KARACHI: Bahrain-based Al Baraka Islamic Bank BSC, a wholly owned subsidiary of Al Baraka Banking Group (ABG), and Emirates Global Islamic Bank have planned a merger of the branches of Al Baraka Islamic Bank and Emirates Global Islamic Bank Pakistan under the name of Al Baraka Bank Pakistan, according to a statement.
“It will be the first Islamic banking merger in Pakistan and would bode well for the overall banking industry,” said Roger Dawood Bayat, Head of Investor Relations and Corporate Communications, Emirates Global Islamic Bank Limited.
This merger will lead to the emergence of a bank with assets in excess of $582 million and a network of 89 branches, covering cities and towns across the country. “Obtaining necessary approvals from the regulatory authorities and official bodies in Bahrain and Pakistan is underway,” the statement said.
“The merger between the two banks reflected the group's strategy to expand in the Pakistani market as part of its strategies to strengthen its presence and operations in promising Islamic markets,” said Shaikh Saleh Abdullah Kamel, Chairman, Al Baraka Banking Group.
The merger is likely to create a high value-addition not just for the merged financial institutions, but also for the banking and financial markets in Pakistan, which are considered to be one of the most important markets in the Islamic world.
“Our merger with the branches of Al Baraka Islamic Bank in Pakistan falls within our ambitious goals for expansion in the Pakistani market by consolidating the expertise and resources of two of the most important financial institutions in Pakistan,” said Shaikh Tariq Bin Faisal Al Qasimi, chairman of Emirates Global Islamic Bank. The operations of Al Baraka Islamic Bank in Pakistan dates back to 1991. Bayat said that a formal announcement in this regard would be issued on Tuesday.
Source The News
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