KARACHI: After successful merger of KASB Bank into BankIslami Pakistan Ltd, the 150,000 depositors, having Rs57 billion in deposits have been allowed to operate their accounts.
According to the State Bank of Pakistan, many of the former KASB account holders have already started operating their accounts and more than 1,200 employees have continued their jobs.
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All the branches of the defunct bank, now taken over by BankIslami, remained open for business on Friday, while the branches at major business centres also opened on Saturday. The customers freely operated their accounts as per their convenience. So far, no complaint of any sort has been reported and, in any such case, the customers may contact their respective branches or call centre of BankIslami.
Regarding some apprehensions about the amalgamation of a conventional bank into an Islamic bank, the SBPis clarified that the process is in compliance of Shariah. The BankIslami has planned to gradually transfer the defunct bank’s conventional banking operations into Shariah-based operations. The customers of the bank may seek further clarifications from the bank management in this regard.
