Karachi November 02, BankIslami Pakistan Limited, announced today that its
customer base has crossed 100,000 mark. The Bank registered spectacular
increase of 110% in the first 10 months of the year by establishing 52,500
relationships. This growth has helped BankIslami to register almost 100%
growth in deposits as against 8% for the industry. In the last three years
BankIslami has recorded consistent growth ir-respespective of market
conditions. Earlier, it created history by opening more than 100 branches in
less than three years. It is one of the three Banks in Pakistan where the
rating has been up graded in 2009. The Bank is all set to break even in the
fourth quarter this year.
Speaking in the occasion , Ayesha Ashraf Jangda , a spokeswoman of the Bank
thanked the customers for their confidence and trust. At the same time it
clearly shows the immense potential Islamic banking has within the country.
Karachi 31st December 2008: BankIslami has created history by setting up 102 branches in 49 cities across Pakistan in just over two years of its operations. This is the fastest ever branch growth by any bank in Pakistan's banking history.
Talking at the ceremony to mark this achievement, Mr. Hasan A. Bilgrami, CEO BankIslami said that 102 branches covering 49 cities across Pakistan have made BankIslami the fastest growing Islamic Bank in Pakistan. He added that more than 40% of the Branches cater to the un-banked rural/sub-urban areas of the country. He further said that, all 102 BankIslami branches are online, which enable BankIslami customers to make transactions and access their accounts anywhere across the network in 49 cities.
BankIslami has taken lead to provide its customers with value added services including Biometric ATM, Internet Banking and ATM based Inter Bank Fund Transfer.
The 6-months results of 2008 posted by BankIslami showed a deposit growth of 171% to Rs.11.35 Billion, Financing growth of 146% to Rs. 5.39 Billion and Assets growth of 112% to Rs. 16.58 Billion by June 2008 as compared to June 2007. The paid up capital of the Bank would be raised to Rs. 5.28 Billion as the Bank announced a rights issue of 23.26% or Rs.1 Billion. The Bank reported a loss of Rs. 9.92 Million for the six months however for the quarter the Bank posted its first operating profit of Rs. 19.21 Million. The Bank aims to reach 20 more cities through its network of 66 more branches by December 2008.
22 August 2008 37th branch of BankIslami opens in D.H.A. Phase IV Branch, Karachi
KARACHI, July 17, 2008. The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term entity ratings of BankIslami Pakistan Limited (BIPL) at A- (Single A Minus) and A2 (A Two) respectively. These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
The ratings reflect BIPL's articulated business plan to fast establish itself as an active player in the emerging Islamic banking segment. The bank, in a short span of time, has set up an adequate operating platform, supplemented by an effective risk management framework, to execute its overall business plan. However, the extent to which the strategies materialize into desired results, and the related timeline remain to be seen. At the same time, the ratings take into account the sound financial standing of the sponsoring groups.
About the bank: BankIslami Pakistan Limited, commencing operations in Apr06, is listed on the Karachi Stock Exchange. BIPL is a joint venture among three financially sound business groups, holding a cumulative of 56% stake, namely DCD Group UK, Dubai Bank PSJC, and Jahangir Siddiqui & Company Limited (JSCL). With its head-office in Karachi, the bank currently has a network of 36 branches.
DCD, a UK based Group having stakes in diversified businesses, has participated in the establishment of various Islamic Banks in different countries. Dubai Bank PSJC, an Islamic bank, is 70% owned by Dubai Holdings, while the remaining 30% is with Emmar Properties. JSCL is the holding company of JS group-having presence in all important dimensions of the financial sector.
Karachi 23rd April 2008: BankIslami Pakistan Limited, lead managed a 7 year Privately Placed Shariah Compliant Sukuk of Pak Elektron Limited (PEL) based on Diminishing Musharakah. This was announced here today.
With an instrument rating of ?A+? assigned by PACRA, the issue has been well received in the market and has been oversubscribed. Funds from the Sukuk will be utilized towards adjustment of existing credit lines available from conventional banks with Islamic mode of financing.
BankIslami is a full fledge Islamic Bank operating with 36 online branches in 23 cities nationwide and is represented by a renowned Shariah Board.
BankIslami is pursuing an aggressive growth strategy which includes penetration in the rural and urban areas and is committed to introducing value added innovative products for both corporate and consumer banking sector.
Karachi, Friday 18th April 2008: BankIslami's Sharia'h Board Chairman Mufti Muhammad Taqi Usmani chaired the fourth Shariah Supervisory Board Meeting of BankIslami Pakistan Limited here at BankIslami's Head Office.
Present on the occasion other members of the Sharia'h Board Professor Dr. Fazlur Rehman and Mufti Irshad Ahmed Aijaz (Sharia'h Adviser) discussed and approved the business carried out by BankIslami in perspective of performance for the year ended December 2007 and did a Sharia'h compliance review of the bank. All business transactions were approved without any income being classified as charity.
BankIslami Shariah Board Chairman Mufti Muhammad Taqi Usmani also appreciated the growth strategy carried out by BankIslami which will expand its operations to 100 branches in 40 cities nationwide by the end of December 31,2008.
KSaturday 12th April 2007: In line with its commitment to offer Islamic Banking products & services to its consumers, BankIslami has launched MUSKUN Home Financing and Islami Auto Ijarah in Lahore, Rawalpindi and Islamabad. This was announced here on Saturday.
With MUSKUN Home Financing customers can choose from the product line such as Build, Buy, Renovate and Balance Transfer Facility (BTF from interest based bank). Islami Auto Ijarah caters to the market segment vying for products like new, used and imported cars in Sharia'h compliant way.
BankIslami is represented by renowned Shariah Board headed by Mufti Muhammad Taqi Usmani. BankIslami is pursuing its aggressive growth strategy which includes penetration in the rural and urban areas and committed to introducing value added innovative products for both corporate and consumer banking sector. Currently, BankIslami is operating with 36 Online branches in 23 cities nationwide and has a plan to reach 100 branches milestone by December 2008.
Karachi: Saturday March 29th: BankIslami is all geared up to become a 100 Online Branch Network Bank by December 2008. This was announced at the Annual General Meeting held at a local hotel here on Saturday.
After achieving the milestone of opening 36 branches in 23 small and big cities across the country in 2007, the Bank is set to cross the 100 branches network mark by December 2008. BankIslami in its Annual General Meeting announced the financial results of the year ended December 2007. The highlights of the results presented truly showed the aggressive growth of the Bank where the Assets grew up by 358% to stand at Rs. 14.4 Billion, Deposits raised by 560% to reach at Rs. 10 Billion and the financing amount was increased by 413% to stand at Rs. 3.9 Billion. As a result of massive growth, the Bank posted a net loss of 35 million rupees. However, despite of almost three fold increase in the network, the Bank shall report a profit for the year end 2008.
BankIslami is a full fledge Islamic Bank and is represented by a renowned Shariah Board headed by Mufti Muhammad Taqi Usmani. BankIslami is pursuing its aggressive growth strategy which includes penetration in the rural and urban areas and committed to introducing value added innovative products for both corporate and consumer banking sector.
Karachi (Dec 10, 2007) BankIslami led consortium successfully achieved the financial close of Rs. 5 Billion Sukuk for Sui Southern Gas Company Limtied based on diminishing musharakah.The financial close will provide a strong impetus to the rapidly developing Sukuk market in Pakistan.
With an instrument rating of "AA" assigned by PACRA Credit Rating Agency, the issue has been well received in the market and has been over subscribed.
With this transaction BankIslami has lead managed Sukuk transactions worth more than Rs. 10 billion in the last quarter of 2007.
Karachi (Nov 26, 2007) BankIslami today successfully completed private placement of SUKUK worth Rs. 750 million for New Allied Electronics Pvt. Ltd. It is the largest producer of television sets in Pakistan and is the sole distributor of LG products in Pakistan. It has been structured under the Diminishing Musharakah mode. BankIslami and PakBrunei are the lead advisors and lead arrangers to the issue.
With an instrument rating “A” assigned by JCR -VIS Credit Rating Agency, the issue has been well received in the market and has been over subscribed.
With this transaction BankIslami has lead managed SUKUK transactions worth Rs. 5 billion in the last quarter of 2007. The Bank has emerged as a leading player in Islamic Banking industry of Pakistan with 36 online branches spread all over the country by December 2007. BankIslami provides a full range of Shariah compliant products and services catering to all the market segments. The Shariah Board of the Bank is headed by Justice (R) Taqi Usmani and consists of Dr. Fazal-ur-Rehman and Mufti Irshad Ahmed Aijaz.
Karachi (Nov 26, 2007) BankIslami today successfully completed private placement of SUKUK worth Rs. 750 million for New Allied Electronics Pvt. Ltd. It is the largest producer of television sets in Pakistan and is the sole distributor of LG products in Pakistan. It has been structured under the Diminishing Musharakah mode. BankIslami and PakBrunei are the lead advisors and lead arrangers to the issue.
With an instrument rating “A” assigned by JCR -VIS Credit Rating Agency, the issue has been well received in the market and has been over subscribed.
With this transaction BankIslami has lead managed SUKUK transactions worth Rs. 5 billion in the last quarter of 2007. The Bank has emerged as a leading player in Islamic Banking industry of Pakistan with 36 online branches spread all over the country by December 2007. BankIslami provides a full range of Shariah compliant products and services catering to all the market segments. The Shariah Board of the Bank is headed by Justice (R) Taqi Usmani and consists of Dr. Fazal-ur-Rehman and Mufti Irshad Ahmed Aijaz.
Karachi (Sept 26, 2007) BankIslami in a seminar organized by the Institute to Chartered Accountants of Pakistan on Islamic Sukuk covered the concepts and application of Islamic Sukuk in the globalized world. It pointed out the global popularity of Islamic Sukuk especially in the Middle East and the fast growing economies of Asia. Speaking on the occasion Mr. Faisal Shaikh-Head Corporate Banking BankIslami said that “Today, the global Sukuk market, denominated in international currencies, is estimated to be $18 billion. If domestic sukuk are included, it has now exceeded to $50 billion”.
He further added that “High levels of surplus savings and reserves in Asia and Gulf region has further boosted demand for Sukuks which is expected to remain between 30 and 40 per cent of GDP for many years to come. In Pakistan Sukuks worth atleast Rs. 30 billion are either issued or in process of issuance”
He further explained different structure of Sukuks and their application.
Session chairman, Mr. Hasan Bilgrami-CEO BankIslami said that “BankIslami is playing a vital role in domestic Sukuk market and has already issued Sukuk worth Rs. 3 Billion and further Rs. 5 Billion are in the pipeline”.
The seminar was widely attended by the Chartered Accountants, Cost & Management Accountants and the people from the financial community. by the Chartered Accountants, Cost & Management Accountants and the people from the financial community.
Karachi (Sept 25, 2007)Pak Elektron Limited (PEL) has raised funding of Rs. 1.2 billion through a 5 years Privately Placed Shariah Compliant Sukuk based on Diminishing Musharakah. BankIslami lead managed the issue.
With an instrument rating of “A+” assigned by PACRA,the issue has been well received in the market and has been oversubscribed by two times of its total size. Funds from the Sukuk will be utilized towards adjustment of existing credit lines available from conventional banks with Islamic mode of financing.
Pak Elektron Limited (“PEL”) was incorporated in Pakistan on March 03,1956 as a public limited company and is currently listed on all Stock Exchanges of the country. The company is a leading manufacturer of power equipment and home appliances products.
Server manufacturer Sun Microsystems has clinched a deal in the financial services vertical with BankIslami in Pakistan.
Following a proof-of-concept, the bank replaced one hundred of its HP thin clients at its headquarters in Karachi with Sun Microsystems's Sun Ray ultra thin clients, the US company announced this week.
Terms of the deal were not disclosed.
According to Sun, its solution offered the Pakistan Islamic bank with a system that reduced hardware and maintenance cost and improved security and scalability.
"We were impressed with the superiority of Sun Ray thin clients and decided that it was best suited for our organisation," Asad Alim, CIO of BankIslami commented. "It is vital in our industry to have a secure solution to protect corporate data and intellectual property. Sun's proven track record in the financial services industry and market leading solutions met our business requirements for a secure and scalable desktop solution."
He added that the bank planned to extend its Sun Ray deployment as it expanded its operations.
"In an industry where one could potentially have thousands of networked desktops, which regularly need updating with the latest applications, the savings in terms of time and cost is significant," Sun Microsystems MENA Chris Cornelius stated.
"Sun Ray offers real benefits in terms of efficiency, speed of response, ease of maintenance and cost. The software will co-exist with the bank's backend infrastructure and offer multi-platform OS support," he added.
Other deals Sun has won in the Middle East financial services sector include the Central Bank of Egypt, which last year contracted Sun to provide servers, data processing systems and specialised services as part of a US$2.85million overhaul of its IT infrastructure.
SUCCESS STORY
A new entrant in the Pakistani banking scene, BankIslami Pakistan needed a high performance infrastructure to build a global operation. To achieve rock-solid stability and efficient desktop management for dispersed workstations while keeping costs low, the bank chose SUSE® Linux Enterprise Server and SUSE Linux Enterprise Desktop.
Overview
Founded in April 7, 2006, BankIslami Pakistan Limited is a dedicated Islamic commercial bank offering a full range of commercial banking products and services compliant with Shariah Islamic law. The bank has fourteen branches in Karachi, Islamabad, Wah Cantt, Mirpur Azad Kashmir and Quetta, and plans to open 22 others in various parts of Pakistan.
Challenge
An upcoming financial institution in its first phase of growth, BankIslami wanted to develop a robust IT framework capable of supporting a dynamic business with evolving commercial strategies. The bank was scouting for a partner to help build its IT infrastructure from the ground up.
The solution needed to be secure, scalable, reliable and easy to use in order to manage employees spread over multiple branches across the country. The company wanted to minimise the number of IT personnel required at each branch, without requiring central staff to visit individual locations to provide technical support – so the ability to deploy software and manage machines remotely was a major factor in BankIslami's choice of solution.
The initial task was to roll out a solution for around 100 users at the bank's fourteen existing branches, and create a flexible, scalable infrastructure with the highest possible degree of security while keeping costs low.
Novell Solution
BankIslami initially considered Microsoft* Windows*, but felt constrained by the potential lock-in to a single vendor. Linux* scored over Microsoft in aspects such as functionality, frequency of releases and ease of deployment. The security of Linux and the opportunity to reduce costs were also positive factors.
After homing in on Linux, the bank chose SUSE Linux Enterprise Server and SUSE Linux Enterprise Desktop to support its business-critical systems.
"We felt that SUSE Linux Enterprise would be a more stable solution than a proprietary operating system, because the risk of virus infections and malicious attacks is considerably reduced," said Asad Alim, Head of Information Systems at BankIslami Pakistan. "Moreover, as a financial institution, we need enterprise-class support – something that few Linux vendors other than Novell can provide."
BankIslami selected SUSE Linux Enterprise Server as the perfect solution for the bank’s mission-critical application environment, as it addresses the bank’s need for uninterrupted operation. The bank rolled out SUSE Linux Enterprise Server over a period of two months.
For its desktop estate, BankIslami chose SUSE Linux Enterprise Desktop, deploying it on Sun Ray* stateless thin-client terminals from Sun Microsystems*. The bank has migrated most of its teller applications to the thin-client environment, which uses smartcard technology to enable users to log in securely from any terminal. Another advantage of the thin-client approach is that all data is stored and backed up centrally – helping to reduce risk for BankIslami.
“With SUSE Linux Enterprise Desktop on Sun Ray clients, we have significantly improved the availability, reliability and performance of our teller applications, while reducing the management costs significantly,” said Alim. “Our partner, Emergen Technologies, provided valuable input for this part of the solution, and also helped us to design and deploy the entire SUSE Linux Enterprise environment.”
With tools that accelerate deployment, centralise management and simplify maintenance, the choice of SUSE Linux Enterprise helps keep the bank’s systems running at their prime.
"SUSE Linux Enterprise Desktop is a mature and fully-featured desktop environment, offering all the functionality we need to run our branches effectively," said Alim. “BankIslami is fully compliant with Islamic banking protocols, and SUSE Linux Enterprise gives us a secure and flexible platform for developing new services.”
Result Using the advanced administration tools built into SUSE Linux Enterprise, BankIslami’s IT staff are able to easily install, deploy, configure and update servers and desktops securely, anywhere on the network. The solution allows the staff to configure any aspect of the Linux environment, significantly reducing the time and costs involved in administration and maintenance.
“The Novell® implementation has given BankIslami confidence that data transmission can operate flawlessly round the clock,” said Alim. “The scalability and stability of SUSE Linux Enterprise Server makes it easy for our staff to support and integrate an increasing number of applications.”
Strengthening the relationship further, the bank is looking at partnering with Novell for more products in the near future, such as Novell GroupWise and a Novell identity and access management solution.
“Once you’ve designed the strategy, Novell products are very easy to deploy,” said Alim. “The bank has seen significant savings in terms of administrative resources. Ultimately, the real benefits are for our customers, who benefit from facilities such as Internet banking and biometric-enabled ATM and debit card support – facilities unheard of in Pakistan before.”
KARACHI, July 18, 2007. BankIslami has reached an agreement to purchase 100 per cent shareholding in JS Finance Ltd, a modaraba management company, from Mr. Jahangir Siddiqui and DCD Investment Ltd. The State Bank had granted approval to this deal.
BankIslami is a joint venture between Dubai Bank, DCD Group of UK and Jahangir Siddiqui and Company Limited with each owning 18.75% of the Bank. There has been no change in the ownership of BankIslami after the acquisition of JS Finance Ltd.
JS Finance is a registered Modaraba Management Company licensed by the Securities and Exchange Commission of Pakistan. The company has one modaraba under its management, Modaraba Al Mali which is the listed on the Karachi Stock Exchange.
KARACHI, July 27, 2007. BankIslami launches another very useful facility for its customers. Now all the account holders can request and receive ElectronicStatement through Email, free of cost.
MIRPUR, July 18, 2007. With the initiation of BankIslami’s services, people in this part of the country would be greatly facilitated owing to the Shariah compliant products being offered by the institution. This was stated by the President of Azad Jammu and Kashmir, Raja Zulqarnain Khan, here on Wednesday during a visit to the recently opened branch of BankIslami.
Lauding the services of the institution, he assured full assistance to the Bank on part of the AJK government.
Briefing the AJK president, BankIslami President & CEO Mr. Hasan Bilgrami said that the bank is aiming at taking Shariah compliance to a level extending it to marketing, human resources and general outlook.
He said that the bank offers a full range of Shariah compliant commercial banking products and services such as current accounts, saving accounts, foreign currency accounts and term deposits.
Highlighting the products offered in the field of corporate banking, he said that the bank is offering working capital finance, medium and long term finance, leasing, Islamic export refinance scheme and structured finance, letter of credit, letter of guarantee, forward cover, bill purchase, car and house financing.
Mr. Bilgrami said that the BankIslami has taken lead in a number of products such as deployment of Biometric ATMs, introduction of new GBNA based Biometric Depository ATMs, use of voice recognition technology in phone banking and MUSKUN home financing product which is available for people earning as low as Rs. 15,000 per month.
He said that recently the BankIslami also signed an agreement with Path Solutions for the procurement of modern Shariah-compliant banking system software.
Besides, it became the first Islamic bank in the country to have introduced online Inter-Bank Fund Transfer (IBFT) facility for its customers through ATMs, he added.
The bank’s Shariah Adviser, Mufti Irshad Ahmed Aijaz, explained the overall concept of Islamic banking and the products offered by the bank in this respect.
He said that Islam strictly prohibited interest as the Islamic financial system advocated the concept of participation in the enterprise, utilizing the funds at risk on a profit and loss sharing basis.
This by no means implied that investments with financial institutions were necessarily speculative, he said adding that this could be excluded by careful investment policy, diversification of risk and prudent management by Islamic financial institutions.
Mufti Irshad said that it is possible, that investment in Islamic financial institutions could provide potential profit in proportion to the risk assumed to satisfy the differing demands of participants in the contemporary environment and within the guidelines of the Shariah.
Later, an open house was also organized to further inform the masses and the potential clients on the concept of Islamic banking and the products being offered by the Bank.
KARACHI, July 13, 2007. BankIslami Pakistan launches the IBFT service for all its customers on all its ATMs. BankIslami is the 1st Islamic Bank to offer this service to its customers.
IBFT or Inter Bank Fund Transfer facility enables BankIslami's customer to send and receive funds on-line from and to any customer of 1Link IBFT participating member banks.
IBFT member banks include the following:
ABN AMRO
Allied Bank
Askari Commercial Bank
Bank Al-Habib
BankIslami Pakistan
Habib Bank
PICIC Commercial
Soneri Bank
United Bank
on Bank
NIB
Advantage of IBFT
Convenience
Easy to use
Instant Transfer i.e. Online
Secure
7x24 Facility- Round the Clock
IBFT has revolutionaries funds transfers between two banks as it totally eliminates cheques and is processed on-line
Limits & Conditions
Funds transfer limit is upto Rs100,000 per day.
Funds transfer may only be in Pak Rupees
Funds transfer may only be in Pak Rupees
Per IBFT transaction Rs15 will be charged per transaction
Process
Customer Inserts the Card
Authentication - using Biometric or PIN
Selects "Funds Transfer" from Main Menu
Select "IBFT" from Funds Transfer Menu
Select the From Account from which Funds will be transferred.
Select Bank where Funds are to be transferred
Input the Beneficiary Account Number
Input the Amount to be transfer
Verify the Beneficiary Name retrieved on-line from the Beneficiary bank
KARACHI, July 11, 2007. The Pakistan Credit Rating Agency (PACRA) has assigned a long-term rating of A- (Single A Minus), and a short-term rating of A2 (A Two) to BankIslami Pakistan Limited. These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
The ratings reflect the management’s well-conceived business strategy to become an active player in the seemingly promising Islamic banking segment. In a short span of time, BIPL has established an effective operating platform, and is well positioned to execute its overall business plan. Meanwhile, the ratings also take into account the sound financial standing of the sponsoring groups. However, the extent to which the strategies materialize into desired results, and the related timeline remain to be seen. Meanwhile, the newly developed systems and processes of the bank also need to be tested.
About the bank: BankIslami Pakistan Limited (BIPL), a scheduled Islamic bank, commenced operations in March 2006 and is currently listed on the Karachi Stock Exchange. BIPL is a joint venture among three financially sound business groups, namely DCD Group UK, Dubai Bank, and Jahangir Siddiqqui Company Limited (JSCL). Each group has 18.75% stake in the bank, while the remaining holding is with various institutional investors and the general public. With its head-office in Karachi, the bank currently has a network of 13 branches, and a head count of over 350 employees.
DCD, a UK based Group having stakes in diversified businesses, has recently started participating in the establishment of various Islamic Banks in different countries. Dubai Bank PSJC is 70% owned by Dubai Holdings, while the remaining 30% is with Emmar Properties. Dubai Holdings is the investment arm of the government of Dubai. JSCL is the holding company of Jahangir Siddidui group – a known group in the financial sector.
The seven-member BoD comprises representatives of sponsoring groups. The Chief Executive Officer, Mr. Hasan A. Bilgrami, is a qualified professional having extensive experience with leading financial institutions. He has played an active role in the development of the Islamic banking policies and products in the country.
KARACHI, July 06, BankIslami Pakistan Limited is a dedicated Islamic commercial bank operational in Pakistan since April 7th, 2006. BankIslami offers full range of shariah compliant commercial banking products and services.
Since inception, BankIslami has considered IT as one of the key success drivers and has displayed it through several “First in the Market” initiatives. This includes achievements such as “First Bank to install Biometric ATM in Pakistan”, “First Bank to have Large Scale Enterprise wide Linux Implementation” and “First Bank to deploy Enterprise Wide IP Telephony Infrastructure”. The most recent additions to long list of initiatives is deployment of “The First Bank to introduce new GBNA based Biometric Deposit ATM in Pakistan”.
This new ATM facility would allow the BankIslami customers to deposit cash directly in their account at anytime. This new Global Bunch Note Acceptor technology based Biometric Deposit ATM is highly secure and is capable of accepting 100 notes at a time.
BankIslami presently has 14 operational branches and plans to expand its nationwide network to 100 new branches in 50 cities within the next three years. Each branch would be equipped with self servicing machines such as Biometric Deposit ATMs and Internet banking Kiosk. The objective of BankIslami is to provide authentic shariah complaint products through state-of-the-art customer facilities.
KARACHI, June 21, 2007. Kuwait-based banking software solutions provider Path Solutions announced that it has signed a contract with BankIslami, a newly established full-fledged Islamic bank in Pakistan, for the implementation of a complete core banking system in its entire upcoming 100+ branch network.
'It is a great leap forward for both of us', said Path Solutions' President, Naji Moukadam. 'Financial institutions are increasingly facing the challenge of meeting rapidly changing market requirements, and the need to replace their systems with a next-generation solution that provides business agility. iMAL can support large numbers of users with true non-stop resilience. It provides the answer to this pressing need', he affirmed.
Path Solutions will deploy iMAL impressive suite of software applications which includes Islamic Financing and Investment operations, Islamic Treasury and powerful ALM monitoring across BankIslami's entire network. This deployment is a key milestone for both the participants of this project.
'Our major concern was to upgrade the existing system and boost the efficiency of our bank', explained Hasan A. Bilgrami, President and CEO, BankIslami. 'We are increasing our competence to have our Islamic banking products restructured for future growth and in pursuing this objective we sought a partner that has a successful track record in providing and implementing Shariah based banking software which will integrate with no trouble with our existing system. Partnership with Path Solutions provides us benefits that would help us achieve our goals of growth and profitability', Mr. Bilgrami added.
Path Solutions' iMAL technology is kindling keen interest among the region's most prominent banks and financial institutions. iMAL is a high-performance, high-speed, high-bandwidth, point-to-point solution. It provides a flexible, scalable modular architecture for all applications.
'We are eagerly awaiting the implementation of iMAL as an overhaul system, since it will help us extend our operational effectiveness', said Asad Alim, Head of Information System at BankIslami.
As reported by Rosie Kmeid, Path Solutions' Head of Corporate Communications & Marketing, this partnership supports one of the most important transformational IT projects for BankIslami. It also represents one of the largest core banking transformation engagements for Path Solutions in the region.
Islamabad 11th May 2007: BankIslami Pakistan Limited today opened its branch at Blue Area Islamabad. This is the 11th branch in the network of the Bank which will expand to 28 by the end of the year.
BankIslami is the leading authentic Islamic bank providing Shariah compliant product menu with personalized customer services. It aspires to become the technologically driven Islamic bank providing services like Biometric ATM's, Electronic news board on branches, Internet banking and Phone banking.
Shariah Supervisory Board of BankIslami comprises of Justice (R ) Mohammad Taqi Usmani (Chairman), Prof. Dr. Fazlur Rehman (Member) and Mufti Irshad Ahmed Aijaz( Member and Shariah Adviser).
KARACHI: BankIslami Pakistan, the country's first Islamic bank with a focus on wealth management, is in talks with potential partners to fund a 10-fold expansion of its local branch network and tap markets overseas.
"We need an alliance that can give us capital and access to global markets and we're in discussion with several groups," Hasan Aziz Bilgrami, chief executive officer, said in an interview at his Karachi head office on May 2. "This won't be a takeover but an equity injection at a premium by a financial institution in the Middle East, the U.S. or Europe."
BankIslami joins companies like ABN AMRO Holding, Citigroup and Standard Chartered with its plan to expand Islamic banking to meet demand in the world's second-most populous Muslim nation. Pakistan's Islamic finance industry may grow fivefold in the next five years to 15 percent of banking assets, the central bank governor, Shamshad Akhtar, said in January.
The bank will double its capital to 6 billion rupees, or $99 million, by the third quarter this year to finance as many as 100 new branches in 50 cities within the next three years, said Bilgrami. It plans to spend 4 billion rupees on branch expansion in the next two years, he said.BankIslami, Pakistan's fourth-biggest Islamic bank by assets, raised 400 million rupees in an initial share sale in March; demand for the shares was valued at 3.5 billion rupees.
"Demand for Islamic products in Pakistan will grow because the interest is there and now the branches are there," said Habib-ur-Rahman, chief executive of Karachi-based Atlas Asset Management. "Islamic banks will have to compete hard on services and product range and they'll need to market more aggressively."
BankIslami plans to open 18 new branches in five Pakistani cities this year, expanding from its current 10 branches, nine in Karachi and one in the western city of Quetta.
Wealth management, which will be introduced in early 2008, will accountfor half of the bank's loans in three years, Bilgrami said. One-fourth will be corporate loans and a quarter will be lending to small and medium enterprises."No one has focused on Islamic wealth management as the core of their business," he said. "That's the gap we're going to fill."
The bank plans to open its first overseas branch in Afghanistan in the next three years, because it is a "local and logical choice," Bilgrami said. It will open at least two more within five years, possibly including an outlet in Sri Lanka
An alliance with an overseas partner will allow BankIslami to access customers in Saudi Arabia, United Arab Emirates, Qatar and Kuwait in the Middle East, Bilgrami said. He also plans to sell Shariah-compliant products in South Africa, Kenya, Zaire, Tanzania, Uganda and Botswana, in addition to Canada.
Pakistan's Islamic banking industry expanded its assets by 42 percent in the six months that ended March 31, to 134.6 billion rupees, according to central bank data.
3rd May 2007: BankIslami launches MUSKUN with the disbursement to its first customer. BankIslami's MUSKUN is the simplest and the most convenient Shariah compliant way to own a home.
Endorsed by the reputable Shariah Supervisory Board, MUSKUN is a personalized financing plan that brings to the home of one's choice within one's reach.
BankIslami is the first bank to have launched a home financing product which would be available for income groups as low as Rs. 15,000/- per month. An added attraction is that the product is available for all areas i.e. There are no negative areas.
Speaking on the occasion President and CEO Mr. Hasan A. Bilgrami said that "Introduction of MUSKUN is a step in the direction of offering personalized Shariah compliant products to all the financial strata.
With the launching of MUSKUN BankIslami has added another milestone in its Shariah compliant product menu. BankIslami is all geared up to become the leading service provider in authentic Islamic Banking reaching out to the masses with 28 branches by end of the year".
Currently, it is only to be availed in Karachi. We expect to launch this product nationally Inshallah very soon.
Initially, we are dealing with home purchace (purchasing a residential property) and replacement (transfering a conventional mortgage to Islamic). Some salient features of MUSKAN are:
- All income groups above 15k are eligible to apply
- There are no negative area and professions
- Quick processing
- Financing up to 80% of the value of the property
- Financing limit 50 Million
- Tenor up to 20 years
- No Pre Payment Penalty after One Year
- Flexible & affordable installaments with reducing rentals
- Clubbing of family income
- Special financing available for Non-Residents Pakistanis (NRPs)
For more information please contact our 24/7 Phone Banking at 111-BIP (247)-111 or 111-ISLAMI (111-475-264)
BELLEVUE, Wash./June 26, 2007 --- BankIslami Pakistan Limited, a leading Islamic bank in Pakistan has decided to implement Haydrian's XM3(R) Anti-Money Laundering (AML) solution. BankIslami's executives are confident that XM3 will allow their bank to manage risk more effectively as they continue to grow and expand their operations throughout Pakistan and the Middle East. Technology has been an important component of BankIslami's success, and XM3's cutting edge risk management capabilities will allow BankIslami to better fight financial crime and build a stronger compliance program as their business continues to progress and flourish.
Haydrian's XM3 is a state-of-the-art detection, prevention and risk management platform, which safeguards financial institutions of all types and sizes, from drug trafficking, arms transactions, terrorist transactions and other forms of money laundering and the associated reputation damage.
"XM3's seamless technology and Haydrian's first-rate team here in Karachi made selecting an AML solution easy. With our rapidly growing number of branches and customers, XM3 is the perfect fit to assist our compliance staff with the painstaking job of detecting and monitoring transaction and customer data. I am pleased to be raising the AML standard for Pakistan with XM3. I cannot stress enough how vital an AML solution is to the success of any bank today," said Mr. Asad Alim, Head of Information Systems at BankIslami.
Haydrian's XM3 AML solution was designed and developed by an internationally recognized management and engineering team to address effectively the increasing demands of combating money laundering while meeting the compliance guidelines established to limit the risk of institutions with local and global prominence.
"We are very pleased to have BankIslami as our first AML customer in Pakistan. With the acquisition of XM3 it will continue to build and promote AML best practice and be a leading example for compliance in Pakistan and throughout the Middle East. We hope our relationship continues to grow, as the bank continues to expand its banking operations. We believe that BankIslami will be the first of many Haydrian clients in Pakistan," said Anis Younus, director of Pakistan operations for Haydrian.
About Haydrian
Haydrian Corporation provides risk management solutions for financial institutions around the world. Solutions include an AML detection and monitoring system, Basel II and operational management, Internet security, consumer credit scoring, private and investment banking core systems and Islamic core banking systems. Haydrian is led by a team of
experienced senior executives with a successful track record in international banking, financial regulation and compliance, consulting, financial services, credit analysis and risk management. In addition to corporate offices in the United States, Haydrian has offices located in Mexico, Panama, Colombia, Brazil, Spain, Lebanon, Egypt, the United Arab Emirates, Pakistan and Indonesia. Learn more at 'http://www.haydrian.com'.
3rd March 2007: BankIslami and ORIX signed an agreement which will allow BankIslami customers to use their One Card (ATM/ Debit Card) on all the POS systems of ORIX Network across Pakistan. Speaking on the occasion Mr.Hasan A Bilgrami CEO BankIslami said "As part of our technology initiatives we are building a relationship with ORIX that would allow the customers of BankIslami to use their One Card (ATM/Debit Card) on Orix Network".
Further Mr. Bilgrami added "We took the initiative to launch the first Biometric ATM in Pakistan as well as in the region and had deployed Electronic Tickers on all our branches". BankIslami already has ten Biometric ATM's installed, which will reach to about 50, by the end of 2007.
BankIslami's branch network has now reached to ten, majority of them being in Karachi. For 2007, BankIslami is planning to open 18 more branches taking its network to 28 in less then 2 years time.
