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Fastest Growing Bank of the Country

Meezan Bank, Pakistan’s first and largest Islamic bank, is a publicly listed company with a paid-up capital of Rs. 10 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 Bank commenced operations in 2002, after being issued the first-ever Islamic commercial banking license 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 550 branches in 143 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 500 ATMs, VISA and MasterCard Debit cards, a Call Center, Internet Banking, Mobile Application and SMS Banking facility. To cater the unbanked population the Bank also offers Branchless Banking services through Meezan UPaisa - World’s first Islamic Branchless Banking.

The Bank operates strictly under the principles of Islamic Shariah and is well-recognized for its product development capability and 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 Supervisory Board comprising of internationally renowned Shariah scholars.

Meezan Bank stands amongst the top Islamic Banks globally. Islamic Finance News – Malaysia has awarded the Bank with two global awards for the year 2015 - ‘Best Islamic Retail Bank’ and a third position in the Overall Islamic Bank’s category. The Bank has also been rated as the ‘Best Islamic Bank of the Region’ according to South Asian Disclosure Index.

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Vision, Mission & Values

Vision

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.

Mission

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.

Values

Shariah-compliance, Integrity, Professionalism, Innovation, Service Excellence, Social Responsibility. Staff that is committed, motivated and professionally trained and who are empathic to their customers’ needs.

Board of Directors

Mr. Riyadh S.A.A. Edrees has been a Director of Meezan Bank since October 2012. He is the Chairman of the Board and also the Chairman of Human Resources and Remuneration Committee. He has also previously served as the Vice Chairman of Meezan Bank.

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 including Executive Manager at Investment & Mega Projects National Industries Group Holding, Assistant Lecturer at Kuwait University, Vice Chairman at Gas & Oil Fields Services Co. (GOFSCO), Vice President and Board member at Eastern United Petroleum Services Kuwait, Director at Sajaa Gas Private Limited Co. UAE, Board member at K-Electric, Kuwait Ceramic Company Kuwait, United Gas Transmissions Company Limited Co. UAE and Kuwait Rock Company.

Directorships and other recent offices held:

  • Deputy CEO Investment & Mega Projects, National Industries Group Holding
  • Chairman, Privatization Holding Co. Kuwait
  • Vice Chairman, Middle East Complex for Eng, Electronics and Heavy Industries Co. Jordan
  • Board Member, Ikarus Petroleum Industries Kuwait
  • Board Member, Saudi International Petrochemical Company (SIPCHEM) KSA
  • Board Member, Noor Financial Investment Co. Kuwait
  • Board Member, Airport International Group Jordan
  • Board Member, Investment Committee of Bunyah Fund of the Kuwait Investment Co. Bahrain
  • Advisory Board Member, sZOL-U.K.
  • Advisory Board Member, Cleantech I & II Zouk Venture Limited U.K.
  • Advisory Board Member, Markaz Energy Fund Kuwait.

Mr. Faisal A.A.A. Al-Nassar has been a Director of Meezan Bank since March 2015. He is a Board member and also the Chairman of the Risk Management Committee of the Board.

Mr. Faisal A.A.A. Al-Nassar has a Bachelors 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.

Directorships and other recent offices held:

  • Deputy Chief Executive Officer, Finance and Administration at National Industries Group Holding Co.
  • Chairman and CEO, Al Durra National Real Estate Company
  • Chairman, Noor Executive Committee
  • Chairman, Shorfat al Safwain KSA
  • Chairman, Durrat Alshameya Investment in KSA
  • Chairman, Director and Chairman Audit Committee, Abu Dhabi Marina Real Estate Investment Company
  • Vice Chairman, Director, Noor Al Salehia Real Estate
  • Director, Noor Financial Investment Company
  • Director, Noor Audit Committee
  • Director, Noortel
  • Director, Gas & Oilfield Services Company (GOFSCO)
  • Director, Investment Committee and Arabic Investment Group, Egypt
  • Director, Kuwait Finance House-Central Bank of Kuwait

Mr. Bader H.A.M.A. Al-Rabiah has been a Director of Meezan Bank since November 2015.

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 12 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.

Directorships and other recent offices held:

  • Chairman & CEO Noor Salhia Real Estate Company
  • Chairman, Palms Agro Production
  • Director and Chairman of the Audit Committee, Osoul Investment Company
  • Director, Noor Financial Investment Co.
  • Director, International Hotels Group
  • Reserve Director, Kuwait Finance House

Mr. Mansur Khan is the Managing Director of Pak Kuwait Investment Co. Ltd since February 17, 2014. He has over 25 years of diversified experience, and a proven track record in Development/Commercial/Investment Banking. He has done Masters in Business Administration (with distinction) from Pace University, New York, USA; majoring in Financial Management.

Mr. Khan has served as a President / CEO of Zarai Taraqiati Bank Limited (ZTBL), SME (small and Medium Enterprises) Bank Limited, Managing Director of Punjab Small Industries Corporation (PSIC) and the Sudanese Microfinance Development facility (SMDF). He has international experience of working in Asia, Africa, USA, Europe and the Middle East. Prior to joining Pak Kuwait as Managing Director, he was associated with Weidemann Associates Inc, a Crown Agents USA, company.

Mr. Khan was a Fighter Pilot in the Pakistan Air Force from 1970 to 1978.

He held Directorship in Sudanese Microfinance Development Facility, Zarai Taraqiati Bank Ltd, National Commodity Exchange Ltd, Saudi Pak Agricultural & Investment Company Ltd, National Database & Registration Authority, Kissan Support Services Ltd, SME Bank Ltd, SME Leasing Ltd, TMT venture Capital Fund, Small and Medium Enterprise Dev. Auth, Business Competitiveness/Support Funds, Punjab Small Industries Corporation and Pakistan Steel Mills.

A Certified Director from Pakistan Institute of Corporate Governance (PICG), Mr. Khan currently serves on the boards of PKIC, Pak Kuwait Takaful Co Ltd, The General Tyre and Rubber Co. of Pakistan Ltd, National Clearing Co. Pakistan Ltd and Meezan Bank Limited.

Mr. Alaa A. Al-Sarawi has been a Director of Meezan Bank since January 2009. He is also a member of the Risk Management Committee of the Board.

Mr. Alaa A. Al-Sarawi holds a Bachelors of Business Administration, Minor in Government from Eastern Washington University in 1995 and a Diploma in Accounting from Kuwait Business College in 1990. He has held various senior management positions including Investment Supervisor at Boubyan Bank from Feb 2005 to Feb 2007, Senior Investment Manager at Al-Ahlia Investment Company from Apr 2001 to Jan 2005 and Senior Investment Officer at Wafra International Investment Company from May 1999 to Mar 2001. Mr. Alaa A. Al-Sarawi did the Investment Trainee Program at the Kuwait Investment Authority and the overseas assignment with JP Morgan N.Y. in 1996.

Directorships and other recent offices held:

  • Senior Investment Manager, Hedge Funds Section, Alternative Investments Sector, Kuwait Investment Authority (Mar 2007 – Present)
  • Director, Arabian Sea Enterprises Limited (2015 – Present)
  • Director, Arabian Gulf Enterprises Limited (2015 – Present)
  • Director, Meezan Bank Limited (Jan 2009 – Present)

Mrs. Syeda Azra Mujtaba has been a Director of Meezan Bank since January 2015. She is also a member of the Audit Committee of the Board.

Mrs. Syeda Azra Mujtaba holds an M.Sc. degree from Quaid-e-Azam University, Islamabad and a Bachelor’s degree from St. Joseph’s College, University of Karachi. She has served as Additional Finance Secretary, Ministry of Finance, Govt. of Pakistan. She has also held various senior management positions including Member (SP&S) at FBR (HQ) - Islamabad, Member Directing Staff at National Defence University - Islamabad, Chief (HRM Wing) Federal Board of Revenue - Islamabad, Commissioner (TFC/IP) in large Taxpayer Unit, FBR - Islamabad, Chief in Federal Board of Revenue (HQ), Commercial Counselor, Embassy of Pakistan - Italy, Deputy Secretary at Prime Minister’s Secretariat - Islamabad and Additional Director at Central Board of Revenue - Islamabad. Furthermore, she has served as Deputy Commissioner and Income Tax Officer in different regions and cities of Pakistan. Her extensive career also includes services as the Director of Sui Southern Gas Company Limited and Pakistan Steel Mills.

Mr. Muhammad Zarrug Rajab has been a Director of Meezan Bank since 2015.

He holds a Bachelors degree in Commerce from Libyan University and is a Fellow Chartered Accountant (England & Wales). He has held various senior management positions including Director at Bahrain Islamic Bank (BISB), Board Member at BISB Bahrain and Al Meezan Investments Pakistan and at Islamic Development Bank Jeddah. He has also held the prestigious positions of Auditor General of Libya, Minister of Treasury Libya and Governor of Libyan Central Bank.

Mr. Mohammad Abdul Aleem is a Fellow Chartered Accountant (FCA) and a Fellow Cost & Management Accountant (FCMA). He has worked for 16 years in Senior positions with Engro Corporation Ltd and Esso Singapore. Thereafter, he has worked for another 14 years with British American Tobacco Group UK (BAT) in Pakistan and Overseas. For over 10 years he served as CEO of BAT operations in Cambodia, Mauritius and Indian Ocean.

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 Limited. Currently, he is the CEO/ Secretary General of Overseas Investors Chamber of Commerce & Industry.

He is also serving on the Boards of Meezan Bank Ltd. and Dawood Hercules Corporation Ltd. he joined the Engro Board in 2015.

Mr. Noorur Rahman Abid has been a Director of Meezan Bank since January 2014. He is also a member of the Audit Committee and Human Resources and Remuneration Committee of the Board.

Mr. Noorur Rahman Abid is a Fellow Chartered Accountant from Institute of Chartered Accountants in England and Wales and has held several senior management positions including Assurance Leader for Ernst & Young Middle East and North Africa, Engagement Partner for audits of a large wholesale bank based on Bahrain as well as the largest Investment bank based in Bahrain, Chairman of Auditing Standards Committee and Deputy Chairman of Accounting and Auditing Standards Board of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). He played an instrumental role in promoting several successful initiatives, including the Islamic Banking Center of Excellence in Bahrain and was declared winner of the World Islamic Banking Conference 2012 Industry Leadership Award in recognition of his contribution to Islamic Banking.

Directorships and other recent offices held:

  • Member of Board of Trustees, Accounting and Auditing Organization for Islamic Financial Institutes
  • Kuwait Finance House, Kuwait.
  • Kuwait Finance House, Bahrain.
  • Member of Audit Committee, VC Bank, Bahrain
  • Director, Al Shaheer Corporation Ltd

Mr. Talal S. A. Al-Shehab has been a Director of Meezan Bank since November 2015.

Mr. Talal S. A. Al-Shehab holds a Bachelors degree in Accounting and Auditing from Kuwait University, Certificate in Credit Management from Institute of Banking Studies and American Business Accounting Certificate from Kuwait Association for Accountants. He started his career in the Taxation Department in the Ministry of Finance, Kuwait and has held senior management positions including Manager of Corporate Banking Division at Ahli United Bank and Corporate Finance Manager at Warba Investment Company.

Directorships and other recent offices held:

  • Acting CEO, Al-Masar Leasing and Investment Company
  • Chairman and Acting CEO, Priority Automobile Company
  • Chairman, National Information Technology Company
  • Director, Al-Reyada Finance & Investment Company
  • Director, Unicapta Consultant Company
  • Director, Marsa Abu Dhabi R/E Investment Company
  • Independent Board Member, Amar Finance & Investment Company

Mr. Irfan Siddiqui is the founding President and Chief Executive Officer of Meezan Bank. He is also a member of the Human Resource and Remuneration Committee of the Board.

Mr. Irfan Siddiqui holds a Foundation Course in Accountancy from Sunderland, U.K. and is a Fellow Chartered Accountant from Institute of Chartered Accountants 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, Manager Finance and Operation at Abu Dhabi Investment Company and Senior Business Analyst at Exxon Chemical (Pakistan) Ltd.

Directorships and other recent offices held:

  • Member of Government of Pakistan Steering Committee for ‘Promotion of Islamic Banking in Pakistan’
  • Member of Board of Trustees, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain
  • Chairman, IBP Sub Committees for Academic Board and Finance Committee

Mr. Ariful Islam has been a Director of Meezan Bank since 1999 when he joined the bank as its first Chief Operating Officer. He is presently the Bank’s Deputy CEO and an Executive Board member. He is a member of the Risk Management Committee of the Board as well as a member of several Management Committees of the Bank.

Mr. Ariful Islam is an Associate Member of the Institute of Chartered Accountants in England and Wales as well as a Fellow Member of the Institute of Chartered Accountants in Pakistan. He has over 30 years of banking experience and has held several senior management positions including Executive Vice President & Regional Manager South at Faysal Bank Limited and Senior Executive Vice President & Head of Investment Banking at MCB Bank Limited.

Directorships and other recent offices held:

  • Chairman of the Board Al-Meezan Investment Management Limited
  • Director, Atlas Battery Limited

Shariah Supervisory Board

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 Supervisory 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 ommitment and to ensure strict Shariah-compliance in all areas of the Bank's operations.Members of the Shariah Supervisory 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.

Justice (Retd.) Muhammad Taqi Usmani has vast experience in Islamic Shariah, teaching various subjects on Islam for 39 years. He has served as a Judge in the Shariat Appellate Bench, Supreme Court of Pakistan from 1982 to 2002. He is also the Editor of the magazine Albalagh (a weekly publication of Jamia Darul Uloom, Karachi) as well as an active contributor of articles in leading Pakistani newspapers.

Justice (Retd.) Muhammad Taqi Usmani graduated from Punjab University, Pakistan in 1970 and also holds an LLB 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.

Current Board Memberships:

  • Chairman Shariah Board, Central Bank of Bahrain
  • Chairman Shariah Board, Abu Dhabi Islamic Bank, U.A.E.
  • Chairman Shariah Board, Meezan Bank Ltd., Karachi, Pakistan
  • Chairman Shariah Board, Dubai Bank, Dubai
  • Chairman Shariah Board, International Islamic Rating Agency, Bahrain
  • Chairman Shariah Board, Swiss Re-Takaful, Switzerland
  • Chairman Shariah Board, Pak-Kuwait Takaful, Karachi
  • Chairman Shariah Board, Pak-Qatar Takaful, Karachi
  • Chairman Shariah Board, BankIslami Pakistan, Karachi
  • Chairman Shariah Board, JS Investments Islamic Fund, Karachi
  • Chairman Shariah Board, JS Islamic Pension Savings Fund
  • Chairman Shariah Board, Arif Habib Investments – Pakistan International Element Islamic Fund, Karachi
  • Member Shariah Board, Arcapita Bank, Bahrain
  • Member Shariah Board, Islamic Corporation for the Development of the Private Sector (ICD), an organ of IDB Jeddah
  • Member Shariah Board, Guidance Financial Group, USA

Born in Bahrain Sheikh Essam M. Ishaq graduated in Political Science from McGill University, Montreal, Canada. Currently he is teaching Fiqh, Aqeeda and Tafseer courses in Bahrain. He holds the position of Advisor at Discover Islam, Bahrain. He holds position of Director in a number of Business and Educational institutions, which include:

  • Al Baraka Islamic Bank, Bahrain
  • Bahrain Development Bank, Bahrain
  • Discover Islam, Bahrain
  • Middle East Traders, Bahrain
  • Zawaya Property Development, Bahrain
  • Al Iman Islamic School, Bahrain
  • Muslim Educational Society, Bahrain

Dr. Muhammad Imran Ashraf Usmani, son of Justice (Retd.) Mufti Muhammad Taqi Usmani, holds an LLB, M. Phil, and Ph. D. in Islamic Finance and graduated as a scholar with specialization (Takhassus) in Islamic Fiqh and fatwa from Jamia Darul-Uloom, Karachi. Dr. Muhammad Imran Ashraf Usmani, Resident Shariah Board Member at Meezan Bank, is responsible for R&D and Product Development of Islamic banking products, advisory for Shariah-compliant banking and supervision of Shariah Audit & Compliance.

Dr. Imran Usmani has served as an advisor / member of Shariah Boards of several renowned institutions since 1997 which includes the State Bank of Pakistan, HSBC - Amanah Finance, UBS - Switzerland, Guidance Financial Group USA, Lloyds TSB Bank - UK, Japan Bank for International Cooperation (JABIC), Credit Suisse Switzerland, RBS Global, Old Mutual Albarakah Equity & Balanced Funds South Africa, AIG Takaful, ACR Retakaful Malaysia, Capitas Group USA, Bank of London And Middle East Kuwait, BMI Bank Bahrain, Al Khaliji Bank Qatar, Sarasin Bank Switzerland, DCD group Dubai and other Mutual and Property funds, Takaful Companies and international Sukuk etc. He is also an Executive Committee Member of AAOIFI (Dubai) and Shariah Supervisory Board of International Islamic Financial Market (IIFM) Bahrain and International Center for Education in Islamic Finance (INCEIF) Malaysia, Institute of Business Administration (IBA), Karachi and Center for Islamic Economics (CIE), Karachi.

Dr. Imran 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. Dr. Usmani is also the head of Hira Foundation School, a project of Jamia Darul Uloom Karachi to provide a high standard education from Montessori level to University level combining conventional modern academics with Islamic teachings. He also serves as a lecturer of different subjects of Shariah and is amongst the administration board of Jamia Darul-Uloom, Karachi. He is a visiting faculty member at Karachi University and IBA. He has also been leading Friday khuthbah and prayer at a Jamia Mosque for 20 years.

Management Team

We are a team of professional bankers committed to the cause of Islamic Banking

ORGANISATIONAL CHART

Shareholding Structure

Credit Rating

Category Latest Previous
Medium to Long-Term AA AA
Short Term A-1+ A-1+
Outlook Stable Stable

JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Meezan Bank Limited (MBL) at ‘AA/A-1+’ (Double A/A-One Plus). Outlook on the assigned ratings is ‘Stable’. The previous rating action was announced on June 29, 2015.

Double A rating assigned by JCR – VIS denotes high credit quality, strong protection factors and modest risk but may vary from time to time because of economic conditions. Whereas short term rating A-1+ denotes high certainty of timely payments, excellent liquidity factors supported by good fundamental protection factors and minor risk factors.

Branch Network

Alhamdulillah, with over 550 branches in more than over 140 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.