Meezan Bank Ltd has recorded phenomenal growth in its profit before tax that stood at Rs 1.7 billion - 75 percent higher than the previous year. Meezan was the first bank in Pakistan to declare the results in a meeting of the Board of Directors held on February5, 2010.
The Board noted with satisfaction the excellent performance of the Bank for the year 2009 wherein a number of records were set. The Bank crossed Rs 100 billion in deposits, Rs 100 billion in trade finance (import & export) business and a network of over 200 branches. The Board announced a payout of 5 percent bonus shares for the year ended 31st December 2009.
Sheikh Ebrahim bin Khalifa al Khalifa - the Chairman of the Board, who is also the Housing Minister of the State of Bahrain - stated that the Board also approved the Bank's strategic plan for the next five years that will Insha' Allah set important milestones in the history of Islamic Banking in Pakistan. He reiterated the commitment of the shareholders to Pakistan and said that despite its problems, Pakistan represents a very important investment destination for GCC investors.
Meezan Bank is the first and largest Islamic Bank operating in Pakistan with 201 branches in 54 cities. The Bank offers a complete range of Islamic products and services, including car leasing and home mortgages. The Bank's retail banking network is supported by 24/7 banking services - these include 150 ATMs, Internet Banking and a 24-hour Call Centre. The Bank has recently launched its VISA Debit card that allows its customers to shop at more than 30 million merchants world-wide and withdraw funds from their accounts from more than 1.4 million ATM's world-wide-PR
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