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. 16.26 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 800 branches in more than 240 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 660 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
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 a member of the Human Resources and Remuneration Committee, Information Technology Committee and IFRS 9 Implementation Oversight Committee of the Board. 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 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 Audit 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. Mubashar Maqbool has been a Director of Meezan Bank since October, 2019. He is also a member of the Risk Management Committee and Chairman Information Technology Committee of the Board.
Mr. Mubashar Maqbool holds an MBA degree in Finance and International Business from University of Miami, U.S.A. and another MBA in Finance from Quaid-e-Azam University, Pakistan. He has a long, diversified and successful track record in Corporate Banking, Corporate Finance, Project Financing, Commercial Banking, SME Banking as well as General Management. In a career spanning over thirty years, he has held senior positions in renowned local and multinational organizations like Citigroup, Samba Financial Group, Habib Bank Limited etc. both in Pakistan and abroad.
Mr. Mubashar started his banking career with Citibank Pakistan where he held various positions in Corporate Banking Group. In 1997, he was transferred to Saudi American Bank (Samba), Saudi Arabia. He was Division Head, Corporate Banking in Samba Bank till 2004. Mr. Mubashar joined Habib Bank Limited in 2004 and held various senior positions there including Corporate Head – Central, Group Head – Commercial Banking & Retail Lending, Group Head – Commercial Banking and Country Manager / CEO, HBL – UAE. He also represented HBL on the Board of Pakistan Agricultural Storage and Services Corporation (PASSCO).
Current Board Membership:
Mr. Naveed has over 35 years of rich and diversified experience in Islamic and Conventional Banking of Local and Foreign Banks. This includes over 15 years of working experience at the front end of Corporate, Commercial & SME segments and last 20 years his expertise has moved to Risk Management.
Mr. Naveed has worked at various key senior roles during his association with different local and foreign banks, such as, Team Leader CIBG, Faysal Bank Limited; Country Head Risk Asset Review, Senior Credit Officer at Union Bank Limited/Standard Chartered Bank Pakistan Limited; Country Head Corporate Banking, Country Head Risk-SME / Commercial during two different stints with NIB Bank Limited; Head of Credits for Corporate & Investment Banking and Islamic Banking at Bank Alfalah Limited, Chief Risk Officer at Dubai Islamic Bank Pakistan Limited. Since 2016 working with Pakistan Kuwait Investment Company Pvt. Limited as Chief Risk Officer. He has also represented PKIC as a Nominee Director on the Board of The General Tyre and Rubber Company of Pakistan Limited from October 2019 to September 2020. He has also performed due diligence exercise for some major local banks in Pakistan.
Mr. Naveed Sherwani holds Master’s degree from Karachi University and has also attended various international and local trainings/seminars related with banking and management. Mr. Naveed Sherwani has also attended the Director Orientation Workshop arranged by Pakistan Institute of Corporate Governance (PICG).
Mr. Mohamed Guermazi joined the Board of Directors of Meezan Bank in 2018. He is also a member of the Risk Management Committee of the Board. He is currently serving as "Lead Awqaf Investment Specialist" in the Islamic Development Bank (IsDB).
Mr. Guermazi holds a Masters Degree in Engineering from the National School of Bridges and Roads in Paris (Ecole Nationale des Ponts et Chaussées - Ponts PariTech). He is also serving as Member of the Board of Irada for Microfinance Co. Ltd. which is part of Bank of Khartoum Group in Sudan.
Prior to joining the IsDB in 2010, and over a period of 15 years, he had been serving 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 specialized 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 ASTREE 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.
Mr. Guermazi has been nominated by the Islamic Development Bank to be its representative on the Board of the Waqf BID Guinée (WBG), which is a not-for-profit organization to support the development of the education and health sectors in Guinea.
Ms. Nausheen Ahmad joined the Board of Directors of Meezan Bank in April 2019. She is also a member of the Human Resources and Remuneration 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.
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., Unilever Pakistan Ltd. and ICI Pakistan Ltd. before moving onto Habib Bank Limited as the Company Secretary and General Counsel.
Ms. Ahmad has been associated with the Legal and Regulatory Committees of the Pakistan Bank Association and the Pakistan Business Council and has held several leadership positions throughout her professional career. She was Non-Executive Director of First Women Bank Limited (FWBL) and played an active role in setting up the Pakistan Mortgage Refinance Company (PMRC). With her strong interest in Corporate Governance and Training, Ms. Ahmad has been undertaking training assignments with the Pakistan Mediators Association, SZABIST and the Institute of Business Administration, Karachi.
Directorship Previously held:
Mohammad Abdul Aleem has been re-elected as Independent Director on the Board of Meezan Bank in November 2021.
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 including at Stanford University.
Mr. Irfan Siddiqui is the founding President and Chief Executive Officer 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, 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:
The Bank has already submitted application for the Fit and Proper Test of the Elected Board of Directors to the State Bank of Pakistan which is in process of reviewing the same
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.
Justice (Retd.) Muhammad Taqi Usmani 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 the Editor-in-Chief 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 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.
Current Board Memberships:
Dr. Mufti Muhammad Imran Ashraf Usmani, son of Justice (Retd.) Mufti Muhammad Taqi Usmani, graduated with specialization 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. Usmani is the Vice Chairman of Shariah Board at Meezan Bank.
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.
In the past, Dr. Usmani has served as an advisor / member of Shariah Boards of several renowned institutions since 1997 including 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, International Centre for Education in Islamic Finance (INCEIF) and other mutual and property funds, Takaful Companies and international Sukuk etc.
At present, Dr. Usmani is serving at different capacities at various organizations which are as under:
Born in Bahrain, Sheikh Esam Mohamed Ishaq graduated from McGill University, Montreal, Canada and also 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.
He holds memberships of the following institutions:
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:
Furthermore, Sheikh Esam is Chairman of the Muslim Educational Society, Vice Chair & Shariah Advisor for Discover Islam Centre & member of the Board of Trustees of Al- Iman Islamic Schools, Bahrain.
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 Institution (AAOIFI).
Mufti Muhammad Naveed Alam joined Meezan Bank in 2013 as a member of the Shariah Compliance Unit of Shariah Compliance Department. 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 Center 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 has served as Shariah Advisor of Premier Window Takaful Operations and also as Shariah Coordinator at Indus Hospital.
We are a team of professional bankers committed to the cause of Islamic BankingORGANIZATION CHART
Alhamdulillah, with more than 800 branches in more than 240 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.