meezan bank in Pakistan

Meezan Bank Limited, a publicly listed company, was incorporated on January 27, 1997 and started operations as an investment bank in August that year. In January, 2002 in an historic initiative, Meezan Bank was granted the country’s first full-fledged commercial banking license as a dedicated Islamic Bank, by the State Bank of Pakistan. By implementing robust and aggressive strategic and tactical initiatives on the side of consumer banking, Meezan Bank aims to fulfill its prime objective of providing customers accessibility and convenience, within an atmosphere and culture of dedicated service and recognition of their needs. Since its inception as an Islamic commercial bank in 2002, Meezan Bank has been one of the fastest growing banks in the history of the country’s banking sector. The Bank’s deposits grew at an average rate of 46% p.a. from December 2002 to December 2012 while its branch network grew from 6 branches in 2002 to 328 branches in October 2013, an average growth rate of 48% p.a. The Bank has established a strong and credible management team comprising of experienced professionals that has achieved a strong balance sheet with excellent operating profitability and strong ratios. The JCR-VIS Credit Rating Company Limited has upgraded the Bank’s long-term entity rating to AA (Double A) from AA- (Double A minus) and short term rating at A1+ (A One Plus) with stable outlook. The short term rating of A1+ is the highest standard in short term rating. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.