KARACHI: For the first time in Pakistan’s history, a senior Malaysian banking delegation visited Meezan Bank in a landmark initiative to study its successful Islamic banking model.
The visit, which included senior officer from Malaysia’s key financial institutions, marks a historic first for Pakistan, as Meezan Bank was selected as a strategic model for the advancement of Islamic banking in Malaysia.
The delegation explored the Bank’s Shariah-compliant practices and operations with a view to replicating its success back home, further reinforcing Meezan’s position as a trailblazer in Islamic finance across the region.
The delegation, led by Association of Shariah Advisors in Islamic Finance in Malaysia (ASAS) and accompanied by Herman Hardynata Ahmad Consul General of Malaysia, comprised representatives from several key Malaysian institutions, including Bank Negara Malaysia (Central Bank of Malaysia), Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, MBSB Bank Berhad, SME Bank (Small Medium Enterprise Development Bank Malaysia Berhad), and Alliance Islamic Bank Berhad. Senior management at Meezan Bank, including Irfan Siddiqui, Founding President & CEO, and Syed Amir Ali, Deputy CEO, received the delegates and acknowledged Malaysia’s ongoing efforts to promote and expand Islamic finance within the region.
With a market share approaching 25 percent in Pakistan’s Islamic banking sector, Meezan Bank is widely recognized as a benchmark in the industry. The visit will offer the Malaysian delegates with a first-hand look at the Bank’s operational framework, its implementation of various Shariah-compliant structures, and its approach to product development and innovation.
The delegation engaged in discussions with the Bank’s executive leadership, regulatory stakeholders, and Shariah scholars, gaining insights into Meezan Bank’s end-to-end Islamic banking model. Particular attention was paid to the use of trade- and partnership-based structures in its financing portfolio, a core differentiator of Meezan’s approach.
To offer a broader perspective on Pakistan’s Islamic finance ecosystem, Meezan Bank also facilitated visits to key institutions including the Pakistan Stock Exchange (PSX), State Bank of Pakistan (SBP), Darul Uloom Karachi, and others—providing the delegation with a well-rounded understanding of the country’s regulatory, educational, and market landscape.
Datuk Ahmad Hizzad bin Baharuddin, Independent Non-Executive Director of SME Bank said that this visit to Meezan Bank is a valuable opportunity to learn, engage, and collaborate with the Islamic finance community here.
Unlike Malaysia’s central bank-driven approach, Pakistan offers a unique model led by the private sector, with Meezan at the forefront. Meezan’s diversified strategy; focus on Musharakah and trade-based structures, sparking ideas for expanding Malaysia’s market. “We see strong potential for collaboration, particularly in financial integration in areas of Sukuk, where Malaysia is a global leader. Meezan Bank’s deep-rooted Shariah-based model, and Pakistan’s growing Islamic finance demand, offer valuable insights for the broader region”, he added.
Copyright Business Recorder, 2025
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