Extension for submission of half yearly accounts as of June 30, 2015 by December 31, 2015, Non Submission Financial Result of Bank Islami Pakistan limited

Karachi: Bank Islami Pakistan limited informed Karachi Stock Exchange that State Bank of Pakistan has allowed bank’s extension for submission/publishing of half yearly accounts as of June 30, 2015 by December 31, 2015.The permission is granted to the bank in view of defunct KASB bank Limited’s merger with and into Bankislami Pakistan Limited and its conversion into an Islamic bank.

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.