Meezan Bank is the first and largest Islamic Bank in Pakistan with a network of over 225 Branches in over 60 cities across Pakistan. The bank has embarked on an aggressive branch expansion strategy and plans to open 47 more branches this year, as a result it is expected have a branch network comprising of 275 branches in 74 cities by the end of 2011.
Meezan Bank is a full-fledged commercial bank offering a complete range of banking products and services designed to meet all short and long-term financing needs of customers. In addition, the bank is very active in trade finance business (import and export) and has the capability of handling international trade using letters of credit. The Bank has Correspondent Banking relationships with 285 financial institutions in 81 countries.
Meezan Bank's main shareholders are leading financial institutions of the region namely, Noor Financial Investment Company, Kuwait, a leading investment company based in Kuwait; Pak-Kuwait Investment Company, a AAA rated financial entity in the country and the Islamic Development Bank of Jeddah. The established position, reputation, strength and stability of these institutions add significant value to the Bank through Board representation and applied synergies.
JCR-VIS, the Bank's Credit Rating Agency has maintained Bank's medium to long-term rating from at AA- (Double A Minus) with Stable Outlook and upgraded short-term rating from A-1 (A-One) to A-1+ (A-One Plus). Double AA 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 A1+ denotes high certainty of timely payments, excellent liquidity factors supported by good fundamental protection factors and minor risk factors.
The Bank has an internationally renowned Shariah Supervisory Board chaired by Justice (Retd.) Maulana Muhammad Taqi Usmani, an internationally renowned figure in the field of Shariah, particularly Islamic Finance. The Board also includes Sheikh Essam M. Ishaq (Bahrain), Dr Abdul Sattar Abu Ghuddah (Saudi Arabia) and Dr Imran Usmani who is also the resident Shariah Advisor of the Bank. Dr Imran is assisted by a team of professionals who strictly monitor the regular transactions of the Bank and are also responsible for Product Development. The bank also provides advisory services to companies to make their products and services Shariah-compliant.
Meezan Bank recorded 61% growth in its post-tax profit for the quarter ended March 31, 2011. The Profit after tax for the quarter increased to Rs 586 million as compared to Rs 364 million in the corresponding quarter last year. Earnings per Share (EPS) for the period increased to Rs 0.73 as compared to Rs 0.45 in corresponding period last year. Total deposits increased by Rs 4 billion over December 31, 2010 despite the fact that deposit growth is normally low in the first quarter. The income from core banking business increased by 37% to Rs 2.6 billion from Rs 1.9 billion recorded in March 2010, mainly because of concerted efforts by the Bank to increase its earning assets and an aggressive branch expansion strategy adopted since the last 5 years. Investments of the Bank increased by 27% from Rs 55 billion in December 2010 to Rs 70 billion in March 2011 mainly due to investments in GoP Ijara Sukuk issued by the Government of Pakistan in the period under review. The 15% bonus approved by the shareholders in the Annual General Meeting held in March 2011 was issued and accordingly enhanced the paid-up capital of the Bank, which now stands at Rs 8 billion. Accordingly, the Bank has met SBP minimum capital of Rs 8 billion required to be completed by December 2011, a year in advance
The Bank's retail banking network is supported by 24/7 banking services that include over 180 ATMs, Internet Banking and a 24-hour Call Center. Corporate banking provides financing and financial services to large corporate and institutional clients including public sector entities. Investment banking department provides Syndicated and Structured finance, Project finance and Corporate and Financial Advisory Service to its clients. Commercial banking targets the 'middle-market' segment of customers that includes 'Small and Medium Scale Enterprises' (SME), a segment that represents the backbone of Pakistan's economy and also focusing on the financing of seasonal products.
Meezan Bank has a strong technology focus. It has invested heavily in state-of-the-art data centre and software applications - namely Temenos T-24 and Oracle Financials. It has also recently upgraded its hardware platform and also has a 'hot' disaster recovery site in place to cater to any unforeseen eventualities.
The team at Meezan Bank believes in adding value to their customers' lives and businesses, through dynamic and competitive products and services that fulfil their needs while conforming completely to the guidelines of Islamic Shariah while at the same time, delivering competitive risk adjusted returns to the stakeholders.
Meezan Bank is recipient of a number of local and international awards including 'Best Islamic Bank in Pakistan' by Islamic Finance News of REDmoney Group, Malaysia from 2005 to 2010, 'Best Islamic Financial Institution in Pakistan' by Global Finance Magazine, New York from 2008 to 2011, 'Best Islamic Bank in Pakistan' by ASIA MONEY Magazine, Hong Kong for 2009, 'Islamic Bank of the Year' for 2009 and 2010 by CFA Association of Pakistan and 'Best Islamic Bank in Pakistan' and 'Best Islamic Trade Finance Bank in Pakistan' by Asset Triple A Awards, Hong Kong.