Meezan Bank to Launch Shariah-Compliant Credit Card in 2027

KARACHI: Meezan Bank Limited is preparing to enter the credit card segment in 2027 with the planned launch of two Shariah-compliant card products.

During the bank’s corporate briefing for the second quarter of 2026, management said the proposed products include the Meezan Charge Card and Meezan Islamic Financing Card. The initiative is part of the bank’s broader “phygital” strategy, combining digital banking services with expansion of its physical branch network.

According to the management, the Meezan Charge Card will differ from conventional credit cards as customers will be required to settle their outstanding balance in full at the end of each month, with no interest charged.

The Meezan Islamic Financing Card, meanwhile, will be based on a one-time financing facility linked to a deposit drawdown structure. Internal employee testing of the Meezan Charge Card is already underway, while staff trials of the Islamic Financing Card are expected to begin over the coming quarters. Both products are planned for public launch in 2027.

Meezan Bank also plans to expand its branch network. The bank intends to open another 100 branches by the end of 2026, taking its total branch count to 1,250 nationwide. During the first half of 2026, the bank had already opened 45 new branches.

The management said the bank continues to place importance on both digital banking and its physical branch network, with branches playing a key role in deposit mobilization and sales operations. The bank is also increasing its focus on financing for small and medium-sized enterprises.

In terms of financial performance, Meezan Bank reported a consolidated net profit of Rs48.9 billion for the first half of 2026, up 6% from Rs46.1 billion recorded during the same period last year. Earnings per share stood at Rs27.15, while the bank’s board approved an interim cash dividend of Rs8 per share for the second quarter.

During the period, Meezan Bank’s total assets crossed Rs5 trillion, while deposits increased 13% to Rs3.7 trillion. The bank’s current and savings account ratio stood at 91%.