of the philippines see allied banking corporation . for allied bank zimbabwe see allied bank zimbabwe limited . this article has multiple issues . please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . december 2012 learn how and when to remove this template message this article relies too much on references to primary sources . please improve this by adding secondary or tertiary sources . december 2008 learn how and when to remove this template message learn how and when to remove this template message type public kse abl industry finance and insurance founded as australasia bank 1942 lahore pakistan headquarters karachi lahore pakistan products financial services revenue pkr 18.699 billion 1 website 1 allied bank is a commercial bank in pakistan . allied bank with its registered offices in karachi and lahore is one of the largest banks within the country with over 1000 branches connected to an online network . 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 . contents 1 history 1.1 the pre independence period 1942 47 1.2 australasia bank in private sector 1947 74 1.3 allied bank public sector years 1974 91 1.4 privatization 1991 2004 1.5 a new beginning 2005 to date 2 board of directors 3 products 3.1 personal banking 3.2 business banking 3.3 islamic banking 3.4 other services 4 innovation e banking channels 5 see also 6 references 7 external links history edit abl is the first muslim bank established on territory that later on became pakistan . it was established on december 3 1942 as australasia bank at lahore with capital of 0.12 million . at that time the chairman was kh . bashir baksh . abl s story was one of the dedication commitment to professionalism and adaptation to changing environmental changes . the bank s history is divided into many phases . during 25 years of united pakistan the bank advanced forward in all areas of its activities . 1970 s were a difficult decade for all banks of pakistan . in 1971 east pakistan was separated and australasia bank lost its 50 branches and a lot of capital as well . nevertheless the growth remained steady . in 1974 all the banks were nationalized including australasia bank . the small provincial banks were merged into australasia bank . on 1 july 1974 the new entity was renamed as abl of pakistan limited . then it started its operations as public sector financial institution . different phases of the bank are as follows the pre independence period 1942 47 edit australasia bank had the unique distinction of being closely identified with some of the country s most prominent leaders of the freedom moment . such as mian mumtaz daultana board of directors mian iftikhar hussain and maulana zafar ali khan . the bank originally started its operation in the garage of khawaja bashir baksh s bungalow who was the chairman near the lahore railway station . but the success of bank enforced the directors to open its another branch in anarkali on 1 march 1944 . kh . bashir was first chief executive . he was the person who was really working in its development . his sincerity of purpose can be judged from his great moments . another branch was opened at amaratsar in 1945 . in june 1946 the bank earned the status of scheduled bank . during 1946 47 many other branches were opened at mcleod road lahore jallandhar ludhiana agra and delhi . at independence the industrial and commercial sectors were underdeveloped but abl contributed a lot in the development of these sectors . australasia bank in private sector 1947 74 edit it was the only full functional muslim bank on the land of pakistan . on august 14 1947 bank was identified with pakistan moment . many of its board of directors were prominent muslim league leaders . jallandhar and ludhiana branches were attacked by rioters because of muslim staff appointed in these branches of bank . but when the pakistan flags wee hoisted on the branches then all the banks in india were closed down . with this the bank lost a lot of capital and its deposits and almost 6 branches . during 1948 new branches were opened at karachi rawalpindi peshawar sialkot sargodha jhang gujranwala and kasur . but later on its branches were spread to multan and quetta . at that time the bank financed trade in cloth and food grains and thus maintained consumer s supplies during the riot effected early months of 1948 . australasia bank made a profit of 50 000 in 1947 48 . in august 1948 australasia bank became the first pakistani bank to successfully negotiate and open l c for a sialkot based importer of books . so it also made correspondence relations with midland uk chase manhattan usa and lloyds india . during the treasury functions of federal govt . of pakistan and it also acted as banker to several local govt . bodies and to the punjab university during this period . treasury functions were taken by national bank of pakistan in 1949 . in 1950 51 chairman was replaced with his own brother kh . sharif baksh . during 1955 56 mr. naseer a. sh . became the chairman of board and close working relationship was forged between the new chairman and managing director . this partnership proved in modernizing its operations and consolidating its financial position . in 1963 bank had 29 branches in various cities . and deposits were 89 million and advances were 66 million . bank was mainly concerned with general banking and trade financing including foreign exchange transactions . it helped a lot in development of small and medium sized business houses . these were nishat crescent pak cement haroon traders takht bhai sugar insaf punjab soap pak fruit and saboor oil mills etc. in 1964 13 new branches were opened including 3 in east pakistan . in 1965 17 new branches were opened and over 83 % of gross profit for the year was earmarked for development expenditure in connection with opening of new branches . in 1966 bank opened 26 new branches and doubled its reserved funds . for the first time in history its advances were increased to rs . 160 million and deposits raised by almost 58 % exceeding rs . 232 million mark . in 1966 central office was built in karachi but head office remaining at shah chiragh building lahore . 16 new branches were opened in 1967 and 20 in 1968 . respectively their funds were increased gradually . 21 new branches were opened in 1971 . but separation time the 51 branches were lost by the bank which was a big loss . allied bank public sector years 1974 91 edit under the nationalization act of 1974 14 scheduled banks were taken over by the government . australasia bank s board of directors was dissolved and the bank was renamed as allied bank of pakistan limited . sarhad bank lahore commercial bank and pakistan bank limited were merged into australasia bank . at time of merge abl was second highest among all the banks nationalized in 1974 . allied bank s first executive board was constituted of mr. iqbal a. rizvi as president mr. ajmal khalil as joint president and mr. khadim hussain siddique as member . in 1974 mr. i.d. junejo and mr. safdar abbas zaidi joined the board later . 116 new branches were opened in 1974 and it started participation in commodity operation program of government . in 1970 s bank played an important part of agricultural area loans and other loans . in 1976 mr. ajmal replaced mr. rizvi as chief executive and president . during 1974 77 361 new branches were opened and 230 of these were located in villages and small towns . it also opened its foreign branch in london near the bank of england . in 1980 the bank of england granted allied bank recognition as a full fledge bank under the u.k. banking act . in 1981 president was changed . in 1984 again new president was come to know . he tries to increase the international business . it also initiated a major counter program . in 1985 mainframe computer was installed and effective management system was developed . during this period profitability was increased . new president mr. maqbool introduced different schemes in 1987 88 . in 1989 new 13 branches were installed . over 1991 745 branches were there in all over the pakistan . privatization 1991 2004 edit in november december 1990 the government announced its commitments to the rapid privatization of the banking sector . allied bank s management under the leadership of mr. khalid latif decided to react positively to this challenge . as a result of privatization in september 1991 allied bank entered in a new phase of its history as the world s first bank to be owned and managed by its employees . allied bank s capital and reserves were rs .1.525 billion and assets amounted to rs . 87.536 billion and deposits were rs . 76.038 billion . the bank enjoyed an enviable position in the financial sector of pakistan and was recognized as one of the best amongst the major banks of the country . in august 2004 as a result of capital reconstruction the bank s ownership was transferred to a consortium comprising ibrahim leasing limited and ibrahim group . a new beginning 2005 to date edit in may 2005 ibrahim leasing limited was amalgamated by transfer to and vested in with and into allied bank limited . ill shareholders were issued abl shares in lieu of the ill shares held by them . board of directors edit tariq mahmood chief executive officer 2 mohammad naeem mukhtar chairman non executive sponsor director 3 sheikh mukhtar ahmad non executive sponsor director muhammad waseem mukhtar non executive sponsor director abdul aziz khan independent director mubashir a. akhtar independent director pervaiz iqbal butt independent director a. akbar sharifzada government nominee director sheikh jalees ahmed executive director products edit the bank provides its customer various products & services to cater there need of investments and other social or business requirements . these product & services offered by the bank are as follows personal banking edit under personal banking abl offers everyday accounts lifestyle banking savings & term deposits credit & debit cards domestic remittance bancassurance and e banking services . business banking edit under business banking abl offers corporate & investment banking transaction & business accounts home remittances to pakistan cash management solutions trade services sme financing and agriculture financing . islamic banking edit allied bank has established its islamic banking group to offer a diverse range of deposit and investment related accounts ensuring shariah compliance . other services edit allied bank s other services include extended hours banking online banking safe deposit lockers utility bills payments allied phone banking and customer support . innovation e banking channels edit allied bank maintains its reputation for innovation in education 4 and embracing new technologies in the banking sector of pakistan . their current suite of e banking services comprises allied direct internet banking 5 allied sms banking 6 automated teller machines atms 7 transactional alerts facility 8 see also edit list of banks list of banks in pakistan references edit http abl.com thebank pdf annual report 2009 complete annual report annual report09.pdf tariq mahmood appointed ceo of abl allied