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Bank Islami awaits final approval for 4.3bln rupee share issue

ISLAMABAD: Bank Islami Pakistan, the country’s second largest full-fledged Islamic bank, is awaiting final regulatory approval to issue shares worth 4.3 billion rupees ($42.3 million), the lender said in a bourse filing.

Karachi-based Bank Islami aims to raise its capital to 10 billion rupees by end of this year to meet central bank regulatory requirements, while keeping pace with double-digit growth in its financing book.

As of September, the bank held 102.9 billion rupees in assets, a 26.6 percent growth from a year earlier, with total net financing up 31.4 percent during the same period, according to bank financials.

The bank has the second largest network of Islamic branches in the country, and plans to open a total of 12 branches this year, down from the 60 it opened in 2013.

Bank Islami was launched in 2005 and backed by local investors and Dubai Bank, which is currently listed as its largest shareholder with a 24.8 percent stake. Dubai Bank was acquired by Emirates NBD in 2011. -Reuters

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