MEBL eyes CY27 Shariah card launch, 1250 branches by year end

Mettis Global reported that Meezan Bank is preparing a formal entry into credit cards by 2027 with two Shariah-compliant products. The Meezan Charge Card must be settled in full at each month end and carries no interest, while the Meezan Islamic Financing Card offers a single financing facility tied to deposit drawdowns. The charge card is in internal employee testing, and the financing card is due for staff trials within the next few quarters before its public rollout in 2027.

On the financial side, net profit for 1HCY26 rose 6% year-on-year to Rs48.9 billion from Rs46.1 billion, with earnings per share at Rs27.15. The board set an interim cash dividend of Rs8 a share for the second quarter, lifting the half-year total to Rs15.50 per share. Total assets moved past Rs5 trillion, deposits climbed 13% to Rs3.7 trillion, and the cost-to-income ratio stood at 30%, under the bank's 34-35% internal ceiling.

Management said branches remain key to deposits, and the bank plans 100 more by year-end, reaching 1,250 after 45 openings in 1HCY26. It expects the removal of SBP home remittance subsidies to pressure margins, partly offset by robust forex trading volumes and merchant discount rate changes. Leadership also expects the policy rate to hold steady over coming quarters, citing stable domestic inflation.