The Islamic banking current share of 8% should grow to over 15% by 2016 in the country through penetration in all potential sectors with innovative Sharia based products and services.
Irfan Siddiqui, President & CEO of Meezan Bank expressed his vision while stating the broad growth strategy of Islamic Banking industry and his bank for the next five years.
Meezan Bank, Pakistan’s first and largest Islamic Commercial Bank has completed its 10-year of operations to become the 9th largest bank of Pakistan in terms of branches with a network of 288 in 88 cities across the country.
He further said that the Islamic banking industry in Pakistan has witnessed phenomenal growth over the past ten years. Meezan bank played a vital role in the expansion of Islamic Banking in the country and contributed a tremendous role in overall banking industry.
Pioneer of introducing Islamic banking in the country, Meezan Bank introduced modern Islamic banking in the country with comprehensive portfolio of Islamic financial products and services for Consumer, Corporate segments and Investment Banking, thus catering to all categories of customers by Sharia complaints of banking.
Meezan Bank has also been awarded as the best Islamic Bank in Pakistan by various local and international institutions over the past several years, including ‘Best Islamic Financial Institution in Pakistan’ by Global Finance magazine and ‘Best Islamic Bank in Pakistan’ by Islamic Finance News of RED money Group, Malaysia. The Bank has been rated at A-1+ (A-One Plus), the highest standard in short term rating and maintained AA- (Double A Minus) long-term entity rating with stable outlook by the JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan.
Chairman of Meezan Bank’s Shariah Supervisory Board – Justice (R) Mufti Muhammad Taqi Usmani congratulated the management and team of Meezan Bank on this occasion. In his congratulatory message, he said Meezan Bank has done a commendable job, both in terms of developing a wide range of products as well as in extending its outreach to a large portion of the population through constantly expanding its branch network.