Banking is one of the fastest-growing sectors in the world right now. Banks are necessary for any country and help people in keeping their money safe and secure. need of the hour for decades. With so many new banks emerging every year, the banking industry is seeing a rise. Pakistan has about 31 banks among which 5 are public sector while 22 are private banks. The rest 4 are foreign banks.
The State Bank of Pakistan (SBP) is the central bank of Pakistan that is responsible for regulating the credit system of the country and the utilization of productive resources. With so many new, banks, it can be hard to choose the one that is best for you and suits all your requirements. So, if you are in search of the best bank in Pakistan, read this article that contains a list of all the best banks in Pakistan 2022 to choose the one best for you:
1. Habib Bank Limited (HBL):
Habib Bank Limited was founded by Muhammad Aurangzeb after Quaid-e-Azam Muhammad Ali Jinnah requested it. The bank was founded to help Muslims in 1941 in Mumbai, India. It was the first commercial and private bank of Pakistan that was laid down after the partition. HBL also has international branches, one in Sri Lanka that opened in 1951 and one in Colombo. HBL has headquarters in Karachi and more than 1751 branches with 2007 ATMs all across the world. HBL offers online banking, branch banking, investment banking services, corporate banking, financial planning, and retail financing. HBL won the best bank award in PBA 2021 and also served as a partner in supporting the Pakistan pavilion at Dubai Expo 2020.
2. Meezan Bank:
Meezan bank was launched in 2002 after it received an Islamic commercial banking license issued by the State Bank of Pakistan which made it the first Islamic Bank of Pakistan. Meezan Bank was founded by Irfan Siddiqui and has seen immense growth over the years. Meezan Bank also launched an Easy Home scheme in 2003 which is Pakistan’s first ever Shariah Compliant housing scheme. Meezan Bank was also the first to introduce Riba Free Car Financing and Istisna Financing. Meezan bank operates in 214 cities in Pakistan and has approximately 800 branches all over Pakistan. The branch network has 24/7 support and the bank has 660 ATMs, SMS banking, Online Banking, a Mobile App, and a lot of other features which make it one of the best banks in Pakistan.
3. United Bank Limited (UBL):
UBL was founded by Agha Hasan Abedi in 1959. It is a multinational commercial bank and also the largest in the private banking sector of Pakistan. UBL has over 1390 branches in up to 19 countries worldwide. UBL also offers online banking and 24/7 digital support to its users. The majority of the UBL’s client base consists of overseas Pakistanis that use it for remitting their earnings safely back home. UBL was also the winner of the Best Bank for Corporate Finance and Capital Market Development Award at PBA in 2017.
4. Bank Alfalah:
Bank Alfalah Limited, previously known as the Habib Credit and Exchange Bank, was founded in 1997 by a retail banker who works in the Emirati company Abu Dhabi group. Bank Alfalah has more than 700 branches all over Pakistan and operates in more than 200 cities in the country. Bank Alfalah has headquarters in Karachi and the bank also has numerous international branches in Bangladesh, Afghanistan, and Bahrain. Alfalah bank also has a representative office in Abu Dhabi which is owned and operated by the Abu Dhabi group. Bank Alfalah offers numerous financial services including consumer banking and credit, corporate banking, securities brokerage, investment banking, agricultural finance, Islamic banking, asset financing solutions, and SMEs.
5. National Bank of Pakistan (NBP):
National Back of Pakistan was founded back in 1949 by Syed Ahmed Iqbal Ashraf. It is the largest state-owned bank in Pakistan and an assistant to the central Bank i.e., the State Bank of Pakistan. NBP also works as a trustee between public funds and agents of the State Bank of Pakistan. NBP has headquarters in Karachi and more than 1509 branches all over Pakistan. The bank also has a global presence in approximately 11 countries in the world such as Canada and China. NBP has more than 1000 ATMs and offers a lot of financial services including agricultural financing, loans and saving services, corporate banking, treasury services, consumer banking, and investment banking.
These are some of the best banks in Pakistan and they have been operating for more than a few decades now. No matter what type of financial services you require, whether it is Islamic banking or investment banking, these banks offer everything coupled with the best customer service.
