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(AIBP), the branch operations of Al Baraka Islamic Bank (AIB) Bahrain, a subsidiary of AlBaraka Banking Group (ABG) Bahrain, and Emirates Global Islamic Bank (Pakistan) havesuccessfully merged their operations under the name of Al Baraka Bank (Pakistan) Limited(ABPL). The Head office will be located in Karachi.

ABPL will have assets in excess of Rs. 50 billion, a workforce of 1400 professionals and a

network of 89 branches in 36 cities and towns across the country. ABPL will commenceoperations from October 29, 2010 and consequently, all branches of AIBP and Emirates GlobalIslamic Bank will be re-branded as ABPL.

The merger, a first in the Islamic Banking sector in Pakistan, positions ABPL to play animportant role in further growing an industry which has witnessed tremendous growth over thelast 5 years. Substantial capital resources, combined with a nationwide branch network willenable ABPL to provide a full range of Islamic banking services, supported by the experienceand expertise of the parent company, ABG.

The operations of AIBP dates back to 1991, and at the time of merging its operations it had 29

branches across Pakistan, an asset base of Rs. 31billion and profit before tax of Rs.168million.

Emirates Global Islamic Bank began its operations in Pakistan in 2007 with principalshareholders being Emirates Investment Group (through Emirates Financial Holding Company)and Al Rajhi Investment Group (through Mal Al Khaleej Investment Company).

At the time of merger, EGIB had a 60 branch network located in 31 cities and towns throughoutthe country.

AIB is a subsidiary banking unit of ABG, a Bahrain Joint Stock Company listed on Bahrain andNASDAQ Dubai stock exchanges. It is a leading international Islamic bank with Standard &

Poors long and short-term credit ratings of BBB- and A-3 respectively and offers retail,corporate and investment banking, and treasury services strictly in accordance with the principlesof Islamic Shariah. The authorized capital of ABG is US$ 1.5 billion, asset base of US$ 15billion and total equity is US$ 1.7 billion and is present in Jordan, Bahrain, Algeria, Sudan,South Africa, Lebanon, Tunisia, Egypt, Turkey, and Syria, with a representative office inIndonesia.

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The total number of branches of the Al Baraka Banking Group, including Pakistan, will exceed360 branches.

Al Baraka unit, Emirates Global in Pakistan mergerManama: Sun, 25 Apr 2010

Bahrain-based Islamic lender Al Baraka said on Sunday it would merge the Pakistani operationsof one of its units with Emirates Global Islamic Bank, creating a bank with assets of $582million.

Al Baraka said in a statement the merger of Al Baraka Islamic Bank's Pakistani operations withEmirates Global Islamic Bank was part of its strategy to expand in Pakistan, but did not discloseany financial details of the merger transaction.

It said the new entity would be named Al Baraka Bank Pakistan.

Emirates Global Islamic bank began its operations in Pakistan in 2007. Its shareholders includethe Emirates Investment Group (EIG) and Al Rajhi Investment Group.

EIG said last year it planned to expand in Pakistan by more than doubling its retail network.

Dubai Islamic Bank, another Gulf lender with operations in Pakistan, has also said it plans toexpand in the country this year as Gulf lenders seek to tap opportunities in the country'semerging Islamic finance industry.-Reuters

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introduction

Al Baraka Bank (Pakistan) Limited:

With a vision for unrivalled services, dedication to Islamic principles of banking, increasnetwork points, and innovative product line, Al Baraka Bank (Pakistan) Limited is comm

to the Banking Industry in Pakistan.

Al Baraka Bank (Pakistan) Limited (ABPL) is the result of a merger between Al Baraka Is

Bank Pakistan (AIBP), the branch operations of Al Baraka Islamic Bank (AIB) Bahrain and

Emirates Global Islamic Bank (Pakistan). The merged entity commenced operations on

November 1st 2010.

The merger, a first in the Islamic Banking sector in Pakistan, positions ABPL to play an

important role in further growing an industry which has witnessed tremendous growth o

last 5 years.

With assets in excess of Rs. 50 billion; a workforce of 1400 professionals and a network

branches in 36 cities and towns across Pakistan, Al Baraka Bank (Pakistan) Limited is de

in providing customers with a range of Shariah compliant products to suit their banking

Faced with growing challenges in this rapidly developing market, ABPL strongly relies onability to be an effective and efficient market player through renewed focus on superio

customer service, development of Islamic alternatives to conventional financing facilitie

strict adherence to Shariah rulings and principles.

Al Baraka Bank (Pakistan) Limited, offers a wide array of Islamic financing products such

Murabaha, Ijarah, Musharakah and Islamic Export Refinance etc., catering to a diverse c

section of the economy including the Corporate, SME and Consumer sectors.

Moreover, various Shariah compliant deposit schemes are also available for customers toinvest their funds in, along with a variety of other ancillary services such as online bran

banking, ATM/debit card, SMS banking, electronic statement of accounts, safe deposit l

and utility bill payments.

The Pakistan Credit Rating Agency (PACRA) has assigned long-term and short-term ratin

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entity A, and A2 respectively. These ratings denote a lower expectation of credit risk

emanating from a strong capacity for timely payments of financial commitments.

ABPL is a subsidiary of Al Baraka Banking Group (ABG), a Bahrain Joint Stock Company,

on Bahrain and NASDAQ Dubai stock exchanges. It is a leading International Islamic bank

Standard & Poors long and short-term credit ratings of BBB- and A-3 respectively and o

retail, corporate and investment banking, and treasury services strictly in accordance w

principles of Islamic Shariah. The authorized capital of ABG is US$ 1.5 billion; asset base

US$ 16 billion and total equity of US$ 1.8 billion. The group has Banking units and

representative offices in 13 countries spanning from Europe to MENA and Asia, with a ne

exceeding 400 Branches.

It is part of ABPLs commitment, to put the customers values foremost, hence providin

with a banking solution that is in line with their beliefs.

The upcomingmerger between Al-Baraka Islamic Bankand the Emirates Global Islamic Bank Limited

(EGIBL) has been opposedin the Sindh High Court (SHC) on the grounds that it will hurt rights andinterests ofinvestors.

State Bank of Pakistan (SBP), EGIBL, Emirates Financial Holding (EFH) and AlBaraka Islamic Bank(AIB) have beenmade respondents in the petition praying that merger is being planned to buryirregularities and cover up all dubious transactions carried out over the years.

The court has also beenasked to put the name of CEO of EGIBL on Exit Control List till the conclusionof the issue.

According to the details, Faisal Vawda proprietor ofa construction company FVG, has pleaded throughAsimHafeez Advocate that that EFH, the parent company of EGIBL has lured him to buy shares ofEGIBL.

EFH had offered sale of 24 millionnon-listed shares of the EGIBL while the sale price was fixedatRs.300 million. FVG accepted the offer and paida sum of Rs.60 millionas part payment. The balance

payment of Rs.240 million had beenadjustedagainst the property bearing No.24-C, Phase-V,Khayaban-i-Tanzeem, DHA, Karachi

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Merger between EGIB, AlBaraka challenged

South Asian News Agency (SANA) June 21, 2010

KARACHI, (SANA): The upcoming merger between Al-Baraka Islamic Bank and the EmiratesGlobal Islamic Bank Limited (EGIBL) has been opposed in the Sindh High Court (SHC) on thegrounds that it will hurt rights and interests of investors.

State Bank of Pakistan (SBP), EGIBL, Emirates Financial Holding (EFH) and AlBaraka IslamicBank (AIB) have been made respondents in the petition praying that merger is being planned tobury irregularities and cover up all dubious transactions carried out over the years.

The court has also been asked to put the name of CEO of EGIBL on Exit Control List till theconclusion of the issue.

According to the details, Faisal Vawda proprietor of a construction company FVG, has pleadedthrough AsimHafeez Advocate that that EFH, the parent company of EGIBL has lured him tobuy shares of EGIBL.

EFH had offered sale of 24 million non-listed shares of the EGIBL while the sale price was fixedat Rs.300 million. FVG accepted the offer and paid a sum of Rs.60 million as part payment. Thebalance payment of Rs.240 million had been adjusted against the property bearing No.24-C,Phase-V, Khayaban-i-Tanzeem, DHA, Karachi.

EGIBL failed to transfer shares and created unsupported loans in his name. The plaintiff also

made SBP party in the case for violating of banking rules by allowing the EGIBL to merge withAIB, despite opposition from shareholders having voting right in Board of Directors.

He also alleged that SBP required monitoring and observing the capital adequacy, asset quality,compliance besides confirming as well as verifying the identity and status of the shareholders.But the regulator failed in safeguarding the interests of the depositors.

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Shareholders have also submitted complaint to SBP against the EGIBL management, but theregulator didnt initiate any inquiry.

Petitioner has prayed to direct SBP to properly inquire the issues to avoid repetition of financialfiascos like Mehran Bank Scandal and Islamic Investment Bank Limited debacle.

It may be mentioned here that SHC is already hearing a case against EGIBL filed by the samepetitioner for recovery of shares