Banking is a highly important commercial service for individuals, as well as businesses. Banking services help its customers securely save their assets and money and borrow loans. This removes all the doubts about the importance of banks in Pakistan. So, out of 31 banks in the Pakistan banking industry, here are 6 best banks in Pakistan 2022 that are aiding the Pakistani population in their financial services.
The Pakistani banking sector has 5 public sector banks, 22 private banks, and 4 foreign banks. they include Commercial Banks, Financial Banks, Islamic banks, Foreign Banks, developmental financial institutions, and microfinance banks. Above all these, there is the State Bank of Pakistan (SBP) which sets all the regulations for the 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
- Bank Alfalah
- Meezan Bank
- Muslim Commercial Bank Limited – MCB
Habib Bank Limited – HBL
Habib Bank Limited is the first private and commercial bank in Pakistan after the partition. Before partition, Muhammad Aurangzeb founded HBL in 1941 in Mumbai at the request of Quaid-e-Azam Muhammad Ali Jinnah. He wanted a bank for Muslims to keep their assets which is why HBL came into existence. It opened its first international Branch in 1951 in Colombo, Sri Lanka.
It worked as a private company for many years until it nationalized in 1974 because it held a significant amount of domestic shares. However, in 2004, the Government withheld 41% of its shares ad HBL became Pakistan’s largest private bank. It created its worth because of the most inward foreign remittances and for giving loans to small industries.
HBL has a headquarter in Karachi at Habib Bank Plaza at I. I Chundrigar Road. There are 2007 ATMs and 1751 Branches all over the world. The stock exchange also sells shares in Pakistan Stock Exchange.
HBL provides online banking, branch banking, retail financing, investment banking, financial planning and corporate banking services. For all these services, HBL has maintained its position among the best banks in Pakistan in 2022 by providing financial convenience to customers.
HBL has also won the best bank award at PBA 2021.
National Bank of Pakistan – NBP
NBP is a bank for all which was founded in 1949 by Syed Ahmad Iqbal Ashraf. The headquarter is located in Karachi. It works as a private as well as a public bank. Almost 75.20% of voting rights reside with the government according to the shareholder patterns.
Although it is an independent organization, it is the largest state-owned bank in Pakistan. It is also the assistance of the State Bank of Pakistan because most of the shares are purchased by SBP.
NBP holds the highest debt equity market in Pakistan for providing easy loans to the public. It helps the republic to fulfil its necessities easily. It provides consumer banking, agricultural financing, retail financing, treasury services, corporate banking, offering loans and saving services. NBP also offers commercial as well as public sector banking services.
NBP has exclusively started microfinance banking for small industries, agriculture, and small entrepreneurs. With a network of 1509 branches in Pakistan and 11 other countries, and 1000 plus ATMs, the National Bank Of Pakistan is an aceing bank in Pakistan.
United Bank Limited – UBL
UBL has bagged the best bank for corporate finance and capital market development award in Pakistan Bank’s awards in 2017. It is so because of the priority it gives to the customers. The tagline of UBL is ‘Where You come First’ is true to its promise because prioritizes its customers in all financial needs.
It serves the best overseas Pakistanis in remittances and storing their savings easily. It listens to the client’s needs and takes care of their financial health by providing easy loans.
Bank Alfalah is a growing international bank with its origin in UAE. It was initially, Habib credit and Exchange bank started in 1997. It is a Pakistan Retail Bank under an Emirati company.
Along with Pakistan, it has its operations in UAE, Afghanistan, Bahrain, and Bangladesh. As it is owned by a UAE company, Bank Lafalah’s representative office is in Abu Dhabi. In Pakistan, the headquarter is in Karachi with over 700 branches in 200 cities of Pakistan.
This bank provides financial services to customers, businesses, institutions, and the government. The services include retail financing, securities brokerage, Agricultural finance, consumer banking and credit, SME, Islamic and Asset financing solutions.
Recently, Bank Alfalah has joined hands with WhatsApp for further convenience of customers. Customers can contact bank agents easily via a Contact Us option on the website. The website takes us directly to WhatsApp through which customers could get answers to their queries. It provides flexible hours of customer service through Bank Alfalah Digital Banking Portal.
Meezan bank got its first Islamic license from the State Bank Of Pakistan and started operations as the first Islamic bank of Pakistan in 2002. The founder of Meezan Bank is Irfan Siddiqui. It is the first Islamic bank in Pakistan that started providing banking services on the principles of Islam.
In 2002, it offered a Riba-free car financing scheme and an Easy Home scheme 2003. In 2007, it offered Istisna service for providing the working capital to the businesses. Along with these, it also provides a wide range of Islamic banking services to the people of Pakistan.
There are almost 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 services.
Among the best banks in Pakistan 2022, Meezan bank is one for providing banking services on the principles of Islamic law.
Muslim Commercial Bank Limited – MCB
MCB bank was founded in 1947 and was nationalized in 1974 under Pakistan’s economic reform movement. It was again privatised in 1991. MCB cut ties with the name Muslim Commercial Bank to just MCB to create its presence in the international market. As a result, MCB has 1551+ branches around the globe with 1350+ ATMs.
MCB has won the ‘prestigious Euromoney award for two consecutive years in 2016 and 2017.
These were the top 6 best banks in Pakistan 2022 that are providing the best banking services to customers, businesses, and institutions to create livelihood among the population. They are also contributing to the economic development of Pakistan.