KUWAIT: Bahrain-based Bank Alkhair, a leading Islamic wholesale bank, announced yesterday that the bank has obtained approval from the State Bank of Pakistan to sell its stake in Pakistan’s Burj Bank to Al Baraka Pakistan Limited (ABPL), a subsidiary of Al Baraka Banking Group. Prior to the transaction, Bank Alkhair was Burj Bank’s major shareholder, followed by Jeddah-based Islamic Corporation for Development of the Private Sector with 33.9 per cent of shares.
This transaction follows the announcement on 5 September 2016 of the approval of shareholders to the merger of Pakistan’s Burj Bank and ABPL, creating an institution with assets totaling more than $1.1 billion. The amalgamation was approved by the State Bank of Pakistan and has become effective since 31 October 2016. Burj Bank is a Pakistani Islamic bank, headquartered in Karachi. It currently operates a total of 74 branches and provides a full range of Shariah-compliant banking services.
In keeping with this we are pleased to sell our stake in Pakistan’s Burj Bank to Al Baraka Pakistan Limited, a subsidiary of Al Baraka Banking Group, a leading Islamic bank in Bahrain.” Bank Alkhair is an Islamic wholesale bank licensed by the Central Bank of Bahrain with an international presence in Saudi Arabia, Dubai, Malaysia and Turkey. Bank Alkhair has completed several landmark transactions since its inception, including the establishment of t’azur, a regional Takaful company and the acquisition of Bahrain Financing Company, the oldest and one of the leading foreign exchange and remittance houses in the GCC.
© Kuwait Times 2016
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