Meezan Bank to Launch Credit Cards by 2027 in Major Expansion Move
KARACHI: Meezan Bank Limited has submitted plans to its Shariah board for the launch of credit cards, with full rollout targeted by the end of 2027. The country’s largest Islamic bank revealed the development during its corporate briefing session for calendar year 2025.
This marks a significant product diversification for Meezan, which has so far focused on debit cards and other Shariah-compliant offerings. System configuration work is already underway to ensure the new credit cards fully meet Islamic banking standards.
Strong Deposit Growth Despite Profit Dip
Moreover, the bank reported a net profit of Rs89 billion (EPS: Rs49.5) for CY25. This reflects a 12 percent year-on-year decline from Rs101.5 billion (EPS: Rs56.4) posted in CY24. However, deposits showed robust momentum and grew 28 percent during the year. Management expects sustainable deposit growth of 20 to 25 percent in the coming years.
Meezan maintained a very healthy CASA mix at 91 percent and reaffirmed its target to keep this ratio above 90 percent. Its cost-to-income ratio stood at an efficient 30.4 percent, while the bank aims to keep it below 40 percent in the near term. Capital adequacy remained strong at 19.2 percent, well above the regulatory requirement.
Branch Expansion and Future Plans
Additionally, Meezan plans to open 100 to 150 new branches in 2026, adding to its current network of 1,105 branches across the country. Fee income from debit cards declined slightly to Rs9.086 billion due to the bank’s aggressive push to increase debit card usage. Its subsidiary, Al Meezan Investment, performed impressively with a profit after tax of Rs4.2 billion and an outstanding return on equity of 76.4 percent.
Analysts view the upcoming credit card launch as a strategic step that will help Meezan tap into new customer segments while staying true to its Islamic banking principles. The move comes as the bank continues to strengthen its position in Pakistan’s competitive financial sector.
