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BankIslami

From Wikipedia, the free encyclopedia

Bank Islami Pakistan
TypePublic
PSX: BIPL
KSE 100 component
IndustryIslamic banking
Founded7 April 2006; 20 years ago (2006-04-07)
Headquarters‹The template Comma-separated entries is being considered for merging.› Karachi, Sindh, Pakistan
Products
  • Retail banking
  • consumer banking
  • investment banking
  • trade financing
RevenueIncrease Rs. 45.166 billion (US$160 million)[1] (2025)
Increase Rs. 6.003 billion (US$21 million)[1] (2025)
Total assetsIncrease Rs. 771.343 billion (US$2.8 billion)[1] (2025)
OwnerJS Bank (75.12%)
Number of employees
8000+ (2025)
ParentJS Bank
Websitebankislami.com.pk

BankIslami Pakistan Limited (Urdu pronunciation: [bɛŋk ɪs.ˈlaː.mi] bank-is-LAH-mee) is a Pakistani Islamic bank based in Karachi.[2] It operates as a Shariah-compliant financial institution. As of 2025, BankIslami operates an extensive network of over 550 branches across Pakistan.[3][4] According to the State Bank of Pakistan's 2024 report, BankIslami was listed among the top three Islamic banks in terms of assets and deposits.[5]

History

[edit]

BankIslami was incorporated in 2005 and commenced operations on April 7th, 2006, after receiving its Islamic Banking license from the State Bank of Pakistan under the 2003 Islamic Banking Policy.[3] It was among the first Islamic banks in the country to operate entirely under Shariah-compliant principles.[4][6][1]

In May, 2015, BankIslami acquired KASB Bank Limited[7], merging its branches into BankIslami's network following regulatory intervention by the State Bank of Pakistan to safeguard depositors.[8][9][10]

In August 2023, JS Bank Limited acquired a 67.33% state in BankIslami, increasing its total shareholding to 75.12% and making BankIslami a part of JS Group.[11] JS Bank stated that this acquisition was partly done due to not having an Islamic banking window or operations. As of 2025, both institutions continue to operate independently, with BankIslami focusing on Islamic banking and JS Bank maintaining its conventional banking operations.[12]

In May 2025, BankIslami acquired the 32-storey KASB Altitude building in Karachi to use as their new headquarters.[13][14]

Ownership

[edit]

BankIslami is majority-owned by JS Bank, which holds a 75.12% stake in the bank and is part of the JS Group.[11] Jahangir Siddiqui & Co., the holding company of JS Group, has a long-term credit rating of "AA" and a short-term credit rating of "A1+" from (PACRA).[15]

Governance

[edit]

The executive operations of BankIslami are managed by an executive team led by the President and Chief Executive Officer and overseen by a Board of Directors. Shariah compliance is overseen by an independent Shariah Supervisory Board chaired by Mufti Irshad Ahmad Aijaz. Other members of the board include Mufti Muhammad Hussain Khaleel Khail, Mufti Syed Hussain Ahmed, and Mufti Javed Ahmad. [16]

Products and services

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BankIslami offers financial services through its retail, corporate and investment banking operations. The bank provides working capital and structured financing facilities to corporate and enterprise (SME) clients, as well as employee banking services.[17] Its investment banking operations include Sukuk structuring, Islamic financing arrangements, and advisory services for corporate and institutional clients.[18]

In June 2025, the bank launched Aik, a digital banking platform offering Shariah-compliant financial services.[4][19]

References

[edit]
  1. 1 2 3 4 "BankIslami Annual Report 2025" (PDF). BankIslami. 2025. Retrieved 14 September 2026.
  2. ↑ "BankIslami's North Korean entanglement featuring Seth Rogen and the English Premier League". Profit by Pakistan Today. 19 September 2021.
  3. 1 2 Research, B. R. (18 May 2023). "BankIslami Pakistan Limited". Brecorder. Retrieved 13 September 2026.
  4. 1 2 3 Dilawar, Ismail (20 March 2025). "BankIslami unveils 'Aik,' Pakistan's first fully digital Islamic banking solution". www.arabnews.pk. Retrieved 13 September 2026.
  5. ↑ "State Bank of Pakistan 2024 Report" (PDF). Pakistan Stock Exchange. Retrieved 14 September 2026.
  6. ↑ "Up to 25 percent of Pakistani banking system to be Islamic in 5 years: Bilgrami". Brecorder. 24 May 2006. Retrieved 3 September 2024.
  7. ↑ Rana, Shahbaz (19 April 2017). "Despite $100m investment offer, why was KASB Bank sold for Rs1,000? | The Express Tribune". The Express Tribune. Archived from the original on 21 August 2025. Retrieved 13 September 2026.
  8. ↑ Dawn.com (28 November 2015). "Ex-director laundered money through KASB Bank: BIPL". Dawn. Retrieved 13 September 2026.
  9. ↑ Rizwan Bhatti (29 April 2015). "SBP proposes amalgamation of KASB into BankIslami". Business Recorder. Karachi. Retrieved 10 July 2018.
  10. ↑ Hussain, Dilawar (26 February 2003). "KASB proposes merger with Platinum Bank". DAWN.COM.
  11. 1 2 "JS Bank announces BankIslami acquisition". The Nation. 30 August 2023. Retrieved 13 September 2026.
  12. ↑ Reporter, The Newspaper's Staff (26 August 2023). "JS acquires BankIslami". Dawn. Retrieved 13 September 2026.
  13. ↑ BR Web Desk (6 May 2025). "BankIslami acquires 32-storey tower in Karachi". Brecorder. Retrieved 6 May 2025.
  14. ↑ News Desk (6 May 2025). "Bank Islami acquires 32-storey KASB Altitude for new office premises in Karachi". Profit by Pakistan Today. Retrieved 6 May 2025.
  15. ↑ "PACRA upgrades JS Bank's long-term rating to 'AA'". mettisglobal.news. Retrieved 16 September 2026.
  16. ↑ "BankIslami Annual Report 2025" (PDF). BankIslami. 2025. Retrieved 14 September 2026.
  17. ↑ Ahmed, Khurshid (9 January 2024). "Pakistan's key Islamic bank targets Gulf market expansion, set to operate beyond national borders". www.arabnews.pk. Retrieved 16 September 2026.
  18. ↑ "Sukuk IPO oversubscribed". The News International. 15 March 2024. Retrieved 16 September 2026.
  19. ↑ Adil, Mamun M. (13 July 2023). ""Unless all your staff are digitally proficient, they cannot digitise their customers' journey"". Aurora Magazine. Retrieved 16 September 2026.
[edit]
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