Pakistan Company News

Material Information of Bankislami Pakistan Limited

Karachi, Bankislami Pakistan Limited informed Pakistan Stock Exchange that Board of the Bank in its meeting held on April 06, 2018 has decided to appoint Mr. Amir Ali as Deputy CEO of the Bank on joining with effect from June 06, 2018 or earlier and subject to approval of the State Bank of Pakistan as CEO of the Bank with effect from October 01, 2018 in place of Mr. Hasan A Bilgrami who had indicated his interest to pursue other professional interests. Mr. Hasan A Bilgrami will however continue to remain as an Adviser to the Bank till December 31, 2018 or later as mutually agreed.

The State Bank of Pakistan declared Bank Islami Pakistan Limited as a Scheduled Bank with effect from March 17, 2006. BankIslami started its Banking operations on April 7, 2006 in Karachi. The idea of Bank Islami was conceptualized by Jahangir Siddiqui & Company Limited and Randeree family in late 2003. Mr. Hasan A. Bilgrami was appointed as Adviser to the sponsors on March 16, 2004 for formalizing the idea. He presented the concept paper of Bank Islami to sponsors on March 24, 2004. A detailed business plan was then prepared and a formal application was submitted to the State Bank of Pakistan on May 26, 2004. On September 26, 2005, Dubai Bank joined the Sponsors and became one of the founding shareholders of Bank Islami by investing 18.75% in the total Capital. By the end of 2013, the bank possessed 201 branches in 77 cities nationwide. Under the Islamic banking policy of 2003 the bank acquired its Islamic banking license in 2005. The registered office of the company is located in Karachi.

The core business area of the bank includes wealth management including shariah compliant and retail banking products, proprietary products and third party products. Financial planning service is also an important part of the process.

The symbol “BIPL” is being used by the stock exchange for the shares of Bank Islami Pakistan Limited.