1947

The inception of Pakistan as the first Islamic Republic created in the name of Islam.1980

CII presents report on the elimination of Interest genuinely considered to be the first major comprehensive work in the world undertaken on Islamic banking and finance.1985

Commercial banks transformed their nomenclature stating all Rupee Saving Accounts as interest-free. However, foreign currency deposits in Pakistan and foreign loans continued as before.1991

Procedure adopted by banks in 1985 was declared un-Islamic by the Federal Shariat Court (FSC). The Government and some banks/DFIs made appeals to the Shariat Appellate Bench (SAB) of the Supreme Court of Pakistan.1997

Al-Meezan Investment Bank is established with a mandate to pursue Islamic Banking. Mr. Irfan Siddiqui appointed as first and founding Chief Executive Officer.1999

The Shariat Appellate Bench of the Supreme Court of Pakistan rejects the appeals and directs all laws on interest banking to cease. The government sets up a high level commission, task forces and committees to institute and promote Islamic banking on parallel basis with conventional system.2001

The Shariah Supervisory Board is established at Al-Meezan Investment Bank led by Justice (Retd.) Muhammad Taqi Usmani as chairman. State Bank of Pakistan sets criteria for establishment of Islamic commercial banks in private sector and subsidiaries and stand-alone branches by existing commercial banks to conduct Islamic banking in the country.2002

Meezan Bank acquires the Pakistan operations of Societe Generale and concurrently Al Meezan Investment Bank converts itself into a full fledged Islamic commercial bank. The first Islamic banking license is issued to the Bank and it is renamed Meezan Bank. President General Pervez Musharraf inaugurates the new Islamic Commercial Bank at a formal ceremony in Karachi.

2003

Meezan Bank establishes itself as the pioneer of Islamic Banking in Pakistan and quickly establishes branches in all major cities of the country. A wide range of products are developed and launched consolidating the Banks position as the premier Islamic Bank of the country Al Meezan Investment Management Limited (AMIM), the asset management arm of Meezan Bank, introduces Meezan Islamic Fund (MIF), the countrys first open-end Islamic Mutual Fund.2004

The State Bank establishes a dedicated Islamic Banking Department (IBD) by merging the Islamic Economics Division of the Research Department with the Islamic Banking Division of the Banking Policy Department. A Shariah Board has been appointed to regulate and approve guidelines for the emerging Islamic Banking industry. The Government of Pakistan awards the mandate for debut of international Sukuk (Bond) offering for USD 500 million. The offering is a success and establishes a benchmark for Pakistan. Meezan Bank acts as the Shariah Structuring Advisor for this historic transaction.2005

Meezan Bank becomes the first customer of Islamic Insurance (Takaful) by signing the first Memorandum of Understanding MoU with Pak-Kuwait Takaful Company Limited (PKTCL). The signing of this MoU has ushered Pakistan into a new era of Islamic Insurance (Takaful).2006

A number of new dedicated Islamic Banks, namely Bank Islami and Dubai Islamic Bank, commence operations in Pakistan.Meezan continues its leadership position in the industry by more than doubling it branch network to a total of 62 branches in 21 cities, clearly establishing itself as the largest Islamic Bank of the country. Meezan Bank, becomes the first Islamic bank to introduce 8 am to 8 pm banking at selected branches in Karachi.2007

Meezan Bank's branch network reached the milestone number of 100 branches (including sub-branches) in 31 cities nationwide.CarIjarahportfolio reached Rs. 4.1 billion and the Easy Home portfolio stood at Rs. 3.1 billion.The Bank introducedIstisna' financing to cater to the working capital needs of customers.

Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance News of REDmoney Group, Malaysia.Deposit base of the Bank grew to over Rs. 54 billion and the Bank earned profit after tax of Rs. 963 million. Trade Financebusiness reached Rs. 70 billion.2008

Meezan Bank introducedTijarahfinancing to allow customers to raise funds for financing of stocks of finished goods.

Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance News of REDmoney Group, Malaysia and 'Best Islamic Financial Institution in Pakistan' by Global Finance Magazine, New York. Branch network grew to 166 branches (including sub-branches) in 40 cities nationwide. Deposit base grew to Rs. 70 billion and the total financing portfolio amounted to Rs. 39 billion.2009

2009 was a watershed year for Meezan Bank. The branch network reached 201 branches (including sub-branches) in 54 cities nationwide; deposit base crossed Rs. 100 billion; profit/return earned on financing and investment activities exceeded Rs. 10 billion and the Bank handled more than Rs. 100 billion of import/export business.Being a socially responsible bank, Meezan Bank launched Meezan Labbaik, aHajjandUmrahproduct - the primary objective being the desire to facilitate Muslims in performing their holy duty. Meezan Visa Debit Card was also launched during the year which is accepted at over 30 million outlets worldwide and allows customers to withdraw funds from their account from more than 1.4 million ATMs worldwide and can also be used for shopping, dining, traveling, fuel and cash needs.Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance News of REDmoney Group, Malaysia; 'Best Islamic Financial Institution in Pakistan' by Global Finance Magazine, New York; 'Best Islamic Bank in Pakistan' for 2009 by ASIA MONEY Magazine, Hong Kong and 'Islamic Bank of the Year' for 2009 by CFA Association of Pakistan.Corporate assets, including corporate Sukuk stood at over Rs. 40 billion. Corporate highlights of 2009 included Tijarah financing with PSO, Istisna financing with PARCO andMurabahafinancing with Punjab Food Department.The Bank started implementing its new core banking application - T-24. T-24 is a core banking software which includes banking best practices based on Temenos' implementations in over 600 financial institutions and 120 countries across Retail, Corporate, Private Wealth, Islamic and Micro finance and Community Banking sectors.2010Meezan Bank developed a number of new deposit products to cater to the unique needs of different market segments.Among the products launched during this year were Meezan Business Plus, a Mudaraba-based account that offers an array of free services for businesses, Meezan Euro Savings Account and Meezan Pound Savings Account.Meezan Bank's Car Ijarah completed its 9th year and stood at Rs. 4.2 billion with over 8,000 active vehicles. Meezan Bank stood among the top three auto-finance providers in the country.Al Meezan Investment Management launched Meezan Sovereign Fund - an open-end fund; the eighth fund under its management, including two closed-end funds, five open-end funds and one voluntary pension scheme. The Bank developed a financing product based on the concept of 'Wakalah', to encourage the development of financing partnerships between Islamic banks and Microfinance banks.During the year, 38 Islamic banking awareness seminars were held in 23 cities across Pakistan and were attended by more than 4,400 participants representing customers, general public and professionals.Meezan Bank was awarded 'Best Islamic Bank in Pakistan' by Islamic Finance News of REDmoney Group, Malaysia and 'Best Islamic Financial Institution in Pakistan' by Global Finance Magazine, New York.Meezan Bank's branch network reached 222 branches in 63 cities across Pakistan and it became the 11th largest bank in Pakistan in terms of branch network.The Bank demonstrated robust business growth in 2010, closing the year with a deposit figure of Rs. 131 billion and Import/Export business of Rs. 143 billion.2011The inauguration of the new Head office in Karachi symbolizes Meezan Bank's established position amongst the leading banks and the largest Islamic Bank in Pakistan. During the year, 53 branches were opened to reach a landmark of 275 branches in 83 cities across Pakistan. Meezan Bank was awarded the Best Islamic Bank in Pakistan for 2011 by Islamic Finance News of REDmoney Group, Malaysia.The bank expanded its portfolio of consumer financing products with the launch of Meezan Laptop Ease in first quarter of 2011 which is the first of its kind in Pakistan.The Bank added another First in Pakistans Islamic Banking Industry by becoming the Advisor and Lead Arranger for the first ever short-term Sukuk for Kot Addu Power Company Limited.During the year 27 Islamic Banking Seminars and over 110 Customer Appreciation Days (115) were held to educate customers and the general public and Islamic banking.2012Meezan Bank reached 10 years of Riba-free banking with 310 branches in 90 cities. The Bank launched Visa Platinum Debit Card for its customers.The Bank also started Premium Banking Services and opened Premium Banking Centers throughout the country.Another important achievement was the launch of Meezan Kids and Teens Club Account for the children and teenagers who want to save money for their future.2013Meezan Bank became the 8th largest bank in Pakistan in terms of branch network with 350 branches in 100 cities.Total deposits of the Bank reached Rs. 280 billion.The Government of Pakistan nominated Mr. Irfan Siddiqui, the President of Meezan Bank and Dr. Imran Usmani, Shariah Advisor of Meezan Bank as members of Steering Committee for the Promotion of Islamic Banking.The Bank also made an agreement with Ethical Finance Limited for establishing first Islamic commercial bank in Republic of Mauritius.2014Meezan Bank reached a branch network of 428 branches in 117 cities. The Bank acquired Pakistan operations of HSBC.Total deposits reached Rs. 380 billion.Meezan Bank launched MasterCard Titanium debit card, Mobile Banking Application, Meezan Kafalah (Takaful), EBiz - Corporate Internet Banking and Meezan Roshni- Generator financing.