The Arab investors of Gulf want to retire from their investments in the three major banks of Pakistan and therefore, despite a large asset base and profitability the banks are up for sale. These include Meezan Bank, Faysal Bank, and Bank Alfalah.
There is no loss or management issue surfaced by any of these banks and in terms of total assets, Bank Alfalah stand at No.6, Meezan at 8th and Faysal bank at 13th in Pakistan.
Meezan Bank is the fastest growing bank of Pakistan and is part of banking business for 13 years. It also holds the highest market capitalization compared to other two banks. Also, Meezan is regarded as the trendsetter of Islamic banking and in Pakistan, it was a very good alternative against conventional banks. The high growth factor of its deposits has created some issues for its management. Noor financials a Kuwait based company owns 49% shares of the bank.
With an increase in profit from Rs.7.9 billion to Rs.8.61 billion, Alfalah is owned by Abu Dhabi Group. The failure of Groups share in the telecom sector has intimidated the Group to leave the country.
With the growth opportunity, the Faysal bank wants to convert into Islamic banking as it has much high deposit rate in Pakistan market. It has also planned to add 100 more branches into its network.