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BankIslami Pakistan Limited
was the first Bank to receive the Islamic Banking license under the Islamic
Banking policy of 2003 on March 31, 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 services. The State Bank of
Pakistan declared BankIslami Pakistan Limited as a Scheduled Bank with
effect from March 17, 2006. BankIslami started its Banking operations on 7th
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 year 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 cites.
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