KARACHI — A new book celebrating the rise of Meezan Bank, titled “Unconventional — The Bank No One Saw Coming” by Sibtain Naqvi, was launched at a local hotel on Friday evening.
Former State Bank of Pakistan (SBP) governor Dr. Ishrat Husain delivered the keynote speech, praising Naqvi for dedicating five years to researching and writing the book. He said the story of Meezan Bank is more than just a corporate success — it’s a transformation that reshaped Pakistan’s entire financial landscape.
Dr. Husain shared three key lessons from Meezan Bank’s journey:
- It serves as a model for the banking industry.
- It is a pioneer of Islamic banking.
- It offers powerful examples of leadership and human resource development.
He recalled that when Meezan Bank began operations in 2002, it started from scratch. Yet, in just a few years, it became one of Pakistan’s top financial institutions, outperforming many established competitors. This, he said, was proof of its exceptional performance and strong vision.
Dr. Husain explained that corporate leadership usually falls into two types — those who are brilliant planners but weak at execution, and those who are great at managing but lack direction. “It’s rare to find someone who can do both,” he said, calling Meezan Bank’s CEO, Irfan Siddiqui, one of those rare leaders. “Professionalism, merit, and integrity build trust in any institution. But when favoritism seeps in, it destroys that foundation,” he added.
Speaking about Islamic banking, Dr. Husain said that even before joining the SBP, he believed it was not only a religious ideal but an economic need. He explained that conventional banking often puts the entire burden on the borrower, while Islamic banking promotes fairness and shared responsibility. “It’s not just a financial system — it’s a moral framework,” he said, adding that Islamic finance can help reduce poverty, support small farmers, and promote equality.
He also noted that while capitalism often leaves the poor behind and socialism tends to collapse under its own weight, Islamic finance offers a “balanced middle path.”
On leadership and teamwork, Dr. Husain said success at Meezan Bank wasn’t the result of one person’s efforts. “Leadership is not a solo act; it’s a symphony,” he remarked. “What sets Meezan apart is not just competence, but conviction — a sense of mission beyond a 9-to-5 job.”
He concluded by saying Meezan Bank’s journey is more than a case study. “It’s a blueprint showing how vision, values, and execution can build not just a successful institution but a movement.”
Author Sibtain Naqvi also shared his inspiration for writing the book. He said he first learned about Meezan Bank while studying at IBA, where his teacher introduced the idea of interest-free loans. “As a student, it seemed unbelievable — that a bank could lend money without charging interest,” he said.
Naqvi recalled how, during the 2008 global financial crisis, Islamic banks remained stable while major Western institutions collapsed. “That’s when I realized Islamic banking wasn’t just a religious idea — it was smart business,” he said.
He added that Meezan Bank’s rapid rise was no accident. “From traders to professionals, everyone trusted the name Meezan. It was clear something extraordinary was happening,” Naqvi said.
He emphasized that the story of Meezan Bank is deeply tied to the vision and leadership of Irfan Siddiqui.
The launch event also featured two panel discussions, including talks by Irfan Siddiqui himself and the current SBP Governor, Jameel Ahmad, making it a night that celebrated both the bank’s past and its continuing influence on Pakistan’s financial future.
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