Karachi—Al Baraka Bank (Pakistan) Limited (ABPL), and Burj Bank Limited (BBL) have successfully merged operations under the name of Al Baraka Bank (Pakistan) Limited. In the mid of 2016, Al Baraka Bank (Pakistan) Limited received the approval from the State Bank of Pakistan (SBP) to conduct the due-diligence of BBL; one of five full-fledged Islamic Banks in Pakistan.
The amalgamated entity will operate with a combined network of 224 branches and net assets in excess of 120 billion in addition to ABG’s global presence in 15 countries spanning from Europe to MENA and Asia, with a network exceeding 775 Branches.
On the occasion, Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group (ABG) said that: “The merger between ABPL & BBL is part of the group’s strategy to expand its reach in Pakistan and strengthen the global footprint of Islamic Finance. The said merger will set the path for exponential growth and success for ABG while increasing shareholder value”.
Shafqaat Ahmed, Chief Executive Officer of Al Baraka (Pakistan) Limited said “this is a proud moment for ABG & a testament to the group’s commitment to its operations in Pakistan. This is history in the making and I am confident that together we will write many more glorious chapters of success for years to come”.
The Islamic Banking industry has witnessed tremendous growth over the past five years; this merger will further catalyze the growth by establishing ABPL as an even stronger institution in the Islamic Banking sphere. The substantial increase in combined capital and branch network will allow ABPL to reach out to a broader customer base with a full range of Islamic Banking services.