Board meeting of BankIslami Pakistan Limited

Karachi: BankIslami Pakistan Limited informed Karachi Stock Exchange about the board of directors meeting of the company scheduled to be held on December 30, 2015 at Karachi. The agenda of the meeting shall be consideration of half yearly financial statements for the period ended June 30, 2015.

Further, the closed period of the company shall be from December 24 to December 31, 2015.

The State Bank of Pakistan declared Bank Islami Pakistan Limited as a Scheduled Bank with effect from March 17, 2006. BankIslami started its Banking operations on April 7, 2006 in Karachi. The idea of Bank Islami was conceptualized by Jahangir Siddiqui & Company Limited and Randeree family in late 2003. Mr. Hasan A. Bilgrami was appointed as Adviser to the sponsors on March 16, 2004 for formalizing the idea. He presented the concept paper of Bank Islami 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 Bank Islami by investing 18.75% in the total Capital. By the end of 2013, the bank possessed 201 branches in 77 cities nationwide. Under the Islamic banking policy of 2003 the bank acquired its Islamic banking license in 2005. The registered office of the company is located in Karachi.

The core business area of the bank includes wealth management including shariah compliant and retail banking products, proprietary products and third party products. Financial planning service is also an important part of the process.

The symbol “BIPL” is being used by the stock exchange for the shares of Bank Islami Pakistan Limited.