New Islamic Bank in Pakistan

The bank will be capitalized at US$35 million. 50% of the capital will be raised through an IPO. The sponsor shareholder is the UAE based group Emirates Investments Group L.L.C.

Shiekh Tariq Bin Fasel Al Qassimi, Chairman, Emirates Investment Group said : " 'UAE has a rich track record of turning powerful ideas into successful projects, Emirates Global Islamic Bank is one such idea which we are sure will be the benchmark of Islamic customer services and product innovation. We feel that there is an untapped demand for a new Islamic bank offering in Pakistan. In particular, a bank that can provide a broader and improved range of Islamic products and services for corporate customers on the one hand, and the growing market segment of young, educated and demanding retail consumers, on the other.'

In a special message delivered at the Governor of the Central Bank's office, Mr. Reza Jaffar, Managing Director, Emirates Investments Group, said, "Our mission is to enhance the Islamic banking sector especially in Pakistan. I am confident that Emirates Global Islamic Bank will be the benchmark of this major development in the financial sector in Pakistan."

"Emirates Global Islamic Bank will focus on delivering high-quality and personalised Islamic financial services with the use of cutting-edge technology and effective delivery channels through a team of highly-qualified banking professionals and strong partnerships," added Mr. Jaffar.

"The Group has an impressive track record of turning inspiration into successful projects and is fully committed to Emirates Global Islamic Bank. Mr. Jaffar also appreciated the professionalism of the State Bank of Pakistan under the leadership of its Governor Dr. Ishrat Hussain.

The Bank's Board of Directors have appointed Mr. Syed Tariq Husain as the CEO. Mr. Husain has invaluable experience in both the regional and international financial sectors particularly in Sharia compliant financial services. Mr. Husain said, "I am honoured to have been chosen to take the bank forward. Emirates Global Islamic Bank is aiming to position itself as a first class Islamic financial institution. The Islamic Financial Services industry in Pakistan is transforming rapidly, and Emirates Global Islamic Bank will position itself to become a major contributor in this development."