudence) from Jamia Darul Uloom Karachi, Pakistan. In March 2004, His Highness Sheikh Mohammad Bin Rashid Al Maktoum (Dubai Crown Prince and UAE Minister of Defense) presented a special award to Justice (Retd.) Muhammad Taqi Usmani in recognition of his lifetime service and achievement in Islamic finance at the occasion of International Islamic Finance Forum, Dubai, which is one of the biggest events in the Islamic finance industry.
Justice (Retd.) Muhammad Taqi Usmani is the Chairman of Meezan Bank’s Shariah Board since inception of Meezan Bank.
Current Board Memberships:
Dr. Mufti Muhammad Imran Ashraf Usmani, son of Justice (Retd.) Mufti Muhammad Taqi Usmani, graduated with specialisation in Islamic Fiqh (Islamic jurisprudence) from Jamia Darul Uloom, Karachi, where he has been teaching Fiqh since 1990. He also holds an LL.B. and Ph.D. in Islamic finance. He is a member of the administration board of Jamia Darul Uloom, Karachi.
Presently, Dr. Imran Usmani is the Vice Chairman of the Shariah Board at Meezan Bank and oversees research and product development of Islamic banking products, advisory for Shariah-compliant banking and supervision of Shariah Audit & Compliance. He is also the President and CEO of Usmani & Co. Pvt. Ltd. that provides full suite of Islamic finance consultancy, Shariah advisory and related ancillary services to local and international clients across all legal jurisdictions and financial and non-financial sectors. He is serving in ICFAL-Australia, The Zeal-Canada and USA, Astana International Financial Centre-Kazakhstan, Sarasin Bank Switzerland, Amanah Bank-SriLanka, Guidance Financial Group USA, Nafa Mutual Fund, Al Meezan Investment and other mutual and property funds, Takaful companies and international Sukuk, etc.
Dr. Imran Usmani has been engaged with the Government of Pakistan in various initiatives and is also a member of the Steering Committee and implementation committee for promotion of Islamic banking since 2013. He has served as an advisor/member of Shariah Boards of several renowned institutions in various jurisdictions since 1997 including the State Bank of Pakistan, Takaful Pakistan Ltd., Pakistan Mercantile Association, HSBC-Amanah Finance, UBS-Switzerland, Lloyds TSB Bank-UK, Japan Bank for International Cooperation (JABIC), Credit Suisse Switzerland, Royal Bank of Scotland Global, Old Mutual Albarakah Equity & Balanced Funds South Africa, AIG Takaful, ACR ReTakaful Malaysia, Premier Takaful Pakistan, Capitas Group USA, Bank of London and Middle East Kuwait, BMI Bank Bahrain, Al Khaliji Bank Qatar, AIFA Amana Islamic Finance Australia, DCD Group Dubai, Acumen Fund, Swip Sicave Fund, Old Mutual AlBarakah fund and other mutual and property funds, Takaful companies and international Sukuk, etc.
He also is serving as an Executive Committee Member of AAOIFI (Dubai), Shariah Supervisory Board of International Islamic Financial Market (IIFM) Bahrain and Academic Board at Institute of Business Administration (IBA)-Centre for Excellence in Islamic Finance (CEIF), Karachi and Director at Centre for Islamic Economics (CIE), Hira Foundation School and Hira Institute of Emerging Sciences, Karachi. Dr. Usmani is the author of numerous publications related to Islamic Finance and other Shariah related subjects. He has presented papers in numerous national and international seminars and has delivered lectures at academic institutions including Harvard, LSE, LUMS and IBA.
Sheikh Esam Mohamed Ishaq graduated from McGill University, Montreal, Canada. He was born in Bahrain and studied Shariah with a number of Sheikhs in the traditional manner.
He is a member of the High Council of Islamic Affairs of the Government of Bahrain and holds various Shariah positions in many social, commercial and educational institutions. Currently, he also teaches Fiqh, Aqeeda and Tafseer courses in various Centers of Islamic studies, supervised by the Ministry of Islamic Affairs in Bahrain.
Sheikh Esam Mohamed Ishaq has served as member Shariah Board since inception of Meezan Bank.
Current Board Memberships:
In addition to membership of the Shariah Supervisory Boards of a number of local, regional and international Islamic Financial Institutions (IFIs), he is the Chairman of Shariah Supervisory Boards of the following IFIs:
Mufti Muhammad Naveed Alam holds a Masters in Islamic Banking and Finance from University of Karachi and Shahadat ul Alamiyah and Takhassus (specialization in Islamic Jurisprudence and Fatwa) from Jamia Darul Uloom, Karachi. He is also a Certified Shariah Advisor & Auditor (CSAA) from Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Mufti Muhammad Naveed Alam joined Meezan Bank in 2013 as a member of the Shariah Compliance Department of the Bank. His main responsibilities include Islamic banking training, Shariah Compliance review and Shariah Audit of different departments and branches.
He is an active teacher / trainer at Centre for Excellence in Islamic Finance (CEIF) of Institute of Business Administration (IBA) Karachi, Center of Islamic Economics (CIE) of Jamia Darul Uloom Karachi, as well as several other renowned universities.
He is also a member of the Shariah Board of NBP Funds. Prior to joining as RSBM, Mufti Muhammad Naveed Alam served as Shariah Advisor of Premier Window Takaful Operations and also as Shariah Coordinator at the Indus Hospital & Health Network.
Mufti Muhammad Naveed Alam is serving as the Resident Member of Meezan Bank’s Shariah Board since October 1, 2018.
We are a team of professional bankers committed to the cause of Islamic BankingORGANIZATION CHART
Alhamdulillah, with more than 900 branches in more than 300 cities across Pakistan, Meezan Bank is the largest Islamic Bank in Pakistan. This is a milestone that is not only the success story of Meezan Bank but also the continuing success story of Islamic banking in Pakistan. With this extensive network, our existing and potential customers are now closer than ever in benefiting from Islamic Banking at their doorstep. All branches provide real-time online banking facilities to customers.