Bank Islami

HISTORY OF BANK ISLAMI
Bank Islamic Pakistan is a Pakistan bank based in Karachi, Pakistan. It has

330 branches in 114 cities of Pakistan.
It was the first Islamic commercial bank to receive the Islamic banking license
under the Islamic banking policy of 2003 from State Bank of Pakistan on March
31, 2005. The bank started its operations from 7 April 2006 and offers shariah
compliant retail banking, investment banking, consumer banking and trade
finance products. The bank intends to focus on wealth management as the core
area of business and plans to soon launch proprietary products, and integrated
financial planning services.
The bank has a nationwide presence, its branch network consists of 213
branches and sub branches spread over 80 cities of Pakistan. Bank Islami is now
the 11th largest banking network in the country with 317 branches in 93 cities
nationwide. The idea of Bank Islami was conceptualized by Jahangir Siddiqui
& Company Limited and Randeree family in late 2003. Mr. Hasan A. Bilgrami
was appointed as adviser to the sponsors on 16 March 2004 to formalize the
idea. He presented the concept paper of Bank Islami to sponsors on 24 March
2004. A detailed business plan was then prepared and a formal application was
submitted to the State Bank of Pakistan on 26 May 2004. On 26 September
2005, Dubai Bank joined the sponsors and became one of the founding
shareholders of Bank Islami by investing 18.75% in the total capital.
Accreditation by State Bank of Pakistan
The State Bank of Pakistan issued a No Objection Certificate on 19 August

2004 and Bank Islami Pakistan Limited, the second full-fledged Islamic
commercial bank in Pakistan, was incorporated on 18 October 2004 in Pakistan.
1
Bank Islami Pakistan Limited was the first bank to receive the Islamic banking
license under the Islamic banking policy of 2003 on 31 March 2005. The bank
envisioned to focus primarily on wealth management as the core area of
business in addition to shariah compliant retail banking products, Proprietary
and Third party products, and Integrated financial planning service.
Initial public offering of Bank Islami
Bank Islami Pakistan Limited made a public offering of Rs. 400 million, at par,
from 6 to 8 March 2006. This was the first primary issue by a bank in over a
decade in Pakistan. The initial public offering (IPO) of Bank Islami received
overwhelming response from the general public as the applications received
were nine times higher than offered, fetching nearly Rs. 3.5 billion, against the
demand of Rs. 400 million.
Inauguration And Network Expansion.
The State Bank of Pakistan declared Bank Islami Pakistan Limited as a

Scheduled Bank with effect from 17 March 2006. Bank Islami started its
banking operations on 7 April 2006 with its first branch in SITE, Karachi. By
the end of 2006, the bank had 10 branches, nine in Karachi and one in Quetta.
The bank further concentrated in building a nationwide network and by the end
of 2007, its branch network grew to 36 branches in 23 cities. In 2008, the bank
opened 66 new branches nationwide which expanded its network to 102
branches in 49 cities. By the end of 2013, the bank has achieved the target of
201 branches in 77 cities nationwide. Currently Bank Islami is operating 213
branches in 80 cities of Pakistan. With the amalgamation of KASB, on 7 May
2015, all 104 branches of KASB have become part of Bank Islami’s branch
network. Bank Islami is now the 11th largest banking network in the country
with 317 branches in 93 cities nationwide.
2
Sponsors
Bank Islami is the joint venture project of three groups namely JS

Group, Randeree Group, and Emirates NBD. The bank is also publicly traded
on the Pakistan Stock Exchange (PSX).
Randeree family.
Mr. Ahmed Goolam Muhammad Randeree and Mr. Shabbir Ahmed Randeree
are the sponsors of Bank Islami in their personal capacity.
The history of the modern Randeree family can be traced back to Jersey (in the
Channel Islands) in 1975. After three decades of trading, today the family
concern has its family investment office based out of the DIFC (Dubai
International Financial Centre) with its operations extending to London, New
York, and Dubai.
The Randeree family's core business activities are concentrated in the real estate
and banking sectors. The real estate division of the Randeree family
concentrates on enhancing and delivering long-term gains for the family
concern and its partners internationally. The family concern has built its track-
record primarily in the UK and US, then spread to the Middle East and a select
number of Far East and African destinations. Over the past three decades, the
family concern's real estate investments have produced a consistent, attractive
IRR.
The family concern takes a proactive hands-on asset management role and is
responsible as a managing partner for all or a portion of the equity required in
any given transaction. As of June 2007, the total value of properties owned
and/or managed by the Randeree family was in excess of US $3.0 billion.
The Randeree family's interests in the banking sector consist of various niche
holdings internationally, including a stake in Dallah Albaraka Bank Limited in
South Africa which was formed in 1989.
3
More recently, the family concern played a pioneering role with QIIB (Qatar
International Islamic Bank) in the formation of the Islamic Bank of Britain PLC
(IBB) and retains its shareholding in the bank. It also remains a founding
shareholder in the European Islamic Investment Bank PLC (EIIB), which raised
approximately 200 million pound, pre and post listing on the LSE.
In 2007, the family concerns were founding investors in the Islamic Bank of
Asia in Singapore, with DBS Development Bank of Singapore as the principle
promoter.
Dubai Bank PJSC
Dubai Bank PJSC is an Islamic bank based in Dubai, U.A.E. It commenced

operations in September 2002 as a conventional bank. However, on 1 January
2007, it converted into shariah compliant financial institution with a focus on
the UAE’s Islamic banking sector.
The bank offers a full range of products and services through its corporate and
consumer banking divisions. These include transaction and deposit accounts,
financing, trade finance, and wealth management services as well as a host of
other unique banking services.
Dubai Bank was part of the Dubai Group, a Dubai Holdings company, with
shareholding of Emaar Properties as well. However, in May 2011, Government
of Dubai took over the bank and in October 2011 it was acquired by Emirates
NBD.
Jahangir Siddiqui & Co. Ltd
Jahangir Siddiqui & Co. Ltd. (JSCL) is the holding company for one of the
largest and most diversified financial services groups in Pakistan, involved in
investment banking, broker-dealer operations, proprietary trading, insurance,
banking and asset management. The company was established in 1991 and was
the first Pakistani financial services company to boast a Wall Street pedigree
4
due to its previous joint venture with Bear Stearns. It is also the only securities
company to be a primary dealer for government securities in Pakistan and is one
of the largest bond trading firms in Pakistan. JSCL is a listed company on the
Pakistan Stock Exchange.
JSCL subsidiaries include JS Global Capital Ltd, JS Bank, and JS-Investment

Ltd. JSCL also has holdings in the sugar, sugar derivatives, specialty textile,
specialty steels and insurance sectors through significant minority holding in
leading companies in these sectors. These strategic investments and associated
companies include, EFU General Insurance, EFU Life Assurance, Allianz EFU
Health Insurance, Azgard Nine and Al Abbas Sugar Mills amongst others.
Credit rating
The bank is assigned a long term entity of "A" and short term rating of "A-1" by
Pakistan Credit Rating Agency Limited (PACRA), reflecting Bank Islami's
well-conceived business strategy and establishment of effective operating
platform by the bank to execute the business strategy
Brand image
Bank Islami has been able to build a strong image by using smart marketing
ideas that resonate well with the public mind. For example, the calligraphy of
the bank's name in Urdu has been done by the same calligrapher Shafiq uz
Zaman who has been working in the Holy Mosque of Medina in Saudi Arabia.
Amalgamation with KASB Bank Limited
State Bank of Pakistan has proposed amalgamation of KASB Bank Limited

(KASB) into Bank Islami Pakistan Limited at a token price of Rs 1,000.
Sources told Business Recorder that SBP has initiated amalgamation process of
KASB Bank into BIPL pursuant to the powers conferred on them under section
47 of the Banking Companies Ordinance 1962, as six months moratorium
imposed on KASB Bank is being completed next month and before that the
5
regulator is required to complete its restructuring in order to protect the
investors' interest.[2]
Initially, some four banks including JS Bank, Askari Bank, Bank Islami and
Sindh Bank were intending to acquire KASB Bank operations and approached
SBP to get NoC for due diligence of KASB for proposed acquisition. However,
now SBP has selected Bank Islami for amalgamation of KASB Bank.
KASB Bank has been facing severe capital shortfall in terms of both minimum
capital requirement (MCR) and capital adequacy ratio (CAR) since 2009. As of
30 September 2014 the bank's MCR (free of losses) was in the amount of Rs
0.958 billion with a CAR of negative 4.63 percent against the required levels of
Rs 10 billion and 10 percent, respectively.
On 7 May 2015 KASB Bank merged with Bank Islami Pakistan Limited with
its branch network of 104 which made Bank Islami a bank of 317 branches in
93 cities.
6
Bank Islami Pakistan
Type Public (PSX: BIPL)
Industry Islamic banking
Founded 7 April 2006; 13 years ago
Headquarters Karachi, Pakistan
 Retail banking
Products
 consumer banking
 investment banking
 trade financing
Revenue PKR 10,353 million - 2017[1]
Net income PKR 1,563 million - 2017
Number of employees 3350 (2017)
Parent Jahangir Siddiqui & Co. (21.26%)
7
ACCOUNTS OF BANK
1. ISLAMI SAHULAT ACCOUNT

 FEATURE
The Islamic Sahulat Account offers you the following key salient features:
 FREE Cheque Book

 FREE Pay Order
 FREE Inward Clearing
 FREE Online Banking
 FREE Internet Banking
 FREE e-Statement
The monthly average balance condition of 25,000 is applied on free services.
 HOW IT WORKS
Bank Islami's Islami Sahulat Account is a profit bearing account developed on

the basis of the modes of Mudarabah. This is how it works:
 You provide funds to the Bank on Mudaraba basis for investment in the
Bank’s Shariah Compliant Assets
 In this arrangement, you will function as a Rabbul Maal (investor in
Mudaraba) and the Bank will act as the Mudarib (Manager of the
Mudaraba)
 The Bank will form a pool of customers’ funds
 The pool provides financings to various individuals, corporate,
government and other entities based on various Islamic modes of finance
such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and
would generate income
8
 The Bank will calculate income from the pool on a monthly basis. This
income will be shared between the Bank and the Depositors as per a pre
agreed profit sharing ratio
 The profit share of the Bank is called the Mudarib's share. This profit
sharing ratio between the Bank and the Depositors is determined at the
beginning of the month
 The profit share of the depositors is based on the predetermined
weightages assigned at the beginning of the month. A weightage based
profit distribution mechanism ensures that the return paid to any
Customer in a Profit & Loss sharing contract is proportionate to the risk
taken
 In the case of a loss, as per the rules of Mudaraba, the loss will be borne
solely by the Rabbul Maal. The loss will be distributed between various
categories of customers on a pro rata basis. Bank also suffers loss as no
income is generated against its efforts
 DOCUMENTS
he documents required vary with the customer category as follows:
 Salaried Individual /Joint Account Holders

 Filled Account Opening Form
 Computerized National Identity Card (CNIC)
 Passport (for Non-residents only)
 Employment proof (Pay slip, Employment letter etc)
 Sole Proprietors
9
 NTN Certificate
 Partnership/Club/Society/Association/NGO/Trust
 Certified Copy of Partnership/ Trust Deed
 Certificate of Registration
 Signatures of all Partners on letter of Partnership
 Certified copy of rules
 Certified copy of resolution
 Copy of by-laws
 Copy of NTN Certificate
 CNICs of all Partners
 Passports (for Non-residents only)
 Limited Company
 Certificate of Incorporation
 Certificate for Commencement of Business (PLC only)
 Memorandum of Association
 Articles of Association
 Current list of Directors
 Copy of Board Resolution
 CNICs of all Directors
 Copy of NTN Certificate and Form 29
2. ISLAMI BACHAT ACCOUNTS
 Features
Our Islami Bachat account is a bundle of benefits. It helps you keep up with
your tradition of savings with the convenience and safety of a professional and
understanding bank. Also, you earn highly attractive profits on your savings
with the flexibility of making as many transactions on your account as you
want.
Islami Bachat Account is ideal for customers who need to draw money for
monthly expenses but would also like to earn on your hard earned savings.
10
Corporate Employers can also avail this account to provide convenience,
flexibility and halal profits to their employees by opening their salary accounts
with us.
The Islami Bachat Account offers you the following key salient features:
 Monthly profit/loss payment on Average balance

 Differential and specific pool allocation possible for large deposit holders
 Profit announcement every month
 A minimum balance of Rs. 100/- only to open the account
 Joint Account facility up to four joint account holders
 Access to the entire online network of 330 Branches in 114 cities
 Unlimited over the counter deposits and withdrawals, free of charge
 No restrictions on intercity transactions
 Paypak Debit card facility available (charges apply as per schedule of
charges)
 Access to all ATMS linked to MNET and 1 Link throughout Pakistan
 Free Internet Banking service
 Round the clock phone Banking through 111-ISLAMI (475-264) or 111-
BIP(247)-111
 Personalized service from Customer Relationship Officers
 Free Account Statement facility
 Hold mail and Stop payment facility
 Safe deposit lockers (subject to availability)
 HOW ITS WORKS

BankIslami's Islami Bachat account is a profit bearing account developed on the
basis of the modes of Mudarabah. This is how it works:
11
Mudaraba)
beginning of each month
taken
12
 DOCUMENTS
The documents required vary with the customer category as follows:
3. Salaried Individual /Joint Account Holders

o Filled Account Opening Form
o Computerized National Identity Card (CNIC)
o Passport (for Non-residents only)
o Employment proof (Pay slip, Employment letter etc)
 NTN Certificate
 Copy of by-laws
 Limited Company
13
4. ISLAMIC CURRENT ACCOUNTS
 Features
With our Islami Current Account, you can have complete peace of mind that
your funds are safe and utilized in Halal avenues only. Islami Current Account
is ideal for customers who have frequent transaction needs and require
unlimited access to their account to meet their personal or business expenses.
Also, you have access to our entire online network of for convenience of instant
and secure intercity transactions. So enjoy full control over your funds in a
Shariah compliant manner.
The Islami Current Account offers you the following Key salient features:
 A minimum balance of Rs. 1,000/- only to open the account

 Access to the entire online branch network
 Bank Islami Paypak Debit Card
 Access to all ATMs linked to MNET and 1 Link throughout Pakistan
 InterBank Funds transfer facility through ATM
 Facility of making instant payments at Orix terminals for grocery, fuel
,dining and other purchases
BIP (247)-111
 Free Account statement facility
14
 Hold mail and Stop payment facility
 Safe deposit lockers (subject to availability)
 How It Works
BankIslami's Islami current account is based on the Islamic principle of Qarz
(loan) whereby you are the lender and the Bank is the borrower. These funds are
invested in halal business ventures only so that you are 100% sure that your
funds are managed in a Shariah compliant manner. The funds are payable to you
on demand as and when required with neither any addition nor penalty.
 Documents

 NTN Certificate
 Copy of by-laws
15
 Limited Company
5. ISLAMIC ASAN ACCOUNT
 Features
Islami Asaan Account is a No minimum Balance account available in the
following Variants:
 Current
 Bachat/ Saving
 Sahulat
Islami Asaan Account aims to facilitate customers with an increased level of

convenience. All a customer needs to do is:
 Visit the nearest Bank Islami Branch

 Submit a copy of CNIC/ SNIC
 Fill a One pager Asaan Account form
 Submit a biometric image (thumb impression) for opening this account
16
Bank Islami with its aim of Serving You the Right Way provides the facility of
opening Asaan Account in Sahulat Variant. The customers with this variant can
enjoy added benefits on the minimum balance of PKR 25,000/-
The main features of Islami Asaan Account are:
 No minimum balance on operating the account

 Single/ Joint Account
 Halal profit on monthly basis (for remunerative accounts- Saving and
Sahulat only)
 Total Debit per Month: Rs. 500,000/-
 Total Credit Balance Limit: Rs. 500,000/-
 Simple one pager account opening form
 Paypak Card*
 Cheque Book to be issued on request*
 Free Internet banking facility
 Free E-Statement Facility
 Free SMS Alerts**
 Free Cheque Book**
 Free Payorder**
* Charges as per SOC
**On minimum balance of PKR 25,000/- (Available on Asaan Sahulat Account

Only)
 How it Works
Islami Asaan Account aims to provide customers with a less documentation
procedures and hassle free solution.
17
Mudaraba)
taken
 Documents
The customers need to just submit his/her CNIC/ SNIC
18
6. ISLAMI MAHANA MUNAFA ACCOUNTS
 Features
Long term investments yield high returns but delayed profit payment. With our
Islami Mahana Munafa Account you don't compromise on any. Now you can
enjoy the freedom of halal monthly gains for a prosperous present while
building your wealth for a secure future. Also, Islami Mahana Munafa Account
will provide you with security, convenience and flexibility of investment tenure
to suit your needs.
 Free Internet Banking Service

 Hold Mail & Stop payment facility
 Safe Deposit Lockers
 100% interest free
 Available in Pak Rupees
 Tenure of investment are 1, 2, 3 , 5 & 10 years
 Minimum amount of investment is Rs. 10,000/- only
 Profit/loss payment on monthly basis until the maturity date
 Payment of amount of investment on the maturity date
 Profit announcement at the begining of every month
 Facility of premature encashment available. In such a case, the
corresponding period rate would apply, unless stated otherwise
 Free facility of transfer of profit and invested funds in nominated Islami
Current or Islami Bachat Account
 Monthly profit/loss payment on daily product basis
BIP (247)-111
 Free Six monthly Account Statement facility
19
 How It Works
Mudaraba)
taken
20
 Documents

 NTN Certificate
 Copy of by-laws
 Limited Company
21
7. ISLAMI MADNI CERTIFICATE
 Features
Now you can enjoy Halal profits on maturity with the Islami Amdani
Certificates. It is a Mudarabah based product which allows you to earn the best
profit rates through the investments made by our experts. Islami Amdani
Certficate will provide you with security, convenience and flexibility of
investment tenure to suit your needs.
 Free Internet Banking Service

 Available in Pak Rupees
 Tenure of investment are 1, 3 & 6 months and 1, 2, 3 & 5 years
 Minimum amount of investment is Rs. 10,000/- only
 Profit/loss payment on maturity date
 Payment of amount of investment on the maturity date
 Profit rates announcement at the beginning of every month
 Facility of premature encashment available. In such a case, the
corresponding period rate would apply, unless stated otherwise
BIP (247)-111
 Free Six monthly Account Statement facility
22
 How It Works
Bank Islami's Islami Amadni Certificate is a profit bearing account developed
on the basis of the modes of Mudarabah. This is how it works:
Mudaraba)
taken
23
 DOCUMENT

 NTN Certificate
 Copy of by-laws
 Limited Company
24
8. ISLAMI DOLLER BACHAT ACCOUNT
 Features
The Islami Dollar Bachat account is ideal for individuals and businesses who
are eager to save in US Dollar. This saving scheme is both for Residents and
Non residents who need to either save in US Dollars or remit money from or
abroad for personal or business transactions. The Islami Dollar Bachat account
is a profit/loss bearing account in USD based on the principle of Mudaraba
where the Bank invests your funds in a Shariah compliant manner. The profit
and loss from the investment is then shared between you and the Bank.
The Islami Dollar Bachat Account offers you the following key salient features:

 Safe Deposit Lockers facility available
 Monthly profit/loss payment on daily product basis
 A minimum balance of USD. 100/- in cash or through USD clearing
cheque or valid instructions of remittances from abroad
 No Zakat or Withholding tax applicable
 Access to the entire online branch network
 No restrictions on intercity transactions
BIP (247)-111
 Hold mail and stop payment facility
25
 How It Works
Bank Islami's Islami Dollar Bachat account is a profit bearing account
developed on the basis of the modes of Mudarabah. This is how it works:
Mudaraba)
taken
26
 Documents

 NTN Certificate
 Copy of by-laws
 Limited Company
27
9. ISLAMI FOREIGN CURRENCY ACCOUNTS
 Features
Bank Islami Islami Foreign Currency account is ideal for businesses and
individuals who would like to diversify their investment in different currencies
to ensure security against currency fluctuations or want to keep foreign currency
account to meet their business needs. Also, you can have easy access to foreign
currency with no hassles of foreign exchange conversion when you have to
travel abroad or remit funds abroad to meet education, leisure or business needs.

 Available in USD, GBP & EURO
 A minimum balance of USD 100/-or equivalent in GBP or EURO to open
the account
BIP (247)-111
 How It Works
Bank Islami's Islami foreign currency account is based on the Islamic principle
of Qarz (loan) whereby you are the lender and the Bank is the borrower. These
28
funds are invested in halal business ventures only so that you are 100% sure that
your funds are managed in a Shariah compliant manner. The funds are payable
to you on demand as and when required with neither any addition nor penalty.
 Documents

 NTN Certificate
 Copy of by-laws
 Limited Company
29
LOCKERS SERVICES
 Features
Let us make this world safer and secure for you and your family. Our Safe
Deposit Locker facility enables you to store your valuables in strong heat
resistant steel lockers with 24 hour security. Be it jewellery, passports, share
certificates or title deeds, you can rest assured that your valuables are not prone
to loss, fire or theft. You can also nominate/authorize your dear and loved ones
to operate the Locker. Now you can live a carefree & stress free life while we
take care of your valuables while retaining your privacy.
Following are the key benifits that you will get out of using safe deposit locker
facility
 Absolute privacy to operate your locker in a comfortable environment.

 A Locker custodian to offer friendly and personalized assistance.
 Maximum of four (4) deposit operators per Locker.
 Safety of your valuables from loss, fire and theft.
 Unlimited free visits to your Locker.
 Availability of different Locker sizes (Small, Medium and Large) to suit
and accommodate your needs.
 Takaful coverage of up to Rs. 500,000/- for Small lockers, Rs. 750,000/-
for Medium lockers and Rs.1,000,000/- for Large lockers.
 Locker Rent payable annually and in advance (as per schedule of
charges).
30
 Key Deposit payable in advance as a condition for Locker facility.
 Eligibility
 Individuals, firms, limited companies, associations, clubs, trusts,

societies, etc may hire a locker.
 An account must be maintained with the Bank.
SERVICES STANDARD
S.N ISM (Internal

TAT / TARGET
o Service Measure)
1 AOF – Timeliness Khi Branches - 1 Day, Khi Sub Branches & Upcountry Branches -
2 Days,
Upcountry Sub Branches - 3 Days, Remote Branches (Baluchistan)
- 4 Days
2 AOF Accuracy AOFs forms submitted to CACS, complete and accurate.
3 Cheque Book AOFs forms submitted to CACS, complete and accurate.

Requisition
4 Letter Of Thanks Cheque Book Request to be entered in the system by the branch on
Generation the same day of account opening in the system
5 ATM Card 1 business day from AOF receiving.

Generation
6 PIN Generation 3 business days from AOF receiving.
31
S.N ISM (Internal
TAT / TARGET
o Service Measure)
7 SS Card Scanning 2 business days from AOF receiving.
8 Cheque Book 2 business days from AOF receiving.

Readiness
9 ATM Machine Up Cheque Book to be dispatched to the branch within 2 working days
time
10 ATM Transactions All ATM machines must be up.

Success Rate (BIPL
CM on BIPL ATM)
11 ATM Transactions All ATM transactions must be successfully processed.

Success Rate (BIPL
CM on BIPL ATM)

Success Rate (Other
Bank CM on BIPL
ATM)

Success Rate (BIPL
CM on Other Bank
ATM)
32
S.N ISM (Internal
TAT / TARGET
o Service Measure)
14 Bio Success Rate All BIO transactions must be successfully processed.

(Category A)
15 Bio Success Rate All BIO transactions must be successfully processed.

(Category B)
16 Customer Waiting Within 5 Minutes

Time
17 Cash Withdrawal Within 10 Minutes
18 Cash Receipts Within 10 Minutes
19 Internal Transfer Within 5 Minutes
20 Outward Clearing Within 5 Minutes
21 Utility Bills Within 5 Minutes
22 Pay Order D.D Within 15 Minutes

Request
33
LOAN FACILITIES
1) MUSKAAN FINANCING LOAN
 Features
Just point your finger at the Bungalow or Apartment of your choice and we'll
help you buy it.
Financing 2 to 25 years
Tenure
Financing Rs. 200K – 150M

Range
Bank Maximum up to 70% for salaried

Investment Maximum up to 70% for SEP *
Ratio (* Doctors, Engineers,
Architectures, Chartered
Accountants)
Maximum up to 60% for Business

persons/NRPs
Prepayment ● Maximum 10% of outstanding

Option Balance is allowed in a year after
available 1st year with no additional unit
price.
● Additional units will be sold at
5% higher value if paid within 1st
Year of disbursement.
34
● If above 10% outstanding
balance is paid, additional units
will be sold at 2.5% higher value
if paid within 2nd and 3rd Year of
disbursement.
● If above 10% outstanding
balance is paid, additional units
will be sold at 1.5% higher value
if paid within 4th and 5th Year of
disbursement.
● After 5th Year = NIL
The MUSKUN Home financing facility is based on the principle of

Diminishing Musharakah and Ijarah. The Diminishing Musharakah transaction
is based on Shirkat-ul-Milk where you and the Bank participate in ownership of
a property.
The share of the bank is then leased to you on the basis of Ijarah and is divided
into a number of units. It is then agreed that you will buy the units of the bank
periodically, thereby increasing your own share till all the units of the Bank are
purchased by you which will make you the sole owner of the property.
Till that time, you pay the Bank rent for its units leased to you. The rent keeps
on decreasing as your ownership in the property increases and that of the Bank
decreases.
 Benefits:
 Quick Processing
35
 Financing up to 50% to 70% of the value of the property
 Financing limit Rs. 150 Million
 Tenor up to 25 years
 Flexibility to make partial prepayments
 Flexible & Affordable installments
 Clubbing of family income
 No Negative Area
2) ISLAMI AUTO FINANCE LOAN
3) BANKS ISLAMI TAKAFUL
4) ASAAN SAVING PLAN
 Features
Plan your's child education, your daughter's wedding or your own retirement,
Bank Islami provides you a golden opportunity to invest.
Now you can protect your family's future with Bank Islami Takaful plan that is
compliant to your beliefs and principles.
Investment in any of above products can be made in the following strategies:
5) SAVING PLAN
6) SINGLE CONTRIBUTION PLAN
36
ACCOUNTS SERVICE
Bank Islami offers all basic banking services to suit your routine business
needs.
 Current Accounts with zero account maintenance fees

 Choice of currency-PKR, EURO, USD, GBP & JPY
 Transfer of funds with lowest transaction fees
 Access to quick and timely foreign exchange services
 Bank Islami serves its customers with nationwide branches in all major
cities and towns
 Unlimited within city and intercity online transactions
 Free Deposit and Withdrawal over the counter services at all Bank Islami
branches
37
TRADE SERVICE
Bank Islami offers a wide range of export and import services designed to assist
you in building on your strengths, so that your company can seize new business
opportunities around the world. These include:
 Bank Guarantee
 Services for Exporters
 Export Bills for Collection
 L/C Advising & Confirmation services
 Islamic Export Refinance facility
 Financing against Export Sight and Usance Bills (Shariah-
compliant alternative for Bill Discounting)
 Pre-Shipment and Post-Shipment financing on Islamic modes of
financing
 Services for Importers
 Letter of Credit
 Import Financing (by way of Murabaha/Ijarah)
AGRI FINAINCING
1) Islami Tractor & Equipment
Based on Diminishing Musharakah under Shirkat-ul-Milk arrangement, farmers

can purchase tractors & equipments for their farm.
Features:
 Purchase of local and imported Tractors and Farm Equipments

 Up to 70% of the Asset price
 Tenor from 1 to 5 Years
 Registration of the Tractor will be responsibility of the bank
38
 Takaful / Insurance cover of the Asset will be done by the bank
Requirements
 Pakistani resident with valid CNIC

 Aged between 18 to 65
 Involved in any type of farming
 Permanent resident of the area
 Should not be defaulter of any Financial Institution
 Able to produce Guarantee / Security
CREDIT STANDING
Entiry Rating of Bank Islami Pakistan Limited Issued by PACRA Dated
October 08, 2019
Long Term A+
Short Term A1
Preliminary Rating of Bank Islami Pakistan Limited - A-

Modaraba Sukuk
39

Bank Islami

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Bank Islami

Uploaded by

Copyright:

Available Formats

HISTORY OF BANK ISLAMI

Bank Islamic Pakistan is a Pakistan bank based in Karachi, Pakistan. It has

shareholders of Bank Islami by investing 18.75% in the total capital.

Accreditation by State Bank of Pakistan

The State Bank of Pakistan issued a No Objection Certificate on 19 August

Initial public offering of Bank Islami

Inauguration And Network Expansion.

The State Bank of Pakistan declared Bank Islami Pakistan Limited as a

Bank Islami is the joint venture project of three groups namely JS

Dubai Bank PJSC

Dubai Bank PJSC is an Islamic bank based in Dubai, U.A.E. It commenced

Jahangir Siddiqui & Co. Ltd

JSCL subsidiaries include JS Global Capital Ltd, JS Bank, and JS-Investment

Amalgamation with KASB Bank Limited

State Bank of Pakistan has proposed amalgamation of KASB Bank Limited

Type Public (PSX: BIPL)

Industry Islamic banking

Founded 7 April 2006; 13 years ago

Headquarters Karachi, Pakistan

Revenue PKR 10,353 million - 2017[1]

Net income PKR 1,563 million - 2017

Number of employees 3350 (2017)

Parent Jahangir Siddiqui & Co. (21.26%)

1. ISLAMI SAHULAT ACCOUNT

 FREE Cheque Book

The monthly average balance condition of 25,000 is applied on free services.

Bank Islami's Islami Sahulat Account is a profit bearing account developed on

 Salaried Individual /Joint Account Holders

2. ISLAMI BACHAT ACCOUNTS

 Monthly profit/loss payment on Average balance

 HOW ITS WORKS

3. Salaried Individual /Joint Account Holders

4. ISLAMIC CURRENT ACCOUNTS

 A minimum balance of Rs. 1,000/- only to open the account

 Salaried Individual /Joint Account Holders

5. ISLAMIC ASAN ACCOUNT

Islami Asaan Account aims to facilitate customers with an increased level of

 Visit the nearest Bank Islami Branch

The main features of Islami Asaan Account are:

 No minimum balance on operating the account

* Charges as per SOC

**On minimum balance of PKR 25,000/- (Available on Asaan Sahulat Account

 Free Internet Banking Service

 Salaried Individual /Joint Account Holders

7. ISLAMI MADNI CERTIFICATE

 Free Internet Banking Service

 Salaried Individual /Joint Account Holders

8. ISLAMI DOLLER BACHAT ACCOUNT

 Free Internet Banking service

 Salaried Individual /Joint Account Holders

9. ISLAMI FOREIGN CURRENCY ACCOUNTS

 Safe Deposit Lockers

 Salaried Individual /Joint Account Holders

 Absolute privacy to operate your locker in a comfortable environment.

 Individuals, firms, limited companies, associations, clubs, trusts,

S.N ISM (Internal

2 AOF Accuracy AOFs forms submitted to CACS, complete and accurate.

3 Cheque Book AOFs forms submitted to CACS, complete and accurate.

5 ATM Card 1 business day from AOF receiving.

6 PIN Generation 3 business days from AOF receiving.

7 SS Card Scanning 2 business days from AOF receiving.

8 Cheque Book 2 business days from AOF receiving.

10 ATM Transactions All ATM machines must be up.