Meezan Bank Limited is preparing to launch two Shariah-compliant card products in Pakistan during 2027.
The planned products are the Meezan Charge Card and Islamic Financing Card. Both will operate according to Islamic financing principles.
The bank disclosed its plans during its 2026 analyst briefing. Management also discussed financial performance, deposits, expansion plans and its future outlook.
Meezan Bank Secures Shariah Approval
Unlike conventional credit cards, the upcoming products will follow Shariah-compliant financing structures. Meezan Bank has already received Shariah approval for both products.
The bank has started a soft launch of the Meezan Charge Card. Meanwhile, development work continues on the Islamic Financing Card.
Management expects both products to begin commercial operations during 2027. However, remaining development and rollout work must be completed first.
The planned launch will expand the bank’s range of Shariah-compliant financial products.
Deposits Reach Rs. 3.7 Trillion
The bank also reported strong deposit growth during its analyst briefing.
Deposits increased 23% year-on-year to Rs. 3.7 trillion by June 2026. They also increased 3% compared with the previous quarter.
The bank’s deposit market share reached 9.15%. CASA deposits increased 13% year-on-year during the first half of 2026. The CASA ratio reached 91% in June.
Current account deposits also increased 20% compared with the same period last year. Management said the bank remains focused on improving average deposit balances.
Meezan Bank Plans 100 More Branches
Meezan Bank operated 1,150 branches by June 2026. It plans to open another 100 branches before the end of 2026.
The bank is also developing its “phygital” banking strategy. This model combines traditional branches with digital banking services.
Deposits per branch stood at approximately Rs. 3.5 billion. Meanwhile, the advances-to-deposits ratio fell to 44% in June 2026. It had stood at 51% in December 2025.
Management attributed the decline to stronger deposit growth and seasonal factors. Weak business demand for financing also contributed. The bank expects the ratio to improve in future periods.
Investments Focused on Ijarah Sukuk
Around 85% of the bank’s investment portfolio is invested in government-issued Ijarah Sukuk.
About 75% of this exposure consists of variable-rate instruments. The remaining portion is held in fixed-rate Sukuk. Management expects more Shariah-compliant investment products to become available in the market.
The bank’s cost-to-income ratio increased to 30% during the first half of 2026. It was 25% during the same period last year. However, the ratio remained below the bank’s target range of 34% to 35%.
Profit Reaches Rs. 48.8 Billion
The bank reported Rs. 48.8 billion in profit after tax for the first half of 2026. Profit increased 6% year-on-year, while earnings per share reached Rs. 27.1.
The bank also announced a cash dividend of Rs. 8 per share. This increased the total dividend for the first half of 2026 to Rs. 15.5 per share.
Management also reported higher foreign exchange income due to stronger trade activity and remittance inflows. Looking ahead, management expects Pakistan’s policy rate to remain unchanged over the next few quarters.
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The planned card launches in 2027 will form part of the bank’s continued expansion of Islamic financial services.
