please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article needs to be updated . please update this article to reflect recent events or newly available information . december 2014 this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . may 2015 learn how and when to remove this template message learn how and when to remove this template message bankislami pakistan limited type public kse bipl industry islamic banking founded april 7 2006 2006 04 07 headquarters principal office karachi pakistan key people hasan a bilgrami ceo products retail banking consumer banking investment banking trade financing etc. revenue pkr 7 812 million 2014 1 net income pkr 314 million 2014 number of employees 2300 as on 31 dec 2014 website www.bankislami.com.pk bankislami pakistan limited bankislami is located in karachi sindh pakistan . bankislami pakistan limited was the first islamic commercial bank to receive the islamic banking license under the islamic banking policy of 2003 from state bank of pakistan on march 31 2005 . the bank started its operations from april 7 2006 and offers shariah compliant retail banking investment banking consumer banking and trade finance products . the bank intends to focus on wealth management as the core area of business and plans to soon launch proprietary products and integrated financial planning services . the bank has a nationwide presence its branch network consists of 213 branches & sub branches spread over 80 cites of pakistan . with the amalgamation of kasb on may 7 2015 all 104 branches of kasb have become part of bankislami s branch network . bankislami is now the 11th largest banking net work in the country with 317 branches in 93 cities nationwide . citation needed the idea of bankislami 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 to formalize the idea . he presented the concept paper of bankislami 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 bankislami by investing 18.75 % in the total capital . contents 1 accredition by state bank of pakistan 2 initial public offering of bankislami 3 inauguration and network expansion 4 sponsors 5 credit rating 6 brand image 7 amalgamation with kasb bank limited 8 see also 9 references 10 external links accredition by state bank of pakistan edit the state bank of pakistan issued a no objection certificate in no time on august 19 2004 and bankislami pakistan limited the second full fledge islamic commercial bank in pakistan was incorporated on october 18 2004 in pakistan . bankislami pakistan limited was the first bank to receive the islamic banking license under the islamic banking policy of 2003 on march 31 2005 . the bank envisioned to focus primarily on wealth management as the core area of business in addition to shariah compliant retail banking products proprietary and third party products and integrated financial planning services . citation needed initial public offering of bankislami edit bankislami pakistan limited made a public offering of rs . 400 million at par from 6 to 8 march 2006 . this was the first primary issue by a bank in over a decade in pakistan . the initial public offering ipo of bankislami received overwhelming response from the general public as the applications received were 9 times higher than offered fetching nearly rs . 3.5 billion against the demand of rs . 400 million . citation needed inauguration and network expansion edit the state bank of pakistan declared bankislami pakistan limited as a scheduled bank with effect from march 17 2006 . bankislami started its banking operations on 7 april 2006 with its first branch in site karachi . by the end of 2006 the bank had 10 branches nine in karachi and one in quetta . the bank further concentrated in building a nationwide network and by the end of year 2007 its branch network grew to 36 branches in 23 cities . in 2008 the bank opened 66 new branches nationwide which expanded its network to 102 branches in 49 cites . by the end of 2013 the bank has achieved the target of 201 branches in 77 cities nationwide . currently bankislami is operating 213 branches in 80 cities of pakistan . with the amalgamation of kasb on may 7 2015 all 104 branches of kasb have become part of bankislami s branch network . bankislami is now the 11th largest banking net work in the country with 317 branches in 93 cities nationwide . citation needed sponsors edit bankislami is the joint venture project of three groups namely jahangir siddiqui & co. pakistan randeree family & dubai bank . the bank is also publicly traded on the karachi stock exchange . credit rating edit the bank is assigned a long term entity of a and short term rating of a 1 by pakistan credit rating agency limited pacra reflecting bankislami s well conceived business strategy and establishment of effective operating platform by the bank to execute the business strategy . citation needed brand image edit bankislami has been able to build a strong image by using smart marketing ideas that resonate well with the public mind . for example the calligraphy of the bank s name in urdu have been done by the same calligrapher shafiq uz zaman who has been working in the holy mosque of medina in saudi arabia . citation needed amalgamation with kasb bank limited edit state bank of pakistan sbp has proposed amalgamation of kasb bank limited kasb into bankislami pakistan limited at a token price of rs 1 000 . sources told business recorder tuesday that sbp has initiated amalgamation process of kasb bank into bipl pursuant to the powers conferred on them under section 47 of the banking companies ordinance 1962 as six months moratorium imposed on kasb bank is being completed next month and before that the regulator is required to complete its restructuring in order to protect the investors interest . initially some four banks including js bank askari bank bankislami and sindh bank were intending to acquire kasb bank operations and approached sbp to get noc for due diligence of kasb for proposed acquisition . however now sbp has selected bankislami for amalgamation of kasb bank . kasb bank has been facing severe capital shortfall in terms of both minimum capital requirement mcr and capital adequacy ratio car since 2009 . as of september 30 2014 the bank s mcr free of losses was in the amount of rs 0.958 billion with a car of negative 4.63 percent against the required levels of rs 10 billion and 10 percent respectively . on may 7 2015 kasb bank merged with bankislami pakistan limited with its branch network of 104 which made bankislami a bank of 317 branches in 93 cities . see also edit economy of the oic references edit 1 external links edit bankislami pakistan limited 2 3 v t e banking in pakistan central bank state bank of pakistan big four hbl pakistan mcb bank limited national bank of pakistan united bank limited pakistan commercial banking allied bank limited askari bank atlas bank bank al habib bank alfalah bank of khyber bank of punjab faysal bank first women bank habib metropolitan bank industrial development bank js bank nib bank sindh bank soneri bank summit bank zarai taraqiati bank limited microfinance banking finca microfinance bank limited first microfinance bank pakistan khushhali bank nrsp microfinance bank tameer microfinance bank limited islamic banking bankislami pakistan burj bank dubai islamic bank pakistan limited meezan bank foreign banks barclays hsbc bank middle east royal bank of scotland standard chartered pakistan defunct banks bank of credit and commerce international kasb bank mybank picic commercial bank union bank see also list of banks in pakistan pakistan remittance initiative pakistani bankers institute of bankers pakistan national institute of banking and finance category v t e kse 100 companies of pakistan abbott laboratories pakistan adamjee insurance agriauto industries allied bank limited allied rental modaraba arif habib corporation limited askari bank askari general insurance co. ltd. attock cement attock petroleum attock refinery azgard nine bank al falah bank al habib bank of khyber bank of punjab bankislami pakistan bata pakistan cherat cement clariant pakistan colgate palmolive pakistan dawood hercules chemicals limited d.g. khan cement efu general efu life engro corporation engro foods fatima fertilizer fauji cement fauji fertilizer bin qasim fauji fertilizer company limited faysal bank feroze 1888 mills ghani glass limited glaxosmithkline pakistan grays of cambridge habib metropolitan bank hbl pakistan hub power company hum network limited ici pakistan igi insurance indus motors company international industries limited international steels limited javedan corporation jdw sugar mills js bank js group js growth fund jubilee general insurance karachi electric supply company kohinoor energy kot addu power company lafarge pakistan lotte chemical pakistan lucky cement mari petroleum company limited mcb bank limited meezan bank millat tractors murree brewery national bank of pakistan national foods limited national refinery nestl pakistan netsol technologies nib bank nishat chunian nishat chunian power nishat mills nishat power oil and gas development company pace pakistan packages ltd. pak suzuki motors pakistan cables pakistan international container terminal pakistan oilfields pakistan petroleum pakistan reinsurance pakistan services pakistan state oil pakistan telecommunication company ltd pakistan tobacco company picic growth fund rafhan maize security papers limited shell pakistan shifa international hospital siemens pakistan soneri bank standard chartered pakistan sui northern gas pipelines limited sui southern gas company thal limited tpl trakker trg pakistan tri pack films unilever pakistan united bank limited pakistan as of july 2013 retrieved from https en.wikipedia.org w index.php title bankislami pakistan & oldid 693896061 categories 2006 establishments in pakistanbanks established in 2006banks of pakistancompanies based in karachi districthidden categories wikipedia articles in need of updating from december 2014all wikipedia articles in need of updatingarticles needing additional references from may 2015all articles needing additional referencespages using infobox company with unsupported parametersall articles with unsourced statementsarticles with unsourced statements from may 2015 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read 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