Islamabad
\nBankIslami Pakistan Limited, the first Islamic commercial bank to receive an Islamic banking license in Pakistan has demonstrated remarkable growth over the past few years.
\nThe bank has successfully maintained its equity ratings of AA-, reflecting a stable outlook. This can be attributed to the fact, it has developed a comprehensive range of product suites tailored to meet diverse customer needs, establishing a strong presence in various financing areas. The bank\u2019s key focus areas include expanding current accounts, improving the deposit per branch ratio, enhancing the financing portfolio, and strengthening cash management and employee banking services.
\nIn 2023, the bank underwent a significant change in ownership as JS Bank Limited, one of its sponsor shareholders, elevated its shareholding to 75.12%, making BankIslami an integral part of the JS Group. This strategic alignment empowers both entities to leverage their unique strengths, facilitating the development and delivery of best-in-class products and services to their respective customer bases.
\nAs of December 2023, BankIslami\u2019s deposit base grew by 26%, reaching PKR 522.5 billion (compared to PKR 415.9 billion at the end of December 2022). This growth is attributed to substantial contributions from current and term deposits, aligning with the bank\u2019s strategy to secure stable deposits and strengthen its balance sheet.
\nThe bank\u2019s net financing increased by 14% to PKR 230 billion (up from PKR 201 billion at the end of December 2022), maintaining a stable infection ratio indicative of sustained asset quality. The profit after taxation for 2023 rose to PKR 11 billion (up from PKR 4.4 billion in 2022), driven by a 100% year-on-year increase in gross returns, which stood at PKR 92.86 billion (up from PKR 46.3 billion in 2022).
\nThe equity base and risk absorption capacity of the bank have shown commendable improvement. By the end of December 2023, the Capital Adequacy Ratio (CAR) enhanced to 23.8% (up from 17.9% at the end of December 2022), indicating a strong growth cushion for the bank.
\nBankIslami is committed to ensure its regulatory compliance, expanding branch network, and increasing its digital footprint through revamped digital delivery channels.
\nThe bank is also actively expanding its trade business to facilitate further growth in current accounts. The integration with JS Group is expected to yield significant benefits in terms of cost efficiencies, digitization, technological advancements, thereby enhancing the bank\u2019s efficiency ratio.
\nBankIslami\u2019s eight-member board of directors includes representatives from sponsoring groups and independent directors. In 2023, Mr. Suleman Lalani, Group President of Jahangir Siddiqui & Co. Limited, was appointed Chairman of the Board, succeeding Mr. Ali Hussain. Concurrently, Mr. Rizwan Ata became the President & CEO, while Mr. Imran Haleem Shaikh was appointed Deputy CEO.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad BankIslami Pakistan Limited, the first Islamic commercial bank to receive an Islamic banking license in Pakistan has demonstrated remarkable growth over the past few years. The bank has successfully maintained its equity ratings of AA-, reflecting a stable outlook. This can be attributed to the fact, it has developed a comprehensive range of product […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-415269","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n