The 7 Best Banks In Pakistan - Top Banks in Pakistan

ByFaisal Chughtai | Published date: | Modified date:

For decades, banking has been the fastest rising necessity of the hour. It assists individuals in bettering and securing their money. There are dozens of banks all around the world that demonstrate how vital banking is to any nation. Pakistan's banking industry consists of 31 banks, which are separated into 5 "Public Sector Banks," "22 Private Banks," and "4 Foreign Banks".

Commercial banks, financial banks, Islamic banks, foreign banks, microfinance banks, and development financial institutions are all part of Pakistan's banking system. Pakistan's primary and major bank is the "State Bank of Pakistan" (SBP). It is governed by the Act of 1956. The SBP is in charge of supervising the country's monetary and credit systems and the usage of the country's productive resources.

These banks are considered the best banks in Pakistan 2021, also known as the top banks in Pakistan.

  • Habib Bank Limited (HBL)
  • National Bank of Pakistan (NBP)
  • United Bank Limited (UBL)
  • Muslim Commercial Bank Limited (MCB)
  • ABL (Allied Bank Limited)
  • Meezan Bank
  • Alfalah Bank

Let's take a closer look at their services to see why they're known as the finest investment banks in Pakistan and made the list of the best banks in Pakistan in 2021.

Habib Bank Limited (HBL)

Habib Bank Limited, better known as HBL, was created in 1941 in Mumbai by Muhammad Aurangzeb at the behest of Quaid-e-Azam Muhammad Ali Jinnah to assist Muslims based on assets. Following the partition, Habib Bank was the first commercial and private bank created in Pakistan, laying the groundwork for the firm.

HBL continued to expand and spend more and more but never stopped. After opening its first international office in Colombo, Sri Lanka, in 1951, the HBL plaza building opened in 1971. Because of its significant domestic market share, HBL was nationalized in 1974. With inbound foreign remittances and loans to small businesses, HBL establishes itself as a trendsetter in the banking sector.

In 2004, it reverted to being a private bank, and management led to the formation of AKFED. However, the government of Pakistan relinquished up to 41.5 percent of its stock, making it the best and biggest private bank in Pakistan. HBL's headquarters are in Karachi, and the company operates via 1751 branches and up to 2007 ATMs across the globe. Furthermore, HBL offers branch banking, internet banking, corporate banking, retail lending, investment banking services, and financial planning. HBL shares are also traded on the Pakistan Stock Exchange.

HBL has helped to the fulfillment of millions of people's dreams around the country. Various endeavors have shown it to be a catalyst for change. They believe in 'empowering individuals to progress with confidence and success.' There is no question that they made their way into the list of the best banks in Pakistan via their hard work and by delivering worry-free services such as banking through their mobile app. HBL just earned the best bank award in the PBA 2021, and it is also happy to sponsor the Pakistan pavilion at Expo 2020 Dubai.

National Bank of Pakistan(NBP)

Syed Ahmed Iqbal Ashraf formed the "National Bank of Pakistan" (NBP) in 1949. The company's headquarters are in Karachi. It is an autonomous institution and Pakistan's biggest state-owned bank; it also serves as a Central Bank of Pakistan assistant.

NBP provides commercial and public sector banking services, as well as consumer banking, corporate banking, investment banking, agricultural finance, retail financing, treasury services, lending, and saving services. NBP's helpful services have helped it become one of the leading investment banks in Pakistan.

NBP has 1509 branches in Pakistan and a worldwide presence in up to 11 countries. NBP serves its consumers with a network of over 1000 ATMs. NBP also has offices in Canada and China.

According to the shareholding structure, the majority owner of NBP is the "State Bank of Pakistan" (SBP), which owns 75.20% of the voting rights. NBP is also a key participant in the debt-equity market. They are constantly striving to achieve their objective of 'becoming the nation's premier bank supporting sustainable growth and inclusive development.'

The NBP has developed a wide variety of client goods in order to increase marketing and deliver far better services to society, establishing it as the top bank in Pakistan. It has been specifically intended as microfinance for agriculture, industry, and entrepreneurs.

United Bank Limited (UBL)

Agha Hasan Abedi founded UBL - United Bank Limited, a worldwide commercial bank, in 1959. Slowly, it grew to become Pakistan's biggest and oldest private-sector bank. It has roughly 1390 branches and operates in up to 19 countries. UBL provides digital end-to-end finest services 24/7 via world-class online banking. It allows its customers to handle their banking using their digital mobile app, making it all simple and dependable.

UBL has a valuable customer base whose patronage has carried them through time and aids abroad Pakistanis in securely remitting their earnings and investments back home. The journey continues, and United Bank's modest financial strength offers the basis for assisting its clients' demands and financial health.

UBL Bank's motto is "You Come First," They completely adhere to and commit to their words since they make clients their first and unique priority. At the Pakistan Bank Awards in 2017, UBL was named Best Bank for Corporate Finance and Capital Market Development.

Meezan Bank

Meezan Bank is Pakistan's first "Islamic Bank," created in 2002 by Irfan Siddiqui after being granted the country's first-ever commercial "Islamic Banking" license by the SBP. Meezan Bank also offered a Riba-free automobile financing plan in 2002. In 2003, it established Easy Home, which is Pakistan's first-ever Shariah-compliant house finance product.

In 2007, they launched Istisna lending to meet clients' working cash requirements. And has established itself as one of Pakistan's leading investment banks. It works on the Shariah principle of Islamic Shariah and provides Islamic banking research, advisory services, and product development. It also offers a wide variety of products and services according to Islamic banking via a retail banking network.

They carefully adhere to their goal, which states, 'Islamic banking as banking of the first choice.' It engages in corporate finance, trading and sales, retail banking, corporate and commercial banking, agency services, and payment and settlement areas.

Meezan Bank has over 800 branches in 240 locations in Pakistan. The branch network has backed itself with 24-hour banking services such as 660 ATMs, Visa cards, Debit cards, call centers, online banking, mobile apps, and SMS banking.

Meezan Bank was named the "Best Islamic Bank in Pakistan" by Islamic finance news of the REDmoney group in Malaysia and the "Best Islamic Financial Institution in Pakistan" by global finance magazine in New York. Last but not least, Meezan Bank was named "Best Bank" by Pakistan Bank Awards in 2018.

Allied Bank Limited (ABL)

Allied Bank Limited, a part of the Ibrahim Group, is Pakistan's fifth-biggest commercial bank. ABL, with its registered office in Lahore, is one of the country's major banks, with over 1400 branches and ATMs.

Australasia Bank was the first "Muslim Bank" formed in Pakistan in 1942 before independence. In 1974, it was renamed from Australasia Bank Limited to Allied Bank of Pakistan, and it merged with "Sarhad Bank Ltd," "Lahore Commercial Bank Ltd," and "Pak Bank Ltd".

For the second time, Allied Bank was named Pakistan's Best Bank for CSR 2021 by Asiamoney, a worldwide magazine leader, for its dedication to socially improving society via different programs. Allied Bank previously received the title of Pakistan's Best Bank for CSR in 2018.

MCB (Muslim Commercial Bank Limited)

Muslim Commercial Bank Limited (MCB) was formed in 1947 and is headquartered in Lahore, Punjab. And it was nationalized in 1974 as part of the Pakistani government's economic reform effort. However, after some time, MCB bank privatized itself again in 1991.

The bank has 1551 branches in nations throughout the world, including 8 in Sri Lanka, Bahrain, and Dubai, as well as 1350 ATMs. At any one moment, MCB serves around 4 million consumers.

However, in 2005, MCB dropped the moniker Muslim Commercial Bank in favor of just becoming MCB bank in order to build a reputation for itself in worldwide markets. This action was required to get approval owing to the word Mulism, notably from the west. MCB received a "Prestigious Euromoney Award" for the best investment bank in Pakistan for two years straight, in 2016 or 2017.

Bank Alfalah

Bank Alfalah Limited, originally a Habib credit and exchange bank, began operations in 1997. A retail bank in Pakistani owned by the Emirati business "Abu Dhabi Group". Bank Alfalah's headquarters are in Karachi, and it operates via a network of 700+ branches in over 200 locations throughout Pakistan. Meanwhile, they have a worldwide presence in the UAE, Afghanistan, Bahrain, and Bangladesh. Alfalah Bank has a representative office in Abu Dhabi since it is owned and run by the "Abu Dhabi Group".

Bank Alfalah offers "financial solutions" to consumers, corporations, institutions, and the government through a diverse range of products and services that include "corporate and investment banking", consumer banking and credit, securities brokerage, commercial, Islamic, SME, agricultural finance, and asset financing solutions.

And now comes the most intriguing portion. Bank Alfalah has partnered with "WhatsApp services". An out-of-the-box service for their valued consumers. Customers may now get an immediate answer from BAFL representatives through WhatsApp chat by just selecting the 'Contact Us page on the website. It is mainly utilized for general inquiry management for customer support and assistance as a new but all-too-familiar way for customers to reach banks at the most convenient times.