Burj Bank

Burj Bank Limited, formerly known as Dawood Islamic Bank Limited (DIBL), now merged into Al Baraka Bank,[2] was Pakistan's sixth full-fledged Islamic commercial bank. The bank received its license from the State Bank of Pakistan in May 2006,[3] and officially commenced its operations on Friday, April 27, 2007.

Burj Bank Limited
FormerlyDawood Islamic Bank Limited
TypeIslamic bank
Defunct2016
FateMerged with Al Baraka Bank
SuccessorAl Baraka Bank
Headquarters
Karachi
,
Pakistan
Area served
Pakistan
Key people
Ahmed Khizer Khan (CEO)
RevenuePKR 1,188 Million (2009)[1]
IncreasePKR 292.63 Million (2014)[1]
WebsiteOfficial website

The bank was the result of an initiative of the First Dawood Group, with the Islamic Corporation for the Development of the Private Sector (ICD) in Jeddah, Unicorn Investment Bank in Bahrain, Al Safat Investment Company in Kuwait, Gargash Enterprises (LLC) in Dubai, the Singapore-based entrepreneur Azam Essof Kolia and Shaikh Abdullah Mohammad Al-Romaizan, an entrepreneur from the Kingdom of Saudi Arabia. In July 2011, the bank was renamed Burj Bank.[4]

Mufti Muneeb-ur-Rehman was heading Shariah Department of the Bank as the bank's Shariah advisor. It currently has 75 online branches.

Burj Bank has a diversified range of shariah-compliant funded and non-funded products and services aimed at both individual and corporate customers. The bank also offers investment and corporate advisory services.

Burj Bank merged into the Al Baraka Bank in 2016.[5]

References
  1. DIBL 2009 Annual Report Archived March 10, 2012, at the Wayback Machine
  2. "Al Baraka to merge with Burj Bank". Dawn newspaper. Reuters. Sep 6, 2016. Retrieved 3 January 2017.
  3. "SBP issues Islamic banking licence to Dawood Islamic Bank". Daily Times (Pakistan). 2006-05-23. Retrieved 2006-11-25.
  4. "Dawood Islamic Bank scales new heights as Burj Bank". Pakistan Today. 14 July 2011.
  5. "Al Baraka to merge with Burj Bank". Express Tribune. Reuters. Sep 6, 2016. Retrieved 3 January 2017.


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