Allied Bank Limited

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Allied Bank Limited
TypePublic (PSX: ABL)
IndustryFinance and insurance
Foundedas "Australasia Bank", 1942
Lahore, Pakistan
FounderKhawaja Bashir Baksh
Headquarters
Lahore
,
Pakistan
ProductsFinancial services
Revenue75 billion PKR
ParentIbrahim Group
Websitewww.abl.com

Allied Bank Limited (الائیڈ بینک لمیٹڈ) is the fifth largest commercial bank in Pakistan and is a subsidiary of Ibrahim Group.[1] Allied Bank, with its registered Office in Lahore, is one of the largest banks within the country with over 1400+ branches and ATMs.

It was the first Muslim bank established in Pakistan before independence (1942) with the name of Australasia Bank. It was named as Allied Bank of Pakistan from Australasia Bank Limited in 1974, and Sarhad Bank Ltd, Lahore Commercial Bank Ltd and Pak Bank Ltd were also merged in it.

History[]

ABL is the first Muslim Bank established on territory that later on became Pakistan. It was established on 3 December 1942, as Australasia Bank at Lahore with capital of 0.12 million by Kashmiri silk trader Khawaja Bashir Baksh.[2]

2005-to-date[]

In December 2014, the Government of Pakistan sold-off its remaining 11.5 percent stake in ABL for PKR 14.4 billion. The deal was sealed-off at a strike price of Rs. 110 per share for the remaining 131.3 million shares of the government.[1][3]

Credit rating[]

Long Term Credit Rating of Allied Bank Ltd is 30 June 2020, maintained at AAA [Triple A] and Short-Term Credit Rating of the bank is maintained at A1+ [A one plus] by Pakistan Credit Rating Agency (PACRA).[4]

Islamic banking[]

In September 2018, ABL opened its Shariah-compliant Aitebar Islamic Banking service through its 117 dedicated Islamic banking branches network across 53 major cities of Pakistan.[5]

Digital banking[]

Their current suite of Digital Banking services comprises

  • myABL Digital Banking (including myABL Personal Internet Banking and myABL Business Internet Banking)[6]
  • Allied SMS Banking[7]
  • myABL Mobile App (Android and iOS)[8]
  • myABL FonePay App (Android and iOS)[9]
  • Automated Teller Machines (ATMs)[10]
  • Transactional Alerts Facility[11]
  • Phone Banking[12]

Awards and recognition[]

FinCEN[]

Allied Bank was named in FinCEN leak, published by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). It had twelve suspicious transactions flagged.[14]

See also[]

References[]

  1. ^ a b Ali Raza Mehdi (3 November 2014). "Allied Bank's privatisation". Dawn (newspaper). Archived from the original on 12 April 2019. Retrieved 27 October 2019.
  2. ^ Tirmizi, Farooq (16 December 2019). "How to grow a Big Five bank: the case of ABL".
  3. ^ Shahbaz Rana (13 December 2014). "Divestment: Govt sells Allied Bank stake for Rs14.4b". The Express Tribune (newspaper). Archived from the original on 12 April 2019. Retrieved 27 October 2019.
  4. ^ "The Pakistan Credit Rating Agency Limited" (PDF). pacra.com.pk. Retrieved 25 September 2020.
  5. ^ "ABL opens Islamic banking window". The Express Tribune.
  6. ^ "myABL Digital Banking, Allied Bank". Archived from the original on 28 May 2018. Retrieved 28 May 2018.
  7. ^ "Allied SMS Banking, Allied Bank". Archived from the original on 14 July 2014. Retrieved 20 June 2014.
  8. ^ "myABL Mobile App, Allied Bank". Archived from the original on 21 June 2018. Retrieved 21 June 2018.
  9. ^ "myABL FonePay App, Allied Bank". Archived from the original on 21 June 2018. Retrieved 21 June 2018.
  10. ^ "Branches & ATMs, Allied Bank". Archived from the original on 14 July 2014. Retrieved 20 June 2014.
  11. ^ "Transactional Alerts Facility, Allied Bank". Archived from the original on 14 July 2014. Retrieved 27 October 2019.
  12. ^ "Phone Banking, Allied Bank". Archived from the original on 29 April 2018. Retrieved 8 March 2018.
  13. ^ "Islamic Finance Excellence Awards 2017". Center of Islamic Finance. 20 June 2017. Archived from the original on 19 September 2017. Retrieved 27 October 2019.
  14. ^ Report, Monitoring (21 September 2020). "Six Pakistani banks named in FinCEN leak". Profit by Pakistan Today. Retrieved 23 September 2020.
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