KARACHI: The MCB’s Islamic banking business has reported a net profit of Rs408.228 million it earned during the first six months of current calendar year.
As of June 30, Islamic banking business of MCB was operating with a network of 34 branches having an asset base of Rs21.015 billion.
The State Bank of Pakistan (SBP) has also issued ‘Certificate of commencement of banking business’ to MCB Islamic Bank Limited, a wholly-owned subsidiary of MCB Bank. “Subject to completion of formalities, existing 34 Islamic banking branches of MCB Bank will be merged into MCB Islamic Bank,” a bourse filing said.
Islamic banking industry in Pakistan has been growing at a fast pace ever since its re-launch in 2001. Starting from almost scratch the Islamic banking industry now represents 10 percent of overall banking system with 19 banking institutions offering Islamic banking products and services.
