6 Best Banks in Pakistan 2022 for Financial Services
Banking is a very important commercial service for individuals and businesses alike. Banking services help its customers to safely save their assets and money and borrow loans. This removes all doubts about the importance of banks in Pakistan. So, out of 31 banks in the Pakistani banking sector, here are 6 best banks in Pakistan 2022 that help the people of Pakistan in their financial services.
The Pakistani banking sector has 5 public sector banks, 22 private banks and 4 foreign banks. they include commercial banks, finance banks, Islamic banks, foreign banks, development finance institutions and microfinance banks. Above all this is the State Bank of Pakistan (SBP) which sets all the regulations for banking services in Pakistan.
List of Best Banks in Pakistan 2022
These are the best banks in Pakistan 2022 that you can rely on for your banking needs.
- Habib Bank Limited – HBL
- National Bank of Pakistan – NBP
- United Bank Limited – UBL
- Alfalah Bank
- Meezan Bank
- Muslim Commercial Bank Limited – MCB
Habib Bank Limited – HBL
Habib Bank Limited is the first private and commercial bank in Pakistan after partition. Prior to partition, Muhammad Aurangzeb founded HBL in 1941 in Mumbai at the behest of Quaid-e-Azam Muhammad Ali Jinnah. He wanted a bank for Muslims to keep their assets, so HBL came into being. It opened its first international branch in 1951 in Colombo, Sri Lanka.
It operated as a private company for many years until it was nationalized in 1974 as it held a significant amount of domestic stock. However, in 2004 the government withheld 41% of its shares and HBL became Pakistan’s largest private bank. It has created its value due to the most inbound foreign remittances and for providing loans to small industries.
HBL is headquartered in Karachi at Habib Bank Plaza at I. I Chundrigar Road. There are 2007 ATMs and 1751 branches worldwide. The exchange also sells shares of the Pakistan Stock Exchange.
HBL provides online banking, branch banking, retail financing, investment banking, financial planning and corporate banking. For all these services, HBL has maintained its position among the best banks in Pakistan in 2022 by providing financial convenience to customers.
HBL also won the Best Bank award at the PBA 2021.
National Bank of Pakistan – NBP
NBP is a bank for everyone which was founded in 1949 by Syed Ahmad Iqbal Ashraf. The head office is located in Karachi. It operates as a private and public bank. Nearly 75.20% of the voting rights belong to the government according to the shareholding schemes.
Although it is an independent organization, it is the largest state-owned bank in Pakistan. It is also the help of the State Bank of Pakistan as most of the shares are bought by SBP.
NBP holds the highest debt securities market in Pakistan for providing easy lending to the public. It helps the republic easily fulfill its needs. It provides consumer banking, agricultural finance, retail finance, treasury services, corporate banking, loans and savings services. NBP also offers commercial and public banking services.
NBP has exclusively launched microfinance banking services for small industries, agriculture and small entrepreneurs. With a network of 1509 branches in Pakistan and 11 other countries, and over 1000 ATMs, National Bank Of Pakistan is a leading bank in Pakistan.
United Bank Limited – UBL
UBL won Best Bank for Corporate Finance and Capital Markets Development at the Pakistan Bank Awards in 2017. This is because of the focus it places on customers. UBL’s slogan is ‘Where You come First’ lives up to its promise as it puts its clients first in all financial needs.
It serves the best overseas Pakistanis in remittances and easy storage of their savings. She listens to the client’s needs and takes care of his financial health by granting him easy loans.
Bank Alfalah is a growing international bank originating from the United Arab Emirates. It was initially, Habib Credit and Exchange Bank started in 1997. It is a Pakistani retail bank under an Emirati company.
Along with Pakistan, it has its operations in the United Arab Emirates, Afghanistan, Bahrain and Bangladesh. As it is owned by a UAE company, Bank Lafalah’s representative office is in Abu Dhabi. In Pakistan, the head office is in Karachi with more than 700 branches in 200 cities of Pakistan.
This bank provides financial services to customers, businesses, institutions and government. Services include retail finance, securities brokerage, agricultural finance, consumer banking and credit, SME, Islamic and asset finance solutions.
Recently, Bank Alfalah has partnered with WhatsApp for added convenience for customers. Customers can easily contact bank officers through a Contact Us option on the website. The website takes us directly to WhatsApp through which customers can get their queries answered. It offers flexible customer service hours through Bank Alfalah’s digital banking portal.
Meezan Bank got its first Islamic license from State Bank Of Pakistan and started operations as Pakistan’s first Islamic bank in 2002. The founder of Meezan Bank is Irfan Siddiqui. It is the first Islamic bank in Pakistan that started providing banking services according to the principles of Islam.
In 2002, it offered a car financing program without Riba and an Easy Home 2003 program. In 2007, it offered the Istisna service to provide working capital to businesses. Along with these, it also provides a wide range of Islamic banking services to the people of Pakistan.
There are nearly 800 branches of Meezan Bank in 240 cities with 24/7 services. Other services include 660 ATMs, online banking, Visa cards, debit cards, mobile apps and SMS banking.
Among the best banks in Pakistan in 2022, Meezan bank is one of the best banks to provide banking services according to the principles of Islamic law.
Muslim Commercial Bank Limited – MCB
MCB Bank was founded in 1947 and was nationalized in 1974 as part of Pakistan’s economic reform movement. It was again privatized in 1991. MCB severed its ties with the name of Muslim Commercial Bank to become MCB only to create its presence in the international market. As a result, MCB has over 1551 branches worldwide with over 1350 ATMs.
MCB won the prestigious Euromoney award for two consecutive years in 2016 and 2017.
These were the top 6 banks in Pakistan in 2022 that provide the best banking services to customers, businesses and institutions to create livelihoods among the people. They also contribute to the economic development of Pakistan.