Shamil Bank of Bahrain has agreed to sell 71.81 million shares of Meezan Bank Limited to Noor Financial Investment Company, Kuwait at a price of Rs.32 per share. The proposed sale has also been approved by the State Bank of Pakistan.
Meezan, Pakistan’s first Islamic bank, has 72 branches in 21 cities across Pakistan.
Meezan Bank is 30 per cent owned by Pak Kuwait Investment, an alliance between the governments of Pakistan and Kuwait. Shamil Bank of Bahrain, Kuwait-based Noor Financial Investment and Islamic Development Bank respectively own 26 per cent, 16 per cent and 9 per cent of the bank. 
The profit before taxation of the Meezan Bank stood at Rs.277.9 in the quarter ended on March 31, 2007. While basic earning per share came to Rs.0.50 during the said period of time.
Meezan Bank has had deposit growth of 60 percent a year. Lending to companies accounts for 65 percent of the bank’s 28 billion rupees in loans and One-fifth of its loans are for cars and homes, and 15 percent are to small companies.
Meezan Bank has said that its sponsor shareholders, Shamil Bank of Bahrain, has agreed to sell 71,818,040 shares to Noor Financial Investment Company Kuwait at price of Rs 32 per share. The proposed sale has also been approved by State Bank of Pakistan.

However, Meezan Bank has clarified that the above transaction will be completed after various legal and regulatory formalities have been complied. PR