CHI - Emirates Global Islamic Bank shareholders at an Extra Ordinary General Meeting (EOGM) held Tuesday, approved the plan to merge with Al Baraka Islamic Bank BSC (C).
Al Baraka Islamic Bank BSC (C) (Bahrain), a wholly owned subsidiary of Al Baraka Banking Group (ABG) (Bahrain), and Emirates Global Islamic Bank have announced their intention to merge the branches of Al Baraka Islamic Bank in Pakistan and Emirates Global Islamic Bank limited for the first merger in the Islamic Banking Sector in Pakistan.
The merger will lead to the emergence of a bank with assets in excess of $582 million and a network of 89 branches covering 40 cities and towns in Pakistan. The process of obtaining the necessary approvals from the regulatory authorities in Bahrain and Pakistan is under way.
Briefing the media Syed Tariq Husain, President & CEO, Emirates Global Islamic Bank stated The merger of the two banks will give the new entity the footprint in the Pakistan market to take the bank to the next level, and to enable customers of the merged bank to enjoy the best Islamic products in a Shariah compliant environment, and will play a leading role not only in the Islamic banking sector but in the Banking industry as a whole.
The merged bank will carry the name of Al Baraka Bank Pakistan and be managed by ABG Group that has substantial capital resources and presently operating in 12 countries with over 300 branches. ABBP, with its commitment will commence operations with an extensive branch network that would enable it to play a truly leading role in the Pakistani banking market and offer full range of Islamic banking services, supported by the extensive resources and expertise of the well-established parent company.