Al Baraka (Pakistan) Limited (ABPL) is a Pakistani Islamic bank headquartered in Karachi.[2] It is a subsidiary of the Al Baraka Banking Group, a Bahrain-based Islamic banking group.
History
Al Baraka Islamic Bank was initially established in Pakistan in 1991 as Al Baraka Islamic Bank (AIB) Bahrain, and later incorporated as a public limited company in December 2004, receiving its Islamic banking license in 2007.[3]
In October 2010, Al Baraka Bank (Pakistan) merged with Emirates Global Islamic Bank (Pakistan), with the latter being renamed as Al Baraka Bank (Pakistan) Limited.[4] It was the first merger in the Islamic Banking sector of Pakistan.[5] The merger took place between the branch operations of Al Baraka Islamic Bank (AIB) Bahrain, Al Baraka Islamic Bank Pakistan (AIBP) and Emirates Global Islamic Bank (Pakistan), and thus from 1 November 2010, the operations of the merged entity began.[6] The second merger took place in 2016 with Burj Bank Ltd.[7] As of September 2016, the Bank has a national presence in Pakistan with a network of 191 branches in more than 97 cities across the country.[8]
References
- Al Baraka (Pakistan) Limited Annual Report 2023 retrieved 14 September 2024^
- Kamran Haider. Al Baraka Seeks Expansion as Pakistan Embraces Islamic Banking Bloomberg, 13 May 2024^
- Al-Baraka converted into local bank Dawn, retrieved 16 September 2013^
- Meiryum Ali. Al Baraka: the little bank that stayed little Profit by Pakistan Today, 30 January 2021^
- First-ever merger of Islamic banks in Pakistan The Express Tribune, 27 July 2010, retrieved 17 September 2013^
- Al Baraka Bank rebranded after merger Daily Times, retrieved 18 September 2013^
- Al Baraka to merge with Burj Bank Express Tribune, 6 September 2016, retrieved 3 January 2017^
- Al Baraka Bank Pakistan Limited Pakistan Banks' Association, retrieved 27 September 2013^