BANK As Pakistan is an Islamic country its ideology is based on teachings of Islam and it encourages the same ideology to be followed by the bank. Bank Islami is one of an Islamic Bank which strictly follows the principles of Islam. In 2003, its idea was first put forward by Company Limited, Jahangir Saddiqui and Randeree family. On 16th March, to formalize the idea of the bank Mr. Hassan A. Bilgrami was appointed as an advisor to sponsor the bank and then to sponsor Bank Islami on 24th March 2004, he presented the concept paper. On May 26, 2004, a comprehensive business arrangement was then organized and submitted a formal application to the State Bank of Pakistan and then later on, Dubai Bank became the share holder of Bank Islami and invested a total capital of 18.75%.
The first achievement of Bank Islami was to receive NOC i.e. No Objection Certificate issued by State Bank of Pakistan on 19th August 2004. Then almost immediately on 18th October 2004, BankIslami Pakistan limited, the second superior Islamic Commercial Bank integrated its operations to serve the nation. It was the first bank to receive Islamic Banking License under the Islamic Banking policy.
Wealth Management was the centre of attention for the bank as it is the central part of business and were determined to provide Shariah complaint Retail banking products, Proprietary and Third Party products and incorporated financial development services. Bank Islami made a public contribution of Rs. 400 million which was the initial primary contribution by a bank in over a decade in Pakistan. BankIslami received devastating reaction from general public as the applications received were nine times superior than offered, which was almost Rs. 3.5 billion.
On 17th March, bank was declared as a Sheduled bank by State Bank of Pakistan. The first branch was launched in Karachi, then slowly and gradually they launched 9 more branches in Karachi and one in Quetta. In a limited span of time bank introduced 66 branches nationally and expanded its network to 141 branches in almost 23 major cities of the country, with such fastest expanding network in Pakistan the bank provides the widest network offered by any other Islamic Bank in Pakistan.
The Board of Directors of BankIslami comprises of well-known legislatures which includes Mr. Shabir Ahmed Randeree, Chief Justice (R) Mahboob Ahmed, Mr. Abdulla Abdulkarim, Mr. Ali Raza Siddiqui, Mr. Ali Hussain, Mr. Fawad Anwar, Mr. Hassan A. Bilgrami and Abdul Hakim Binherz.