Brand Management (BRAND AUDIT) BankIslami
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BankIslami Pakistan Limited
Type: Public Limited (BIPL) Industry: Islamic banking Headquarters : Principal Office, Karachi Pakistan Key people: Hasan A Bilgrami (CEO) Products: Retail Banking, Consumer Banking, Investment Banking, Trade Financing etc.
Introduction to bankingBanks are very useful for utilization of countrys resources and for growth of economy. Banks help in capital information by deposit surplus from public and advance these surplus in form of loans to businessman and industrialists, agriculturists under different scheme. There are different views about origin of word banking. Some says it deceived from an Italian word banque means bench. According to other view it derived from German work bane means a joint stock firm. According to Growther, there are three ancestor of banker i.e. The Mechanls the gold smith, money lenders. In short bank is a financial institution at lower rate of interest and give at higher rate of interest to those who need them.
Islamic banking (or participant banking) (Arabic: ) is banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden). While these principles may have been applied to historical Islamic economies, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community
HISTORY OF BANKISLAMI
BankIslami- The Idea:
The epochal idea of BankIslami was conceptualized by Jahangir Siddiqui & Company Limited and DCD Group in late 2003. Mr. Hasan A. Bilgrami was appointed as Adviser to the sponsors on March 16, 2004 to formalize the idea. He presented the concept paper of BankIslami to sponsors on March 24, 2004. A detailed business plan was then prepared and a formal application was submitted to the State Bank of Pakistan on May 26, 2004. On September 26, 2005, Dubai Bank joined the Sponsors and became one of the founding shareholders of BankIslami by investing 18.75% in the total Capital.
Accredition by State Bank of Pakistan:The State Bank of Pakistan issued a No Objection Certificate in no time on August 19, 2004 and BankIslami Pakistan Limited, the second full-fledge Islamic Commercial Bank in Pakistan, was incorporated on October 18, 2004 in Pakistan.
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.
Initial Public Offering of BankIslami:BankIslami Pakistan Limited made a public offering of Rs. 400 Million, at par, from 6th to 8th March. This was the first primary issue by a Bank in over a decade in Pakistan. The Initial public offering (IPO) of BankIslami received overwhelming response from the general public as the applications received were 9 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 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. This gives BankIslami the distinction of having the fastest expanding network in Pakistan as well as offering the widest network by any Islamic Bank in Pakistan.
MILESTONE OF BANK ISLAMI 2004 24 March 2004 26 May 2004 19 August 2004 Concept paper of Islamic Bank presented to Sponsors; JS Group and DCD Group Application for the license of an Islamic Bank was submitted to SBP BankIslami received the No Objection Certificate from SBP
18 October 2004 BankIslami became a legal entity after SECP granted it an incorporation certificate 2005 31 March 2005 SBP Governor, Dr. Ishrat Hussain issued Islamic Banking license to BankIslami
26 September 2005 Dubai Bank became founding shareholder of BankIslami by investing 18.75% in the total Capital
2006 26 February 2006 BankIslami share debuted on the Karachi Stock Exchange 6 March 2006 17 March 2006 7 April 2006 7 April 2006 7 April 2006 28 April 2006 BankIslami's three day Initial Public Offering (IPO) was initiated and got oversubscribed by 9 times State Bank of Pakistan declared BankIslami Pakistan Limited as a Scheduled Bank BankIslami started commercial operations from its 1st branch at SITE, Karachi BankIslami became the First bank in Pakistan & Asia and the Second Bank in the World to install BIOMETRIC ATM BankIslami became the First bank in Pakistan to launch Internet banking from start of operations BankIslami's second and third branch opened simultaneously in Clifton and Korangi Industrial Area in Karachi The Fourth branch of BankIslami located on 26th Street of Phase V, D.H.A opened its doors for customers The official inauguration of BankIslami was conducted at the Governor House, Sindh BankIslami's Shaheed -e- Millat branch located at Adam Arcade, BMCHS, Shaheed-e-Millat Road, Karachi starts operations State Bank's Director of Islamic Banking, Mr. Pervez Said inaugurated the induction ceremony of the first Trainee Officers batch of BankIslami Phone Banking services were launched by BankIslami Sixth branch of BankIslami opened on Rashid Minhas Road, Karachi5
9 June 2006 7 July 2006 14 July 2006
31 August 2006
4 September 200 6 8 September 2006
8 December 2006 15 December 2006 22 December 2006
BankIslami's North Nazimabad branch started operations. It was the 7th branch opened by the Bank BankIslami formally inaugurated its eighth branch located in Gulshan-e-Maymar BankIslami went nationwide with the opening of its 9th branch on Jinnah Road, Quetta. This was BankIslami's first branch outside Karachi BankIslami opened its 10th Branch in Baqai Medical University, Karachi
29 December 2006
2007 3 March 2007 30 April 2007 BankIslami signed ORIX network for its '1 Card' BankIslami became the first Bank in Pakistan to sign contract with Haydrian for 'XM3", a state of the art Anti Money Laundering (AML) software BankIslami launched home financing product "MUSKUN" BankIslami's Islamabad branch opened in Blue Area, Islamabad Wah Cantt Branch of BankIslami was opened Karachi Stock Exchange Branch of BankIslami was opened BankIslami signed agreement for a state of art Shariah compliant Banking system software "iMAL" with Path solutions Mirpur (Azad Kashmir) Branch of BankIslami was opened BankIslami deployed its Deposit ATM machine. Based on GBNA technology, the ATM is capable of accepting 100 notes at a time6
3 May 2007 11 May 2007 25 May 2007 15 June 2007 21 June 2007
29 June 2007 6 July 2007
18 August 2007
BankIslami bought JS Finance Limited, a Modaraba management company and renamed it as BankIslami Modaraba Investments Limited BankIslami opened its branch in Lahore. This was the 15th Branch of BankIslami and its first in Lahore 16th branch of BankIslami opened in Jodia Bazar, Karachi BankIslami completed its First Investment Banking transaction by issuing privately placed SUKUK of Rs. 1.2 Billion for PEL 17th branch of BankIslami opened in Pishin 18th branch of BankIslami opened in Sukkur 19th branch of BankIslami opened in DHA, Lahore 21st branch of BankIslami opened in Hyderabad 20th branch of BankIslami opened in Chaman BankIslami led managed a Consortium to successfully achieved the financial close of a landmark Investment Banking deal of SSGC Sukuk of Rs. 5 Billion 22nd branch of BankIslami opened in Muslim Bagh 23rd branch of BankIslami opened in Qila Saifullah 24th branch of BankIslami opened at Cloth Market, Karachi 25th branch of BankIslami opened in Multan 26th branch of BankIslami opened at Bank Square 27th branch of BankIslami opened in Faisalabad7
31 August 2007 7 September 2007
25 September 2007
16 November 2007 26 November 2007 28 November 2007 2 December 2007 3 December 2007 10 December 2007
18 December 2007 18 December 2007 19 December 2007 24 December 2007 26 December 2007 Road, Larkana 27 December 2007
31 December 2007
Nine branches of BankIslami opened in different cities of Pakistan. The branch network grew to 36 branches in 23 Cities of Pakistan
2008 13 February 2008 BankIslami's branch network expansion plan of opening 30 branches and 32 sub branches in 2008 approved by State Bank of Pakistan BankIslami installed the first ever ATM in an Islamic School at Darul Uloom, Karachi 37th branch of BankIslami opened at DHA, Phase IV, Karachi BankIslami's Response to Fatwa against Islamic Banking. BankIslami posted an operating profit of Rs. 19.210mn in 2nd quarter of 2008 BankIslami announces right issue of 23.36% subject to SECP approval. 38th branch of BankIslami opens on UP More Road, Karachi BankIslami opens branches at Kotli, Islamgarh and Sharea-e-Faisal Road, Karachi. BankIslami opens its sub branch in Shadman Town No.1, North Nazimabad Karachi. Sub Branch of BankIslam