Meezan Bank Takes Top Honors at Pakistan Banking Awards 2023

In exciting news, Meezan Bank Ltd has once again proven its excellence by winning the prestigious title of 'Best Bank' at the eighth Pakistan Banking Awards 2023. This achievement comes on the heels of the bank being recognized as the Best Consumer Bank last year.

He event, organized by the Institute of Bankers Pakistan in collaboration with the Dawn Media Group and A.F. Ferguson and Company, saw an increased participation of banks compared to the previous year. Notably, two new categories were introduced to include Fintech companies.

During the ceremony, State Bank Governor Jameel Ahmed addressed the audience and highlighted the importance of banks embracing the latest technology. He emphasized the urgency of digitalizing the financial sector and navigating the challenges posed by next-generation digital banking. Ahmed stressed that adopting cutting-edge technology is crucial for banks to keep up with global trends, as digital banking continues to revolutionize the industry.

Touching upon stability, financial inclusion, and security, Ahmed urged banks to enhance their cybersecurity plans to prevent shocks and contribute to a robust financial system. He emphasized that a strong and resilient financial system is essential for macroeconomic stability and sustainable economic growth, with financial stability remaining a key priority for the State Bank of Pakistan.

Expressing concern over the gender gap in financial access, Ahmed highlighted the need for improvement, as men currently outnumber women among accountholders at a ratio of 3:1. The governor also commented on the current account deficit, expressing hope that it would be around 1.5 percent of the GDP for the fiscal year 2023-24.

The awards ceremony saw Habib Bank receiving three awards, while Bank Alfalah retained its title as the Best Digital Bank for the second consecutive year. The jury, led by former State Bank governor Saleem Raza and assisted by top bankers, recognized various institutions for their outstanding contributions to the banking sector.

Here is a list of the award winners:

Best Bank: Meezan Bank
Best Microfinance Bank: HBL Microfinance
Best Digital Banking: Bank Alfalah
Best Emerging Bank: Faysal Bank
Best Bank in Agri Financing: Habib Bank
Best Bank for Small and Medium Businesses: Bank of Punjab
Best Consumer Bank: Habib Bank
Best Bank for Inclusion: Mobilink Microfinance Bank
Best Fintech (Non-Bank Entity): Haball and NayaPay