Meezan Bank Secures Third Best Bank Title at 10th Pakistan Banking Awards
The 10th Pakistan Banking Awards recognized top financial institutions, with Meezan Bank Ltd winning ‘Best Bank’ for the third time and BoP receiving three honors. SBP Governor Jameel Ahmad used the platform to urge banks to shift focus from easy government lending towards private sector support, digitalization, and innovation.
The 10th Pakistan Banking Awards ceremony recently spotlighted the nation’s top financial institutions, recognizing significant contributions to the banking sector. Held on Friday, this prestigious event, organized by the National Institute of Banking and Finance (NIBAF) in collaboration with Dawn Media Group and A.F. Ferguson & Co., saw Meezan Bank Ltd receive the coveted Best Bank award for an impressive third occasion.
State Bank of Pakistan (SBP) Governor Jameel Ahmad, the chief guest, presented the Best Bank Award to Meezan Bank’s CEO, commending their consistent performance. This repeated recognition at the annual event underscores Meezan Bank’s strong standing and commitment to excellence within the industry.
Celebrating Achievements at the Pakistan Banking Awards
The Bank of Punjab (BoP) also emerged as a major winner at the Pakistan Banking Awards, securing three distinct honors, which drew considerable applause. BoP was celebrated for its leadership in Agriculture Inclusion, Women Inclusion, and supporting Small and Medium Enterprises (SMEs), highlighting its diverse outreach and impact.
Bank Alfalah garnered two awards as well, recognized for its exceptional efforts in Digital Excellence and Customer Engagement. Further distinguishing themselves, Kashf Foundation received the Best Microfinance Institution Award. Faysal Bank was named Best Mid-sized Bank, while HBL was applauded for its commitment to ESG (Environmental, Social and Governance) principles.
Despite the celebratory atmosphere of the Pakistan Banking Awards, SBP Governor Jameel Ahmad delivered a critical assessment of the banking sector’s direction. While he praised the event’s role, he voiced concerns over banks’ low lending to the private sector and their heavy reliance on risk-free government loans. He stressed a fundamental shift over the next decade, driven by innovation, inclusion, and responsibility.
Governor Ahmad emphatically stated, “Banks that continue to rely on easy returns from lending to the government will eventually be left behind.” He urged a reorientation towards serving the private sector, particularly SMEs and small depositors. This transformation includes embedding digitalization into customer experiences and business operations, such as mobile commerce and risk management. SindhNews.com reported that banks must utilize artificial intelligence and machine learning to build smarter risk models for small firms and startups.
Furthermore, banks need to integrate climate risk into credit decisions, set clear sustainability targets, and develop green bonds to support climate financing. Finally, the Governor emphasized the importance of realigning business models to better facilitate and strengthen Pakistan’s exporters.
Dawn’s Chief Executive Officer, Nazafreen Saigol Lakhani, in a video message during the ceremony, appreciated the consistent effort behind the Pakistan Banking Awards over ten years. However, she echoed concerns about low economic growth, suggesting banks need to do more to stimulate the economy effectively.
Conclusion:
The 10th Pakistan Banking Awards not only honored the pinnacle of banking achievement in Pakistan but also served as a critical forum for strategic redirection. While institutions like Meezan Bank, Bank of Punjab, and Bank Alfalah demonstrated excellence, SBP Governor Jameel Ahmad’s clear call for a pivot towards private sector lending, digitalization, and sustainable practices outlines a crucial agenda for the future.