Meezan Bank Limited
Meezan Bank Limited, a publicly listed company, was incorporated on January 27, 1997 and started operations as an investment bank in August of that year. In a historic initiative on January 2002, 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, under an atmosphere and culture of dedicated service, and recognition of 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 over 800 branches in Nov 2015, an average growth rate of 40.5% p.a.
The JCR-VIS Credit Rating Company Limited has upgraded the Bank’s long-term entity rating to AA+(Double A plus) 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.
The Bank’s main shareholders are leading financial institutions of the Region namely, Noor Financial Investment Company, Pak-Kuwait Investment Company, 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.
The Bank also 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.
You may visit their website for more details: www.meezanbank.com.
Pak Kuwait Investment Company
Pakistan Kuwait Investment Company (Private) Limited (PKIC) is Pakistan’s leading Development Financial Institution (DFI) engaged in investment and development banking activities in Pakistan. PKIC was established as a joint venture between the Governments of Pakistan and Kuwait in 1979 and the company initiated operations with a paid-up capital of Rs. 62.50 million. Over the years, paid up capital increased to PKR 10 billion while currently the total equity stands at PKR 33.53 billion, reflecting upon company’s impressive performance since inception.
Pak Kuwait Investment Company was the first Development Financial Institution (DFI) of its kind in Pakistan with an objective to induce infrastructural development, a purpose it has lived up-to successfully. PKIC as a development financial institution has played a pivotal role in promoting industrial activity, by way of equity and debt investment in key areas of the economy. PKIC continues to serve as a medium for catalyzing infrastructure development and enhancing real economic activity to help the nation in achieving a steep yet sustainable growth trajectory. PKIC’s impressive history of dividend payouts is a testimony to its investor-friendliness.
The Pakistan Credit Rating Agency (PACRA) has assigned a long-term rating of AAA and short term rating of A1+ to PKIC which denotes Lowest expectation of credit risk and strong capacity for timely payment of financial commitments. In 2013 JCR-VIS had re-assigned the Corporate Governance Rating of CGR-9 to PKIC. The assigned rating denotes High level of Corporate Governance.
You may visit their website for more details: www.pkic.com.