Emirates Global Islamic Bank commences operations in Pakistan

Sharjah, March 3rd, 2007 (WAM) - Emirates Global Islamic Bank Limited (EGIBL), a new and dedicated Islamic commercial bank with an initial operation of six branches spread across Pakistan, was officially launched in Karachi.

Present at the lavish launch ceremony were a number of important dignitaries, including guest of honour Dr. Shamshad Akhtar, Governor, State Bank of Pakistan, who spoke at length about the growing banking industry and foreign investment in Pakistan - both of which EGIBL is set to play a major part. The Chairman of the Emirates Global Islamic Bank, Sheikh Tariq bin Faisal Al Qassimi of the ruling family in Sharjah, UAE was also in attendance along with the Bank's President and CEO Syed Tariq Husain..

"I am so proud to announce the official launch of Emirates Global Islamic Bank," said Syed Tariq Husain, President and CEO, EGIBL..

"It is our goal to become a leading Islamic commercial bank in Pakistan by developing a profitable domestic business which is capable of being leveraged for international opportunities..

We will reach a wide cross-section of the population in delivering products and services commensurate with the best standards.

And we also hope to be recognized by our corporate values, based on innovation, integrity, dedication and equality, keeping in total view Shariah principles as laid down by the Holy Quran and Sunnah." Emirates Global Islamic Bank aims to capture market share of the rapidly growing Islamic banking industry by offering comprehensive and innovative purely Shariah-compliant yet highly competitive banking products, which will be based on the tenets of Islam that prohibit Riba. It presently has five branches in Karachi and one in Lahore, and is seeking to expand its network to extend the reach of Islamic banking to the various segments of the Pakistani society, especially to the masses in the underserved areas..

"Today our vision has become a reality," said Sheikh Tariq Bin Faisal Al Qassimi, Chairman of EGIBL. "This is indeed a landmark occasion not only for the Emirates Global Islamic Bank, but also for the banking industry in Pakistan. The Pakistani market offers tremendous potential and the financial sector has been doing exceptionally well. We are confident we can build upon the work already begin done here, and help develop the sector even further." EGIBL is now offering a wide range of Shariah compliant savings accounts, current accounts, term deposit schemes, trade financing, Ijarah financing, Murabaha financing for working capital, consumer financing and biometric ATMs linked to the 1-link switch. Other products and projects in the pipeline relate to home financing, a VISA debit card system, and the opening of a fully-fledged call centre to serve customer needs, which will be the first of its kind in Pakistan..

Additionally, EGIBL plans to establish an asset management company and launch Shariah compliant funds this year. EGIBL will also be listed on the Stock Exchange through an IPO in 2008..


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A good News, you always come up with a surprise Omer.

As you are bringing the bank news every day, opefully when I go back Pakistan every second building is not a bank..................

Any Bro, knows what is their investment in Pakistan and are they going to organic growth or looking for some acqusitions?