What Is The Brief History Of The Allied Bank Of Pakistan?

          If we look into historical   background, than in the early 1940 the Muslim community was realize to have participation in the field of commerce. Hindus believe that banking was unsuited profession for Muslims. But Khawaja Bashir  who was the chairman of bank make the Muslims realize that they could be successful in field of banking. So, he established Muslim bank in Punjab by the name of Australian bank Limited. It works from 1940 till 19 73 as fully Muslim bank.

          At the time of independence all the branches in India,  include these main cities Amritsar, Batala, Jalandhar, Ludhaina, Delhi and Angra (Agra)) were closed down. New Branches were opened in Karachi, Rawalpindi, Peshawar, Sialkot, Sargodha, Jhang, Gujranwala and Kasur. Later it network spread to Multan & Quetta.

          By the end of 1970 it had 101 branches. Unfortunately it lost 51 branches when  East Pakistan was separated. The bank did well in despite losing lot of its assets. By the end of 1973 the bank had 186 branches in West Pakistan. But at the end of 1973 the Australian bank was dissolve and the name was changed as Allied Bank of Pakistan.116 branches was opened. It also works on agricultural and sports departments. It has three branches in United Kingdom as well. In 1993 the "First Allied Bank Modaraba (FABM) was floated. It had become a premier institution after privatization.

Management of the family properties led to the business of managing other people estates & the new bank soon encountered opposition from the established banks.
ALLIED BANK OF PAKISTAN LIMITED is the first Muslim bank established on the territory of Pakistan, on December 3, 1942, as the Australasia Bank at Lahore with a paid up share capital of Rs: 0.12 million under the chairmanship of Khawaja Bashir Bukhsh. The bank had attracted deposits equivalent to Rs: 0.431 million in its first eight months of the business.
The bank's history may be divided into several distinct phases. The 1970s was a difficult decade for all Pakistani banks. Australasia bank lost more then 50 branches & deposits worth Rs: 54.444 million.
Realizing the robust financial strength of the Australasia bank limited among all the nationalized financial institution, the government decided to merge three financial weak institutions, namely SARHAD BANK LIMITED, LAHORE COMMERCIAL BANK LIMITED and PAK BANK LIMITED into AUSTRALASIA BANK LIMITED and re-named it as ALLIED BANK OF PAKISTAN LIMITED.
In September 1991, Allied bank entered in a new phase of its history, as world's first bank to be owned and managed by its employees. The shares at different stock exchange of Pakistan are:
Islamabad Stock Exchange                   8th August 2005
Lahore Stock Exchange                        10th August 2005
Karachi Stock Exchange                       17th August 2005

Now all shareholders of Allied Bank Limited can trade in the shares of the Bank at their free will.

The Allied Bank of Pakistan is situated in Lahore. It was set up in the year 1942. It is one of the largest banks and it has over 700 branches. Over the period of time, right from the time of establishment of the bank, it has been going at very fast rate.

In the 1940's the Muslim community felt the urgent need of a bank so that can boost their trade as well as the industries. Khawaja Bashir Bux laid the foundation of a bank exclusively for fellow Muslims so that in December 1942. Australasia Bank was the only successful and functional bank for Muslim which was established in 1947. The bank made good progress. In 1970, about 101 branches were launched whereas 51 were lost due to the partition of Pakistan and neighbouring countries. In 1974, this bank was given a new name called the Allied Bank; around 748 banks were established by 1991. It also established around three banks in UK. It was privatized in the September 1991.