Page 13 - CMA Journal (Mar-Apr 2025)

Exclusive Interview

ICMA: Meezan Bank has played a pioneering role in the country. Through financing projects in renewable
Islamic banking in Pakistan. How do you view its energy, infrastructure, and agriculture, we have also
overall contribution to the Islamization of the contributed to Pakistan's broader economic development.
country’s economy?
ICMA: What were some of the key challenges Meezan
Irfan Siddiqui: Meezan Bank's journey has been closely Bank encountered while establishing the country’s
aligned with the Vision of 'establishing Islamic banking first full-fledged Islamic banking model?
as banking of first choice’. As the country's first and
Irfan Siddiqui: Launching Pakistan’s first full-fledged
largest Islamic bank, our efforts have extended beyond
Islamic banking model came with substantial challenges.
traditional banking, laying the groundwork for a system
A key hurdle was the general lack of awareness and
that enables meaningful economic participation while
understanding of Islamic banking principles among the
adhering to Islamic finance principles. By demonstrating
public. Equally pressing was the shortage of trained
that Islamic banking is both viable and sustainable, we
professionals with the requisite expertise. The absence of
have contributed to a gradual yet impactful shift towards
a developed Islamic capital market and a limited range
the Islamization of the economy.
of Shariah-compliant financial instruments further
Meezan Bank set a precedent for the industry by constrained early growth. Transforming government
developing and implementing a range of debt, both domestic and external, into Shariah-
Shariah-compliant financial products and services, compliant formats such as sukuk posed a significant
offering a growing alternative to conventional banking policy and structural challenge.
in Pakistan. Our advisory role to the Government of
Pakistan in structuring Shariah-compliant sukuks has
further integrated Islamic finance into the national
financial framework.

By making Islamic finance more accessible to individuals
and businesses, we have built a strong foundation for the
sector's growth. Our commitment to innovation and
adaptability has driven the expansion of Islamic banking in

“ bank, Meezan sees itself not only as a
As the country’s first and largest Islamic

service provider but as a catalyst for

embedding Shariah-compliant
practices across the entire
financial sector “

Mr. Irfan Siddiqui

President & CEO
Meezan Bank Limited

ICMA’s Chartered Management Accountant, Mar-Apr 2025 11