If your looking to read about latest bank jobs in pakistan blog than you have come to right place. In this blog we discuss history of banks, types of banks and scope of banking in pakistan. of you want to read more interesting blogs please visit our website freshjobs.pk.
Table of Contents
Etymology
The word bank was adopted into Middle English from Middle French banque, from Old Italian banco, meaning “table”, from Old High German banc, banca “bench, counter”. The benches were used as makeshift tables or exchange counters during the Renaissance by Florentine bankers who conducted their transactions on tables covered with a green tablecloth.
History of Banks
The origins of banking can be traced back to ancient Mesopotamia, around 2000 BC, where the first known form of lending occurred. Temples, often considered the oldest banks, served as repositories of valuables and grain, and priests lent these resources to local farmers and merchants.The practise of recording these transactions was also carried out by temples, which is where the idea of accounting originated.
In ancient Greece, the concept of banking developed further with the establishment of moneylenders and private depositories. Around 600 BC, the Greek city-state of Athens introduced the first standardized coinage system, which facilitated trade and contributed to the growth of banking activities.
The Romans also played a significant role in the development of banking. They established a network of banks throughout their empire and introduced financial innovations such as bills of exchange that allowed funds to be transferred between different locations.
Role of Banks
Any financial institution subject to state, federal, or both sets of regulations is referred to as a bank. Banks’ main functions are to take deposits and provide loans. However, banks can offer a wide range of products and services, including:
- Deposit accounts (money market, savings, CD, and checking accounts)
- Loans, including mortgages, car loans and personal loans
- Credit Cards
- Check Cashing Services
- Property management services
- Insurance
- Business banking
The working principle of banks
Banks, whether brick-and-mortar or online, manage the flow of money between people and businesses. More specifically, banks offer deposit accounts, which are safe places where people can store their money. Banks use money in deposit accounts to make loans to other people or businesses.
In return, the bank receives interest payments on these loans from borrowers. A portion of that interest is then returned to the original owner of the deposit account in the form of interest—usually on a savings account, money market account, or CD account. Banks earn mainly from interest on loans and from the fees they charge their customers.
These fees may be tied to specific products, such as bank accounts or related to financial services. For example, an investment bank that offers portfolio management to investors may charge a fee for this service. Or the bank may collect an initial fee when providing a mortgage loan to a real estate buyer.
Types of Banks
The word “bank” is general and refers to a variety of financial organisations. Understanding the different types of banks is important because they are not all alike in terms of the services or products they provide and the functions they serve. Some are consumer oriented, meaning they directly serve the general public. Some have a more strategic impact on how money moves across the economy. Look under the banking umbrella. You will find the following:
- Central banks
- Retail banks
- Commercial banks
- Investment banks
- Shadow banks
- Savings and credit cooperatives
- Credit unions
The latest bank jobs in pakistan
Banking in Pakistan formally began during the period of colonialism in South Asia, during which much of Pakistan was under the control of the British Empire. Pakistan won its freedom from the British Raj in 1947. After independence, the State Bank of Pakistan was established as the country’s central bank, headquartered in Karachi.
Pakistan’s banking sector includes commercial banks, foreign banks, Islamic banks, development financial institutions and microfinance banks.
Here’s the list of banks in pakistan providing jobs opportunities.
Meezan Bank
Meezan Bank is the first and largest Islamic bank in Pakistan which started its operations in 2002 after being issued the first ever Islamic commercial banking license by the State Bank of Pakistan.
It operates under Islamic Shariah and is recognized for its product development capabilities, Islamic banking research and advisory services. It provides a wide range of Islamic banking products and services through its extensive retail branch network of more than 815 branches across Pakistan.
The bank has been given great recognition by various local and international institutions as the Best Islamic Bank in Pakistan. As of December 2017, the bank has a healthy capital adequacy ratio 12.89 percent. Its Head Office is based in Meezan House, Karachi, Pakistan.
Jobs seekers are advised to keep visitng the official website of Meezan bank for jobs advertisement.
State Bank of Pakistan (SBP)
The central bank of Pakistan is called the State Bank of Pakistan (SBP).Its constitution, as originally laid down in the State Bank of Pakistan Ordinance of 1948, remained essentially unchanged until 1 January 1974, when the bank was nationalized and the scope of its functions greatly expanded.
Jobs seekers are advised to keep visiting the official website of SBP for latest jobs advertisement.
Habib Bank limited (HBL)
Habib Bank Limited used to be the largest bank by assets in Pakistan. It operates through its wide network of 1,751 branches and 2,007 ATMs and provides services in the areas of branch banking, corporate banking, retail finance, SME and investment banking.
It is based in the capital city of Pakistan, i.e. Karachi. The bank has branches in various countries including Europe, Australia, Middle East, America, Asia and Africa. The bank’s shares are listed on the Karachi Stock Exchange.
Jobs seekers are advised to keep visiting the official website of HBL bank for jobs advertisement.
Muslim Commercial Bank (MCB)
MCB Bank Limited is one of the oldest and best banks in Pakistan. Founded in 1947, it was nationalized in 1974 as part of the economic reform movement of the Government of Pakistan and later privatized in 1991.
The bank has been awarded the prestigious Euro money Award for Best Investment Bank in Pakistan for two years (2016 and 2017). It provides commercial banking and related products and services in Pakistan, South Asia, Middle East and Eurasia.
The bank has a customer base of approximately 4 million and total assets of around PKR 1.91 trillion in 2021 and operates through a wide branch network of over 1,400 branches. The bank is based in Lahore, Pakistan.
Jobs seekers are advised to keep visiting the official website of MCB bank for latest jobs advertisement.
National Bank of Pakistan (NBP)
Established in 1949, the company is the largest state-owned bank operating in Pakistan. It has an extensive branch network with over 1509 branches in Pakistan, global presence in 11 countries and presence in China and Canada.
The bank acts as a manager of public funds and agents of the SBP. Its headquarters are in Karachi. It provides commercial and public sector banking services and is a leading player in debt securities, investment banking, agricultural finance, retail finance and treasury services.
The bank is majority owned by the State Bank of Pakistan, which holds 75.20 percent of the voting rights based on the shareholding pattern as of December 2017.
Jobs seekers are advised to keep visiting the official website of NBP for latest jobs advertisement.
FAQ,s
Which bank is good for job in Pakistan?
Almost all banks in Pakistan have very good reputations. Some of the notable banks having good working environment are Muslim Commercial Bank (MCB), Meezan Bank and Allied Bank etc.
What is the qualification of bank job in Pakistan?
You will need an undergraduate degree in accounting or finance from a recognised institution.
What is the starting salary in bank in Pakistan?
In Pakistan, a banker typically makes PKR 1,50,000 a month. In Pakistan, bankers typically receive an additional 90,000 PKR in cash compensation, ranging from PKR 50,000 to PKR 2,00,000.