November 26th, 2007
Meezan bank, the first and the largest Islamic bank in Pakistan has taken the lead in Islamic Investment and Sukuk initiatives by playing the leading role in Rs. 53 billion investment banking transactions for corporate entities during the year 2007 alone. This includes, Rs. 10.6 billion for Liberty Power Tech Limited in Privately Placed Sukuk, Rs. 8.58 billion to Attock Gen Limited in Syndicated Finance Facility, Rs. 8 billion to Pakistan Water and Power development Authority (WAPDA) in SLR Eligible Sukuk, Rs. 7.7 billion to Dawood Hercules Chemicals Limited in Syndicated Finance, Rs. 3 billion to Engro Chemical Pakistan Limited in Privately Placed Sukuk, Rs. 2 billion to Sui Southern Gas Company Limited in Privately Placed Sukuk, Rs. 2 billion to PIA (Pakistan International Airline Corporation) in SLR Eligible Sukuk, Rs. 2 billion to DG Khan Cement Company Limited in Syndicated Finance Facility, Rs. 500 million to Quetta Textile Mills Limited in Privately Placed Sukuk, Rs. 800 million to Arzoo Textile Mills Limited in Privately Placed Sukuk and Rs. 625 million to Sitara Chemical Pakistan Limited in Privately Placed Sukuk.
President and CEO Meezan Bank, Mr. Irfan Siddiqui said that Meezan Bank is aggressively striving to ensure the rapid expansion of Islamic Banking in all financial spheres. He said that Pakistani industrial sector is showing a significant paradigm shift away from conventional banking to Islamic mode of Finance.
He said that Meezan Bank remains committed in providing innovative and complete business solutions to the corporate sector. The ongoing Investment Banking initiatives with major private and public sector corporate entities are a testament of Meezan Bank’s vision to establish Islamic Banking as Banking of first choice in Pakistan.
Mr. Irfan Siddiqui said that Meezan Bank currently enjoys 40% market share in the Islamic banking industry and over the period of five years its growth rate has been over 60%. He said that our mission is to be the premier Islamic Bank and Meezan Bank as torch bearer is expanding Shariah-compliant investment banking horizons in Pakistan.