Research Analyst
Jan 23 - 29, 2012

Meezan Bank Limited, a publicly listed company, is the first and largest Islamic Bank in Pakistan and one of the fastest growing banks in the history of the banking sector of the country.

Having the largest branch network and product range, Meezan Bank bears the critical responsibility of leading the way forward in establishing a stable and dynamic Islamic banking system replete with dynamic and cutting-edge products and services.

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.

The bank has developed an extraordinary research and development capability by combining investment bankers, commercial bankers, Shariah scholars and legal experts to develop innovative, viable, and competitive value propositions that not only meet the requirements of today's complex financial world, but do so with world-class service excellence which their customers demand all within the bounds of Shariah.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, has upgraded bank's short term rating from A-1 (A-One) to A-1+ (A-One Plus), the highest standard in short term rating. The long-term entity rating has been maintained at AA- (Double A Minus) with stable outlook.

Despite the challenging economic circumstances, the banks plan to continue with its aggressive branch expansion approach and open additional branches in upcoming months.


Meezan Bank has recorded excellent results for the nine months ended September 30, 2011. The profit after tax recorded a substantial increase of Rs1,297 million (130 per cent) from Rs995 million in the corresponding period last year to Rs2,292 million in the period under review.

Income from core banking business before provisions increased Rs2,260 million from Rs5,677 million in September 2010 to Rs7,937 million on account of concerted efforts by the bank to increase earning assets and returns thereon.

Administrative and operating expenses surged from Rs3,385 million to Rs4,421 million primarily due to higher staff expenses, rent and costs associated with branch expansion, an investment which paid off well, as evident from strong growth in deposits over the period.

The deposits grew Rs20 billion (16 per cent) during the nine months period to Rs151 billion from Rs 131 billion as at December 31, 2010.

The deposit growth was significantly higher as compared to the overall banking sector deposits growth, which was recorded at 5.7 per cent during the period under review.

Assets increased by Rs24 billion indicating a growth of 16 per cent. The 7th and 8th auction of the Government of Pakistan Ijarah Sukuk were made during the first half of 2011. Meezan Bank aggressively participated in these issues. Subsequently, the bank is also playing its role as an active market maker in Ijarah Sukuk.


Meezan Labbaik Saving Aasaan is an ideal deposit product for their customers if they are an individual saver and wish to save for their spouse, children, parents, etc. Customers can take benefit from this special Mudarabah based deposit account for Umrah & Hajj where the customers will also be entitled for profit on the deposited amount, thus providing customers a bigger incentive to save for Umrah/Hajj through Meezan Labbaik Saving Aasaan.


The bank's Riba-Free Monthly Mudarabah Certificate (MMC) is a short-term deposit product, which has been designed to give customers expected monthly returns.

Monthly Mudarabah Certificates work on the principle of Mudarabah under which the customer is an investor (Rab-ul-Maal), and the bank is the manager (Mudarib) of the funds deposited by the customer.

The bank allocates the funds received from the customers to a deposit pool; funds from the pool are utilized to provide financing to customers under Islamic modes that include but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharakah.

The Monthly Mudarabah Certificate is available for individuals and businesses including sole proprietorships, partnerships, and limited companies.


Western Union is a world leader in the money transfer business with global presence and international recognition. Meezan Bank is the first and only Islamic bank to provide this service in Pakistan. The customers can now transfer money conveniently and in real-time to Pakistan within minutes via the Western Union Money Transfer Service available at all Meezan Bank branches. Money may be remitted via any of the Western Union service providers located in over 200 countries worldwide.


Meezan's QuickPay allows customers to pay their utility and mobile phone bills anytime without waiting in queues at the bank's counter. This service is available 24 hours, 7 days a week via Meezan bank's free internet banking facility and via the Meezan ATM Network.


INDICATORS SEP 30, 2011 DEC 31, 2010 GROWTH (%)
Deposits 151,491 131,070 16
Financings 46,476 54,195 (14)
Investments 89,305 54,967 62
Due from financial institutions 12,539 10,512 19
Total Assets 179,228 154,752 16
Share Capital 8,030 6,983 15
Shareholders' Equity 12,229 10,740 14