BankIslami

BankIslami Pakistan LTD. (بینک اسلامی پاکستان لمیٹڈ) is a Pakistani Islamic bank based in Karachi, Pakistan. It has 400+ branches in 150 cities in Pakistan. It is the first Islamic commercial bank to receive the Islamic banking license under the Islamic banking policy of 2003 from the State Bank of Pakistan on March 31, 2005. The bank started its operations on 7 April 2006 and offers shariah-compliant retail banking, investment banking, consumer banking, and trade finance products. The bank intends to focus on wealth management as the core area of business and plans to soon launch proprietary products and integrated financial planning services. The bank has a nationwide presence. With the amalgamation of KASB on May 7, 2015, all 104 branches of KASB have become part of BankIslami’s branch network. BankIslami is now the 11th largest banking network in the country. The idea of BankIslami was conceptualized by Jahangir Siddiqui & Company Limited and Randeree family in late 2003. Mr. Hasan A. Bilgram I. was appointed as adviser to the sponsors on 16 March 2004 to formalize the idea. He presented the concept paper of BankIslami to sponsors on 24 March 2004. A detailed business plan was then prepared and a formal application was submitted to the State Bank of Pakistan on 26 May 2004. On the 26th of September 2005, Dubai Bank joined the sponsors and became one of the founding shareholders of BankIslami by investing 18.75% in the total capital.