The epochal idea of Bank Islami was conceptualized by Jahangir Siddiqui & Company Limited and DCD Group in late 2003. Mr. Hasan A. Bilgrami was appointed as Adviser to the sponsors on March 16, 2004 to formalize the idea. He presented the concept paper of BankIslami 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 BankIslami by investing 18.75% in the total Capital.
Accredition by State Bank of Pakistan:
The State Bank of Pakistan issued a No Objection Certificate in no time on August 19, 2004 and BankIslami Pakistan Limited, the second full-fledge Islamic Commercial Bank in Pakistan, was incorporated on October 18, 2004 in Pakistan.
BankIslami Pakistan Limited was the first Bank to receive the Islamic Banking license under the Islamic Banking policy of 2003 on March 31, 2005. The Bank envisioned to focus primarily on Wealth Management as the core area of business in addition to Shariah compliant Retail Banking products, Proprietary and Third party products, and Integrated financial planning services.
Initial Public Offering of BankIslami:
BankIslami Pakistan Limited made a public offering of Rs. 400 Million, at par, from 6th to 8th March. This was the first primary issue by a Bank in over a decade in Pakistan. The Initial public offering (IPO) of BankIslami received overwhelming response from the general public as the applications received were 9 times higher than offered, fetching nearly Rs. 3.5 Billion, against the demand of Rs. 400 Million.
Inauguration and Network Expansion:
The State Bank of Pakistan declared BankIslami Pakistan Limited as a Scheduled Bank with effect from March 17, 2006. BankIslami started its Banking operations on 7th April 2006 with its first branch in SITE, Karachi. By the end of 2006, the Bank had 10 branches, nine in Karachi and one in Quetta. The Bank further concentrated in building a nationwide network and by the end of year 2007, its branch network grew to 36 branches in 23 cities. In 2008, the Bank opened 66 new branches nationwide which expanded its network to 102 branches in 49 cites. This gives Bank Islami the distinction of having the fastest expanding network in Pakistan as well as offering the widest network by any Islamic Bank in Pakistan
Product and services
1. Consumer banking
MUSKUN home financing
Islami auto Ijarah - new vehicle
Islami auto ijarah - used / imported vehicle
2. Retail banking
Islamic current account
Islamic foreign currency account
Islami bachat account
Islami dollar bachat account
Islamic mahana munafa account
Islamic amadni certificate
Rates & weightages
3. Corporate banking
Account services
Trade services
Working capital finance
Project finance
Musharakah financing
Mudarabah financing
5. Value added services
Online banking
Inter bank fund transfer
Internet banking
ATM/debit card
Biometric ATM
24/7 phone banking
E statement
Self service phone banking
Lockers
UBL AMEN
UBL was awarded the islamic baking branch licence by the state bank of Pakistan on December 16 2006. with that we are pround to announce the launch of "amen"UBL's islamic banking initiative. By the grace of Allah our first flagship branch, located at M.A Jinnah road opened its door to the public on December 22 , 2006.
Products
Current account
Saving account
Certificate of islamic investment
Foreign currency
Monthly certificate of islamic
Investment
Weights and rates
Payment history
Services
UBL Ameen online banking
UBL Ameen net banking
UBL Ameen e statement
UBL Ameen visa debit card
UBL Ameen lockers.
MCB ISLAMIC BANK
INTRODUCTION
Islamic Banking Division was formed with effect from 1st January 2003, which in a short span of time, has developed sufficient expertise, necessary infrastructure, information technology, and manpower to run Islamic Banking Operations and offer Islamic Banking Products.
Shariah Advisor
Dr. Muhammad Zubair Usmani, working as Sharia Advisor in our bank since July 2000 is a prominent scholar having Ph.D. degree in Islamic Finance as well as Fazil Takhassus from Jamia Darul Uloom Karachi, (i.e. specialist of Islamic Fiqh and Fatawa).
He has attended and addressed several international and local seminars / conferences as guest speaker in Pakistan as well as abroad.
He has also worked as Research Scholar and member of various forums and committees formed for promoting the cause of Islamic Banking in Pakistan and abroad.
All products are approved by our Sharia Advisor Dr. Muhammad Zubair Usmani and these are further approved and vetted by Dar ul Ifta, Jamia Dar ul Uloom Korangi Karachi.
Majority of the products are signed by Maulana Muhammad Taqi Usmani.
Legal Advisor
M/s Mohsin Tayebaly & Co., Advocates & Legal Consultants, has vetted all documentation. The Co. for this purpose not only have expertise in legal and corporate affairs but also have competent lawyers possessing knowledge of Sharia.
PRODUCT
Al Makhraj Saving Account
IANAT Account
Al Makhraj Term Deposit
Istisna Post Shipment
Istisna cum Murabahah
Guarantee
Diminishing Musharika Housing
BANK ALFALAH ISLAMIC BANKING
COMPANY INFORMATION:
Great journeys begin with but a single step and mighty oaks are born out of humble seedlings. Bank Alfalah - Islamic Banking Division (BAL-IBD) - presently a division of Bank Alfalah Limited - is gearing up to become a separate, full-fledged Islamic Banking entity. BAL-IBD offers to its customers a broad range of Islamic products under personal, consumer and corporate banking modes. The array of Islamic instruments at the disposal of BAL-IBD is equipped to provide efficient and satisfying solutions to our customers' needs. Our Islamic products are Shariah-compliant carrying the seal of approval of the Centre of Islamic Economics, an institution vested with powers to attest authenticity and legitimacy of Islamic banking products in Pakistan.
BAL-IBD has entered into a Shariah Consultancy agreement with the Centre of Islamic Economics, Karachi, which is a noted and well-known seat of learning for Shariah scholars and a prominent institution dealing in Shariah Advisory services. Besides assisting in advancement of the Division's product portfolio, the Centre also stamps approval of the Division's conduct of business following periodic audits. These audits are in addition to those carried out by the State Bank of Pakistan and the internal audits undertaken by the Division itself.
PERFORMANCE:
Bank Alfalah's Islamic Banking Division (BAL-IBD) started operations in 2003 and at its yearend reflected a modest capital base of Rs 100 million and deposits totalling Rs 113.7m. By following yearend, BAL-IBD's equity had risen more than 4 times to Rs 569m and the balance sheet footing had swelled to Rs 7,799 million. Deposit size had grown from less than Rs 114m to over Rs 7,229 million.
The pace of frenetic, triple digit growth was continued over the next twelve months as equity more than doubled to Rs 1,278 million from Rs 569m. Assets also recorded a more than 100% growth, climbing to Rs 15,634 million from Rs 7,799 million. Deposits alone failed to double - rising to Rs 12,476m from Rs 6,548 million - yet managing a healthy 90% increase.
Financial results as of June 30, 2006, reflect growth but at more modest pace. Total balance sheet size fell shy of Rs 18 billion - Rs 17,970m vs Rs 15,634m - and deposits climbed to Rs 14,111 million, rising Rs 1,635 million in six month's period. Income for the 6-month period was Rs 111.23 million
Products
Murabaha Finance
Trade Finance
Alfalah Musharaka Homes:
Alfalah Car Ijarah
Alfalah Hilal Card
The Alfalah HilalCard
Standard Chartered Saadiq Berhad
Everyone has a vision of the future, one marked by progress and innovation. But every dream can only soar if it's built upon the values you cherish the most. To help realise your dreams, Standard Chartered Group is proud to launch a new chapter in our bank's history - Standard Chartered Saadiq Berhad, our new Islamic Bank, on 12 November 2008.
Islamic banking is a rapidly growing phenomenon in the global financial markets as it answers the call of discerning Muslims who seek a banking system that conforms to their religious tenets. Because of this, a number of banks worldwide offer products and services that are Syariah (Islamic Law) compliant. At Standard Chartered Saadiq Berhad ("Saadiq" which means "truthful"), a team of qualified professionals design and structure our Standard Chartered Saadiq products and services to ensure that they are in line with Syariah principles governing Islamic banking and finance. In addition, to ensure conformity of all products with the tenets of Syariah the Bank has an independent Syariah Supervisory Committee comprising a team of professional managers who are guided by respected Syariah scholars both locally and abroad.
Standard Chartered was the first international bank in Malaysia to offer Islamic banking products in 1992. With a footprint in over 70 countries, we are committed to bringing you world-class Islamic solutions for all your financial needs.
Standard Chartered Saadiq Berhad offers a wide range of tailor-made Syariah compliant products, available to all our individual customers regardless of their religion and race:
Products
Deposits
Saadiq Current Account
Saadiq Foreign Currency Current Account
Saadiq Saver
Saadiq Sahulat Online Account
Saadiq Term Deposit Account
Cards
Saadiq VISA Credit Cards
Saadiq VISA Shopping Card
Employee Banking
Payroll Current
Payroll Saving
Mortgage
Saadiq Home Financing
SME
Saadiq SME Trade products
Saadiq SME Finance Products
Takaful
Mustaqbil
