These are Pakistan’s Top Banks for 2018
Meezan Bank has been awarded the best bank in Pakistan at the recently held 3rd Pakistan Banking Awards 2018. Bank Alfalah has been declared the “best bank for small businesses” while Dubai Islamic Bank is the best emerging bank.
Bank Alfalah also grabbed the award for best customer franchise. Habib Bank won two awards – for the best investment bank and best bank for agriculture. Khushhali Microfinance Bank emerged as the best microfinance bank, while Mobilink Microfinance Bank won the “bank the unbanked” award.
The annual banking awards are jointly organized by the Institute of Bankers Pakistan (IBP), Dawn Media Group, and A.F. Ferguson & Co. The awards ceremony was held at the Pearl Continental Hotel in Karachi recently.
Meezan Bank, which commenced operations only as recently as 2002, has fast emerged to become one of the top banks in the country. The bank has played a key role in promoting Islamic banking in Pakistan. Its recognition as the country’s best bank, together with the best emerging bank award for Dubai Islamic Bank, points to promising prospects for the young Islamic banking industry in Pakistan.
There are currently 30 commercial banks in Pakistan, in addition to about 10 microfinance banks. Apart from Habib Bank, none of the other five largest commercial banks – traditionally known as the Top 5 – failed to win any award. The Top 5 include Habib Bank, MCB Bank, National Bank of Pakistan, United Bank, and Allied Bank.
Pakistan Banking Awards (PBA) aim to honor excellence and innovation in the country’s banking sector. Bank Alfalah had been declared Pakistan’s best bank in 2017 while United Bank had won the award in 2016.
(Photos courtesy IBP and Dawn)