Karachi, Meezan Bank Limitedinformed Pakistan Stock Exchange that the Board of Directors of the Company in their meeting held on February 14, 2018 have approved to raise Additional Tier 1 Capital through issuance of capital, in the form of Additional Tier 1 Sukuk up to the extent of Rs. 7,000,000,000 (Rupees seven billion only), to the general public by way of public offering and/or to eligible institutional and other investors by way of private placement in terms of State Bank of Pakistan’s relevant rules, regulations, circulars and notifications, subject to obtaining all applicable corporate and regulatory approvals and completion of necessary formalities.
Meezan Bank Limited was incorporated in Pakistan on January 27, 1997, as a public limited company under the Companies Ordinance, 1984. The bank carried on the business of investment banking from July 13, 1987 and was registered as an ‘Investment Finance Company’ on August 8, 1997 in accordance and in conformity with the principles of Islamic Shariah. Certificate of Commencement of Business was issued to the Bank on September 29, 1997. The bank commenced operations as a Scheduled Islamic Commercial Bank from March 20, 2002. The stocks of the bank are quoted on the Karachi Stock Exchange of Pakistan. Its registered office is located at Karachi.
The bank is engaged in corporate, commercial, consumer, investment and retail banking activities. The bank was operating through three hundred and ten branches as at December 31, 2012.
The symbol “MEBL” is being used by the stock exchanges for the shares of Meezan Bank Limited.