AKDN institutions in Pakistan have provided financial services for more than 80 years. These range from community savings groups in rural areas to the branches of the First MicroFinanceBank Ltd and two of the most well known financial institutions in the country, HBL and New Jubilee Insurance.
AKFED has investments in a variety of institutions in the banking sector. They include a controlling interest in Habib Bank Limited (HBL), Pakistan’s largest private bank, which was acquired through a government privatisation programme in 2004. The Bank, which was incorporated in 1941 in Bombay, became the fi rst commercial bank to be established in Pakistan in 1947, and is currently the leader in the corporate banking market. HBL has over five million retail customers and total assets of over US$ 8.5 billion. A pioneer in the introduction of new products such as automated teller machines and other consumer services in the Pakistani market, HBL has more than 1,400 branches and is present in 25 countries across five continents.
Insurance operations in Pakistan are conducted through two publicly-listed companies: New Jubilee Insurance, the country’s third largest insurance firm, offers general insurance services. New Jubilee Life offers life and pension products